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Evaluating the efficiency of sovereign wealth fund management

Vol. 24, Iss. 12, DECEMBER 2018

Received: 8 August 2018

Received in revised form: 27 August 2018

Accepted: 10 September 2018

Available online: 24 December 2018

Subject Heading: FISCAL SYSTEM

JEL Classification: E22, E61

Pages: 2831–2846

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article addresses the issues of operation of sovereign wealth funds. They are created in the States where budgets strongly depend on market factors, and accumulate large volumes of financial resources.
Objectives The study aims to evaluate the efficiency of the National Wealth Fund management in the Russian Federation.
Methods The study draws on methods of synthesis, analysis, graphical techniques, economic analysis, comparisons and analogies.
Results The paper evaluates the efficiency of the National Wealth Fund management. The findings may be helpful for investment strategy (investment portfolio) development of the Russian National Wealth Fund.
Conclusions The National Welfare Fund plays an important role in the macroeconomic policy of the Russian Federation. After abolition of the Reserve Fund in 2018, the National Welfare Fund will face a wide range of tasks, like financing directed to balance the pension insurance system, financing of the Federal budget deficit, and joint financing of voluntary pension savings. Therefore, it is extremely important for the National Welfare Fund to perform effective investing activities. The paper ascertains that the current investment strategy of the National Welfare Fund of the Russian Federation is far from being effective.

Keywords: global financial market, sovereign wealth fund, investment portfolio


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