Methodology: how we research, date, score and correct

This page explains how every number on this site gets there. If you want to check our work, this is where to start.

What we count

We track 231 entities in 108 countries and territories. Not all of them are sovereign wealth funds in the strict sense, so each one carries two labels.

Tier says what kind of entity it is:

Category says what the entity mainly does. Of the 231, 57 are strategic development funds, 41 are sub-national permanent funds, 39 are savings and future generations funds, 33 are state holding companies, 25 are proposed or pipeline funds, 17 are stabilisation funds, 8 are pension reserve funds, 8 are reserve investment corporations and 3 are fund of funds or co-investment platforms. Many entities also carry a secondary category. We keep the grey zone on the list, clearly labelled, because readers search for these entities and other lists treat them inconsistently. You can filter them out in the full list.

Funds under international sanctions are included and described on the same basis as every other fund.

How we research a fund

Every fact in a profile sits on its own line with a source link and an as-of date. Across all 231 profiles there are 21,146 sourced facts.

We work down a source ladder and stop at the highest rung that answers the question:

1. The fund's own publications. Annual reports, audited statements, official websites and press releases.
2. Official public records. Laws, gazettes, budget papers, parliamentary records, regulators and supervisory bodies.
3. Membership and standards bodies. For example, the International Forum of Sovereign Wealth Funds and the self-assessments its members publish.
4. Reputable press. Used for events, appointments and deals, and named in the source line.
5. Third-party estimates. Industry trackers and reference lists. Used only when nothing better exists, and always labelled as an outside estimate.

The median core national fund profile takes 70.0% of its cited facts from the fund's own website. For sub-national funds the median is 94.5%. Pipeline funds have no websites of their own yet, so they rely on laws and press.

Native-language search

Many funds publish more in their own language than in English, so we read the fund's own language editions and local official records as well as English ones. A fund that looks silent in English often is not.

As-of dates and update dates

• Every fact has an as-of date: the date the source says the fact was true, or the date we read it if the source gives none.
• Size figures carry their own date. We do not convert an old figure into a new one, and we do not roll a 2024 number forward to 2026.

We also record each fund's latest reports. 191 profiles list at least one dated report, with a link to it.

How we label size

Every size figure on the site shows its basis next to it:

Inside the first group, each profile states the exact basis: total assets, net assets, market value, portfolio value and so on.

We never add sizes across different bases, and we never publish a combined total for the sector. A total that mixes audited figures, estimates, targets and group balance sheets in several currencies and on several dates does not measure anything. Where we rank funds, the table shows each basis so you can see what is being compared.

The two-source rule

Four kinds of fact need two sources before we state them as fact:

• the headline size figure
• the founding year
• the current leader
• key deal amounts

The rule is one primary source plus one independent source. A fact that meets the rule is stated as fact. A fact that does not is left out of the headline fields.

When sources disagree

Sources often disagree, especially on size. Of the 167 entities with a comparable headline size, 139 also record at least one other size figure in their profile. When that figure is on a different basis from the headline, the median gap between the two is 55%; on the same basis it is 14%. See Why published sizes of sovereign funds differ.

When this happens we:

1. State the clearest figure, with its basis, source and date.
2. Say plainly that reported figures vary by basis where it matters. The common causes are a different definition (fund portfolio against group balance sheet), a different date, a different currency conversion, or a different scope (one fund against all the money a manager runs).
3. Lead with the primary source where one exists.

Transparency scoring

Each profile has a transparency score out of 10. It is our own editorial rubric. It is not any outside index or score, and the two should not be compared point for point.

The 10 items are:

1. Total assets
2. Annual return
3. Long-term returns
4. Asset allocation
5. Geographic or sector split
6. Holdings or deal list
7. Audited financial statements
8. Governance and mandate documents
9. Named leadership
10. A regular reporting schedule

Each item scores 0 (not published), 0.5 (partly published) or 1 (published), and each score is backed by a cited source in the profile. The score measures what the public can see. It is not a judgment on how well a fund is run or how well it invests.

All 231 profiles carry a full set of 10 item scores. Our data studies work from those item scores directly, adding them up for each fund, so every total can be traced back to its 10 items.

Corrections policy

We get things wrong sometimes. When we do, we fix it in the open.

• How to report an error. Use the contact page. Please include the page, the fact, and a source if you have one. Funds and their staff are welcome to write to us directly.
• What we do. We check the claim against primary sources, apply the two-source rule, and update the profile.
• What you will see. The fact changes, the as-of date changes.
• What we do not do. We do not remove a sourced fact because a party would prefer it were not shown. We do correct facts that are wrong, out of date or poorly sourced.

Independence

SovereignWealthFunds.com is an independent, informational resource. Nothing on this site is investment advice, an offer, or a recommendation to buy or sell anything.

Reading our data

• Short profiles. Some funds publish very little. Their profiles are short on purpose and list what the fund does not publish.
• Currency and dates. Many funds report in their own currency. We show the figure as the source gives it, with its date, and say when a dollar figure comes from a conversion.
• The grey zone. Our tier and category labels are judgments. Each profile states what the fund is and does, so you can judge the label for yourself.