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- The fund had more than $580 billion in foreign assets at the end of last year, according to ratings agency Fitch
RIYADH: Kuwait's Future Generations Fund achieved 33 percent growth in the year to March 31, the finance ministry said
The fund, managed by the Kuwait Investment Authority (KIA), outperformed its peers from the international sovereign funds that disclose their performance.
“The growth in the Generations Fund in the past five years exceeded the total oil revenues for the same period and exceeded the goals set in the fund’s strategy," said Finance Minister Khalifa Hamad.
The fund had more than $580 billion in foreign assets at the end of last year, according to ratings agency Fitch.
Kuwait’s Public Institution for Social Security (PIFSS) said in June it achieved its best annual performance ever with a 16.5 percent rate of return in the year to March 31.
The pension fund ended the fiscal year with $133.7 billion in assets, an increase of 20.9 percent on the year earlier period, it said in a statement on Wednesday. Cash now accounts for 4 percent of its investments, down from about 11.5 percent a year ago.