Abstract
The term ‘sovereign wealth fund’ (SWF) covers a wide spectrum of State-owned investment vehicles which have in common to be funded from budget surpluses but which diverge in purposes, strategies, assets, investment choice, and legal form. As their investment strategies are mainly focused on foreign financial assets, this definition necessarily excludes those funds which invest solely in domestic assets. The investment in foreign assets may be distinguished in portfolio investment and in direct investment: the latter enables the investor to exert a certain influence on the target enterprise, where the former consists of purchasing bonds or equity for pure return purposes without the intention to influence the management of the enterprise.
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