GS 高盛：主权财富基金凸显出世界的变化及更大的需求

14页  11.07

 

This week, we discuss the topic of Sovereign
Wealth Funds (SWFs), funds that invest on
behalf of their nations. The growing focus on
these entities is yet another sign of the
changing nature of the world economy, and is
linked to the emergence of the BRIC
economies and their rapidly rising financial
wealth. Although SWFs are not new, their
profusion, scale and diversity of activity are
attracting the attention of financial market
participants and Western policymakers.
The sheer scale of some of these SWFs reflects
the massive growth in foreign exchange
reserves of many big developing economies.
Moreover, one can broadly distinguish
between two categories of SWF: those whose
vast growth reflects their country’s rich
commodity endowment, and those that reflect
large foreign exchange intervention activities.
It makes sense for these entities to invest more
in equities rather than in the most liquid fixed
income products, and for them to diversify out
of the Dollar.