Performance Disclosure Guidelines

PERFORMANCE DISCLOSURE GUIDELINES

(As of 21 April 2020)

The purpose of the Fund’s Website Performance Disclosure Guidelines is to provide our stakeholders and other interested parties with a brief description of the contents, the update frequency and the most recent posting date of the different tables and graphs presented across the website.

The description of each performance page will follow the top website ribbon menu, under INVESTMENTS AT A GLANCE, for easy navigation purposes.

FUND INVESTMENTS BY ASSET CLASS
    • Description: This graph presents the asset allocation of the Fund (expressed in percentage) by main asset classes
    • Update Frequency: This graph is updated on a quarterly basis, within 5 business days after the end of the quarter
    • Current Date: 31 March 2020
GEOGRAPHICAL DIVERSIFICATION BY CURRENCY
    • Description: This graph presents the breakdown of the Fund (expressed in USD billions) between USD and non-USD denominated investments
    • Update Frequency: This graph is updated on a yearly basis, based on final audited numbers. These numbers are available 4 months after the end of the calendar year.
    • Current Date: 31 December 2019
COUNTRIES AND REGIONS WE INVEST IN
    • Description: This graph shows the Fund’s investment in all the countries/regions
    • Update Frequency: This graph is updated on a yearly basis, based on final audited numbers. These numbers are available 4 months after the end of the calendar year.
    • Current Date: 31 December 2019
INTERNALLY MANAGED ASSETS
    • Description: This graph presents the Fund’s breakdown between internally and externally management assets (in percentage of assets)
    • Update Frequency: This graph is updated on a quarterly basis, within 5 business days after the end of the quarter.
    • Current Date: 31 March 2020
HISTORICAL FUND PERFORMANCE
  • Market Value of Assets
    • Description: This graph presents the evolution of the Fund’s Total Market Value of Assets since 1990.
    • Update Frequency: This graph is updated on a quarterly basis, within 5 business days after the end of the quarter. The Market Value of Assets is preliminary and subject to change because all Private Market valuations, due to the nature of those investments, are usually received with a 3-months lag.
    • Current Date: 31 March 2020
  • Investment Performance versus Policy Benchmark
    • Description: The first graph displays the rolling 3-years nominal performance of the Fund versus the rolling 3-years (nominal) performance of the Policy Benchmark. The 3-years rolling frequency is used because it is the key metric of the Fund’s Short-Term performance objective (see also the Investment Policy Statement) to meet or exceed the Policy Benchmark on a 3-year annualized basis. The second table presents the performance of the Fund versus the Policy Benchmark over different time horizons.
    • Update Frequency: Those graphs/tables are updated on a quarterly basis but with a 3-months lag, to include the performances of the Private Market investments. These are final numbers and audited at the end of each calendar year.
    • Current Date: 31 December 2019
  • Investment Performance versus Benchmark by Asset Class
    • Description: This page contains different graphs. It shows the performance of each asset class versus its respective benchmark over different time horizons (3-years, 10-years, 15-years or Inception to Date if not enough is history is available). Those graphs are presented for both Public Markets and Private Markets.
    • Update Frequency: Those graphs are updated on a quarterly basis. Data are presented on the most recent quarter for Public Markets, but with a 3-months lag, to include the performances of the Private Market investments. These are final numbers and audited at the end of each calendar year.
    • Current Date: 31 December 2019 (for Private Market Investments) and 31 March 2020 (for Public Market Investments).
  • Long Term Real Return
    • Description: The first graph displays the rolling 15 years real performance (inflation adjusted) of the Fund versus its long-term target of 3.5%. 15 Years is used a rolling frequency because the long-term objective of the Fund its to exceed the 3.5% target on a 15 years basis. The second graph/table displays both nominal and real return, compared to the 3.5% target, over different time-horizons.
    • Update Frequency: Those graphs/tables are updated on a quarterly basis but with one quarter lag, in order to capture into the performances all updated valuations for private markets. It means that those numbers are final and audited
    • Current Date: 31 December 2019.
  • Calendar Year Performance
    • Description: This table presents each calendar year (nominal) returns for the Total Fund versus the Policy Benchmark, and other performance statistics.
    • Update Frequency: This table is updated on a yearly basis, based on final audited numbers. These numbers are available 4 months after the end of the year.
    • Current Date: 31 December 2019.
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