过去十年年化投资回报率超8% 外部管理人精英荟萃 风险偏好与目标精心匹配 诺贝尔基金会“长钱术”揭秘

Core Insights - The Nobel Prize fund has grown from 31 million kronor to nearly 6.8 billion kronor by the end of 2024, achieving a growth of approximately 220 times since its inception [1][2] - The Nobel Foundation employs a cautious investment strategy, aiming for an annual return of at least 3% adjusted for inflation, while maintaining balanced financial risk management [2][8] Investment Performance - The total asset value of the Nobel Foundation reached 67.97 billion kronor by the end of 2024, an increase of 5.64 billion kronor from 62.33 billion kronor at the end of 2023 [2] - The investment return for 2024 was 11.6%, with a five-year annualized return of 9.2% and a ten-year annualized return of 8.3% [2][8] Asset Allocation - As of the end of 2024, the investment portfolio consisted of 66 billion kronor, with allocations including equity funds (56%), real estate and infrastructure funds (9%), fixed income and cash (12%), and alternative assets (24%) [2][5] - The Nobel Foundation's expenditures for 2024 totaled 135.8 million kronor, with 55 million kronor allocated for prize money [2][3] External Management - The Nobel Foundation utilizes a range of external managers for its investments, including prominent firms such as BlackRock, Sequoia Capital, and Millennium Management [5][6] - The investment strategy is divided into four main categories: equities and private equity, real estate and infrastructure, hedge funds, and fixed income, managed by various external institutions [5][6] Governance and Responsible Investment - The investment committee of the Nobel Foundation is responsible for asset allocation decisions and the selection of external managers, focusing on their investment philosophy, performance history, and risk management systems [8][9] - The foundation adheres to the Principles for Responsible Investment (PRI), integrating environmental, social, and governance (ESG) considerations into its investment processes [8][9] Future Outlook - The Nobel Foundation anticipates advancements in investment management systems, potentially incorporating AI to enhance analysis and decision-making efficiency [9] - The foundation remains confident in its long-term capital preservation capabilities, focusing on structural trends and maintaining a balanced risk profile [9]