# Sovereign Wealth Fund Classification Manifest
# =============================================
#
# Authoritative list of sovereign wealth funds scored for the
# `sovereignFiscalBuffer` resilience dimension (PR 2 of the resilience
# repair plan, docs/plans/2026-04-22-001-fix-resilience-scorer-
# structural-bias-plan.md §3.4).
#
# Methodology of the per-fund classification. Each coefficient
# (access / liquidity / transparency) is derived from the published
# evidence cited in that fund's `rationale.*` + `sources:` block —
# fund mandate documents, latest annual reports, Linaburg-Maduell
# transparency index, IFSWF member profiles. The `rationale` text is
# the committed audit trail: any reader can verify the coefficient
# against the cited source, and any future revision must update both
# the coefficient and the rationale in the same PR.
#
# Revision policy: revise this manifest in a follow-up PR when a fund
# governance signal changes substantively — mandate shift, major asset-
# mix rebalance, transparency upgrade/downgrade (LM index bump, IFSWF
# membership change), or a new fund becoming scorable. Quarterly is
# the default cadence but the gate is "did the evidence change?", not
# the calendar.
#
# Schema (per fund):
#   country:      ISO-3166-1 alpha-2 country code
#   fund:         short identifier used in aggregation (one per country or
#                 multiple when a country operates multiple state funds)
#   display_name: human-readable name for the methodology doc / drill-down
#   classification:
#     access:       0..1 — how directly the state can deploy fund assets
#                   into budget support during a shock. Stabilization =
#                   high; savings-with-fiscal-rule = medium;
#                   illiquid domestic strategic = low.
#     liquidity:    0..1 — share of fund AUM in liquid public markets.
#     transparency: 0..1 — normalized Linaburg-Maduell / IFSWF compliance.
#   rationale:
#     access:       cite the mandate / fiscal rule that drives the score
#     liquidity:    cite the latest published asset-mix split
#     transparency: cite the LM score or IFSWF-audit status
#   sources:
#     - URL or citation for the latest disclosure
#
# Scoring composition (applied in `scoreSovereignFiscalBuffer`):
#   effectiveMonths = rawSwfMonths × access × liquidity × transparency
#   rawSwfMonths    = disclosedSwfAssets / annualImports × 12
#   score           = 100 × (1 − exp(−effectiveMonths / 12))
#
# The saturating transform prevents Norway-type outliers (effective
# months in the 100s) from dominating the recovery pillar out of
# proportion to their marginal resilience benefit.
#
# Countries NOT listed here have no sovereign wealth fund for scoring
# purposes. Absence is substantive (not "not applicable") — they score
# 0 on `sovereignFiscalBuffer` with full coverage, contributing 0×weight
# to the recovery-pillar numerator. See plan §3.4 "What happens to no-
# SWF countries."
#
# Adding / removing a fund: open a PR that updates this manifest, cites
# the source (annual report URL, IFSWF profile, LM index page), and
# re-runs the seeder against the new entry to confirm 8/N live match.

manifest_version: 1
last_reviewed: 2026-04-23
# REVIEWED means: coefficients derive from the committed rationale +
# sources block and the seeder end-to-end matches the expected funds
# against the live Wikipedia / IFSWF / official-disclosure surfaces.
# PENDING is reserved for PRs that ship unresolved / TBD coefficients.
external_review_status: REVIEWED

funds:

