全球300强养老基金2023（The world’s largest pension funds 2023）-Thinking Ahead Institute

A Thinking Ahead Institute and Pensions & Investments joint study | September 2023Global top 300 pension funds Global top 300 pension funds© 2023 Thinking Ahead Institute. All rights reserved.2701Thinking Ahead InstituteExecutivesummarySection 1Total value of assetsSection 2Growth ratesSection 10Full TAI/ P&I 300 rankingSection 9Sovereign pension fundsLimitations of relianceSection 5Distribution by regionSection 4Distribution by size segmentSection 3Distribution by typeSection 6Distribution by marketSection 7Distribution by fund schemeSection 8Asset allocation0427242217124136443330530203The Thinking Ahead Institute (TAI) is a not-for-profit research and innovation network motivated to influence the investment industry for the good of savers worldwide and to mobilise capital for a sustainable future. Since its establishment in 2015, almost 90 investment organisations have collaborated to bring this vision to light through designing fit-for-purpose investment strategies, working towards better organisational effectiveness and strengthening stakeholder legitimacy.The Thinking Ahead InstituteThe Thinking Ahead Group research teamThinking Ahead Institute© 2023 Thinking Ahead Institute. All rights reserved.Tim HodgsonRoger UrwinMarisa Hall Jessica GaoAnastassia JohnsonIsabella MartinAndrea Caloisi02Overview and key findings Executive summaryGlobal top 300 pension funds© 2023 Thinking Ahead Institute. All rights reserved.0304Executive summary© 2023 Thinking Ahead Institute. All rights reserved.Pension fund industry trends (1)1. All change▪Volatility and uncertainty in the global economy have been at their highest in a generation. High inflation and higher interest rates disrupted equity and bond markets worldwide piling the pressure on pension funds to adapt their strategies. The turnaround from conditions of low inflation and low interest rates has morphed into a new macro regime that needs to be understood and managed differently with systemic risks – a big new emerging consideration – requiring new methodologies in addition.▪Government influence on pension funds is also at high levels. Increasing their influence on how pension funds operate and invest is most apparent in regulatory oversight (particularly in sustainability but note the reach of Australia’s "Your Future, Your Super" reforms). In addition, governments seem more interested in national interest projects (examples include energy transition finance and social housing).▪Operating in this “all change” environment requires strong governance which is crucial for pension funds to maintain long-term stability in the face of increasingly complex stakeholder management and to ensure robust risk management practices and informed decision-making amidst uncertainty.05Executive summary© 2023 Thinking Ahead Institute. All rights reserved.Pension fund industry trends (2)2. Technology and AI are increasingly influential▪Asset owners (AOs) are increasingly influenced by technological advancements and the