Two of Kuwait’s largest state-run funds recorded double digit growth in returns, according to their recently posted financial results.
The Future Generations Fund, Kuwait’s sovereign wealth fund, posted a 33% boost in returns for the year ending March 31, according to the finance ministry.
The fund is managed by the Kuwaiti Investment Authority (KIA) and had more than US$580 billion in assets as of the end of 2020 according to ratings agency, Fitch.
The growth in the fund’s returns has been attributed to a bull run in US stocks which accounted for more than 50% of the fund’s equities holdings, according to a government source quoted by Reuters.
Meanwhile the Public Institution for Social Security pension fund posted its best annual performance ever for the same financial year with a 16.5 % rate of return and a 20.9% increase in assets to $133.7 billion.
According to the fund’s director general, Meshal Al-Othman, the results reflect the fund’s “robust” and “conservative” investment policy.
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