SovereignWealthFunds.comWho Publishes Returns? Sovereign Wealth Fund Performance Disclosure Compared
At a glance
- 53 of the top 100 publish returns. 47 do not.
- Median one-year figure: 10.0%.
- Funds report in their own currency, over their own periods and on their own basis. Treat the tables as what each fund says, not a league table.
Key findings
- 53 of the top 100 publish at least one return figure; 42 give a one-year number and 41 a long-term annualised number.
- Median one-year return among those that publish: 10.0%. Range: -2.6% to 36.5%.
- Most common reporting period: 2025 (22 funds). Periods, currencies and bases differ, so do not compare these numbers head to head.
- By type, 79% of savings funds publish returns against 37% of development funds.
- By region, 67% of North American funds publish against 26% in the Middle East.
- 30 funds publish both a one-year and a long-term figure; the long-term table shows the first long-term figure on each profile, and some of those cover one asset class or portfolio only.
Publishing by fund type
| Type | Funds in top 100 | Publish returns | Share |
|---|---|---|---|
| Development | 27 | 10 | 37% |
| State holding | 23 | 6 | 26% |
| Sub-national | 15 | 11 | 73% |
| Savings | 14 | 11 | 79% |
| Pension reserve | 7 | 7 | 100% |
| Reserve investment | 7 | 4 | 57% |
| Stabilisation | 5 | 4 | 80% |
| Fund of funds | 2 | 0 | 0% |
One-year returns as published
| Fund | Period | Return | Basis | Src |
|---|---|---|---|---|
| Solidium | 2025 | 36.5% | total shareholder return of equity holdings | S1 |
| Legacy Fund | fiscal year to June 2026 | 17.26% | net; benchmark 16.18 percent | S5 |
| GPIF | FY2025 (to March 2026) | 16.47% | time-weighted, before fees | S9 |
| GPFG, the Norwegian oil fund | 2025 | 15.11% | before management costs | S7 |
| National Fund | 2025 | 15.1% | foreign currency assets | S5 |
| Future Fund (Australia) | Year to 30 June 2026 | 14.8% | - | S8 |
| OIA | 2025 | 14.6% | return on investment; 8.8 percent in 2022 | S4 |
| NZ Super Fund | Year to 30 June 2026 | 14.17% | after costs, before NZ tax; provisional | S3 |
| KIC | 2025 | 13.91% | gross; 13.77 percent net of fees | S4 |
| NSSF | 2025 | 13.22% | RMB 390.7B investment gain | S6 |
| Folketrygdfondet | 2025 | 12.73% | SPN; 0.76 percentage points above benchmark | S2 |
| APFC | fiscal 2026 (to 30 June) | 12.42% | - | S1 |
| QIC | 2024-25 | 12.22% | Endowment Portfolio, gross of fees | S3 |
| NGF | FY2025 | 11.7% | net of fees | S5 |
| HSF | Fiscal 2025 (to 30 September) | 11.54% | benchmark 7.90 percent | S4 |
| VFMC | 2024-25 | 11.5% | Foundation CIM clients, net; benchmark 11.2 | S3 |
| Baiterek | 2025 | 11.47% | return on equity; return on assets 2.15 percent | S6 |
| TCorp | FY to 30 June 2025 | 11% | aggregated across client funds | S1 |
| Chile FRP | 12 months to August 2026 | 10.8% | time weighted; 6.84 percent year to date | S5 |
| Temasek | year to 31 March 2026 | 10.5% | 14.8 percent in USD; total shareholder return | S5 |
| PUF | fiscal 2025 (to 31 August) | 10% | net | S4 |
| Petroleum Fund | 2025 | 9.92% | - | S1 |
| Heritage Fund | Fiscal 2024-25 | 9.7% | net income C$1.87 billion | S3 |
| SSH | 2025 | 8.9% | estimated net profitability of portfolio... | S1, S9 |
| Texas PSF | year to 31 August 2025 | 8.2% | net of fees; benchmark 7.78 percent | S3 |
| ISIF | 2025 | 8.1% | Discretionary Portfolio | S4 |
| INA | 2025 | 8.1% | net of tax, excluding in-kind bank shares | S1 |
| Exchange Fund | 2025 | 8% | excluding the Strategic Portfolio | S1 |
| CPP Investments | fiscal 2026 (to 31 March) | 7.8% | net of costs | S3 |
