A weekly letter on the movements of state capital. Free, by email.
No naked numbers. Every figure carries a source, an as-of date, and an evidence label — and only verified or clearly attributed figures publish.
State-owned investment institutions worldwide, in three types:
SWF — sovereign wealth funds · PPF — public pension and reserve funds · SDF — strategic/development holding funds.
Central-bank reserves count only where a distinct investment institution manages them. Sub-national public funds qualify. Member-owned industry schemes do not (v0.1).
1. Locate the institution’s most recent primary document (annual report, quarterly release, official statistics). 2. Capture the figure in its original currency with its exact as-of date. 3. Convert to US$ at the ECB reference rate on that as-of date — never today’s rate. 4. Label the evidence and record the source URL. 5. Publish — and correct within one business day when better documentation arrives.
What the labels on every figure mean:
sourced The institution’s own published figure, or an official government source — linked directly.
est. The institution does not disclose; the figure is a third-party estimate, attributed by name and vintage, never presented as fund-reported.
† Consolidated holding-company or total-fund basis — broader than portfolio assets and not directly comparable; each entry’s notes explain the basis.
How verifiable is each institution from public evidence alone? Eight criteria, each scored 0, 1 or 2 — a maximum of 16:
| Criterion | Question | |
|---|---|---|
| C1 | AUM disclosure | Does the institution publish its own assets under management? |
| C2 | Audited financials | Are audited financial statements public? |
| C3 | Reporting cadence | How frequently does it report? |
| C4 | Holdings detail | How much of the portfolio is disclosed? |
| C5 | Performance | Are investment returns published as a series? |
| C6 | Governance | Are the governing law, board, mandate and ownership public? |
| C7 | Strategy & allocation | Is the asset allocation disclosed? |
| C8 | Regulatory filings | Does it file recurring public reports (e.g. SEC 13F)? |
A 14–16 B 11–13 C 8–10 D 5–7 F 0–4
Grades measure disclosure, not performance or governance quality. Edition 2026 grades are provisional (v0.1) pending per-criterion source tables. A grade rises the moment an institution publishes more — and we note improvements in the weekly brief.
No pay-to-rank: grades and ranks cannot be bought, and commercial relationships, if they ever exist, will be disclosed. Institutions may submit corrections in writing with supporting documents to corrections@capitalalmanack.com; verified corrections are applied with a public changelog entry, and disputed estimates are annotated with the institution’s stated position.
Represent one of these institutions — or know the numbers better than we do? Send corrections or newer figures with supporting documents. Verified updates are applied within one business day and credited in a public changelog — institutions that engage are how this record stays accurate.
Email a correction