The investment arm of Saudi Arabia’s General Organization for Social Insurance, the Kingdom’s pension fund, said it delivered returns of over 14% last year, as markets globally experienced strong growth, according to a report in Bloomberg.
The figures were the first released by Hassana, as the pension fund is known. According to Bloomberg, the fund oversees $250 billion in asset. In addition to 14% returns last year, the fund said that investment gains exceeded 12% for the past three years, and 9% for the past five years.
The returns were due to its long-term portfolio allocation and market performance, Chief Executive Officer Saad Al Fadhli said in the statement.
Hassana was re-created in 2021 with the merger of two of its pension and insurance funds with a plan to rival the world’s largest investors. GOSI, as the fund is known, combined with the Public Pension Agency in a move aimed at reducing costs and increasing investment returns. Al-Fadhli said at the time that the goal was to make Hassana a top 10 pension fund globally.
Public pension fund assets globally exceeded $20 trillion at the end of last year.
According to a report from Global SWF., the combination of the two funds to create Hassana created a mixed portfolio of domestic and foreign assets, “but heavily weighted to fixed income which will comprise 50% of its AUM.”