| EIFO | 2025 | 6.6% | Return on equity | S3 |
| SOFAZ | 2025 | 6.2% | AZN 6,894.1M; equities added 4.3 points, fixed... | S4 |
| KENFO | 2025 | 6.2% | target 3.95 percent | S1 |
| Kuwait Awqaf | 2020 | 6% | net profit on historical cost | S3 |
| Khazanah | 2025 | 5.2% | net asset value, time weighted | S7 |
| LIA | 2025 | 4.79% | yield on directly held financial assets | S5 |
| PNB | 2025 | 4.6% | return on assets; 5.0 percent in 2024 | S1 |
| Hong Kong Future Fund | 2024 | 3.9% | composite rate paid on placements; 4.8 percent... | S4 |
| Crown Investments Corporation of Saskatchewan (CIC) | 2025-26 | 2.5% | consolidated return on equity; 7.6 percent in... | S1 |
| FIF | 2025 | 2.2% | net of costs | S1 |
| ICNF | 2025 | 2.2% | net of costs | S1 |
| National Wealth Fund of the Russian Federation | 2025 | 0.21% | Central Bank accounts; 0.17 percent in roubles | S7 |
| National Wealth Fund | 2025-26 | -2.6% | return on equity | S1 |
Long-term returns as published
| Fund | Period | Annualised | Basis | Src |
|---|---|---|---|---|
| QIC | Infrastructure since inception | 14% | net IRR, infrastructure portfolio only | S3 |
| HKIC | since inception to end 2025 | 14% | net IRR of the investment portfolio | S1 |
| Hong Kong Future Fund | Long-Term Growth Portfolio since 2009 | 10.9% | IRR of the shared portfolio, not the fund | S1 |
| Mubadala | 5 years to 2025 | 10.7% | IRR; 10.1 percent a year earlier | S6 |
| Legacy Fund | 3 years to June 2025 | 10.58% | - | S5 |
| Chile FRP | 3 years to August 2026 | 10.44% | - | S5 |
| OIA | 5 years to 2025 | 10.4% | - | S4 |
| VFMC | 3 years | 10.2% | benchmark 10.1 | S3 |
| Solidium | 5 years to 2025 | 10.1% | - | S1 |
| NZ Super Fund | Since inception (2003) to June 2025 | 10.09% | - | S1 |
| APFC | 3 years | 9.84% | - | S1 |
| CPP Investments | 10 years to June 2026 | 9.4% | - | S4 |
| Future Fund (Australia) | 10 years to June 2026 | 9% | target 7.1 percent | S8 |
| PLETF | 10 years to September 2025 | 8.93% | - | S5 |
| KENFO | 3 years to 2025 | 8.9% | - | S8 |
| Heritage Fund | 5 years to December 2025 | 8.8% | - | S5 |
| PUF | 3 years | 8.36% | - | S5 |
| Folketrygdfondet | 10 years, 2016 to 2025 | 8.09% | SPN | S4 |
| Texas PSF | 5 years | 7.95% | - | S3 |
| GPIF | 10 years to FY2025 | 7.69% | - | S9 |
| NSSF | since 2000 | 7.62% | - | S3 |
| NGF | 5 years to June 2025 | 7.6% | - | S5 |
| China Investment Corporation | 10 years to 2024 | 6.92% | net, USD, overseas portfolio only | S3 |
| GPFG, the Norwegian oil fund | since 1998 | 6.64% | before costs | S7 |
| ADIA | 20 years to end 2025 | 6.6% | USD, point to point | S5 |
What this means for you
- If a fund publishes a long-term target or return, frame your pitch against it. That is the bar its board uses.
- Funds that publish no returns still have targets inside. Ask what hurdle they use rather than assume.
- For managers, a fund's published return history tells you how much volatility its board will tolerate.
Data notes: Counts come from the investment, case study and size tables in our fund profiles. They cover the deals each profile lists, not every deal a fund has done, so read them as a guide, not a full census. Returns are as reported by each fund for the period shown; we do not restate or annualise them.
Sources
Every figure on this page comes from the fund profiles linked in the tables. Source ids such as S3 refer to the numbered sources on each fund's own profile page, where the original document is listed with its date.
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