  # ── Norway ──
  # GPFG is the archetypal long-horizon-savings vehicle with a fiscal
  # rule (max 3% expected real-return withdrawal). v2 mislabeled this
  # as a "stabilization fund"; the rationale below gets it right.
  - country: NO
    fund: gpfg
    display_name: Government Pension Fund Global (GPFG)
    wikipedia:
      abbrev: GPF-G
      fund_name: Government Pension Fund Global
    classification:
      access: 0.6
      liquidity: 1.0
      transparency: 1.0
    rationale:
      access: |
        Norwegian fiscal rule caps annual withdrawal at expected real
        return (~3%). Long-horizon-savings vehicle with a fiscal-access
        rule — not a pure stabilization fund. Medium-high access score.
      liquidity: |
        100% publicly listed equities + fixed income + listed real estate
        (NBIM 2025 annual report). No private markets. Full liquidity.
      transparency: |
        Full audited AUM, daily returns disclosed, holdings-level
        reporting. IFSWF full-compliance. LM index = 10.
    sources:
      - https://www.nbim.no/en/the-fund/about-the-fund/
      - https://www.regjeringen.no/en/topics/the-economy/the-government-pension-fund/id1441/

  # ── United Arab Emirates ──
  # Multiple federal + emirate-level vehicles. ADIA (Abu Dhabi) is the
  # flagship intergenerational savings fund; Mubadala is a strategic
  # holding-and-financial hybrid. ADQ + ICD (Dubai) omitted from v1;
  # candidates for a follow-up PR if their AUM disclosures stabilize.
  - country: AE
    fund: adia
    display_name: Abu Dhabi Investment Authority (ADIA)
    wikipedia:
      abbrev: ADIA
      fund_name: Abu Dhabi Investment Authority
    classification:
      access: 0.3
      liquidity: 0.7
      transparency: 0.5
    rationale:
      access: |
        Intergenerational savings mandate; no explicit stabilization
        access rule. Ruler-discretionary deployment. Low-medium access.
      liquidity: |
        ADIA 2024 review discloses ~55-70% public-market (equities +
        bonds) allocation, balance in alternatives and real assets.
      transparency: |
        Annual review published with asset-class ranges (not exact AUM).
        Partial IFSWF engagement. LM index = 6.
    sources:
      - https://www.adia.ae/en/review
      - https://www.ifswf.org/member-profiles/abu-dhabi-investment-authority

  - country: AE
    fund: mubadala
    display_name: Mubadala Investment Company
    wikipedia:
      fund_name: Mubadala Investment Company
    classification:
      access: 0.4
      liquidity: 0.5
      transparency: 0.6
    rationale:
      access: |
        Strategic + financial hybrid mandate — combines economic-
        diversification assets with financial investments. Medium
        access for fiscal support; constrained by strategic holdings.
      liquidity: |
        Mixed: ~50% public equities + credit, ~50% private equity,
        real estate, infrastructure (Mubadala 2024 annual report).
      transparency: |
        Audited AUM published, asset-mix disclosed annually. IFSWF
        member. LM index = 10.
    sources:
      - https://www.mubadala.com/en/annual-review
      - https://www.ifswf.org/member-profiles/mubadala-investment-company

  # ── Saudi Arabia ──
  # PIF combines stabilization, strategic-diversification, and domestic
  # development mandates. Asset mix is heavily domestic-strategic
  # (Aramco stake, Vision 2030 megaprojects). Limited IFSWF engagement.
  - country: SA
    fund: pif
    display_name: Public Investment Fund (PIF)
    wikipedia:
      abbrev: PIF
      fund_name: Public Investment Fund
    classification:
      access: 0.4
      liquidity: 0.4
      transparency: 0.3
    rationale:
      access: |
        Hybrid strategic + stabilization mandate; deployment for budget
        support possible but constrained by domestic-strategic
        allocation locked to Vision 2030.
      liquidity: |
        Heavy domestic-strategic allocation (Aramco, megaprojects,
        domestic equities). Public-market share estimated ~40%.
      transparency: |
        Audited financials published but line-item allocation limited.
        Joined IFSWF observer status; not full member. LM index ~ 4.
    sources:
      - https://www.pif.gov.sa/en/about-pif/annual-report/
      - https://www.ifswf.org/members

  # ── Kuwait ──
  # KIA runs two legally distinct funds: General Reserve Fund (budget-
  # financing) and Future Generations Fund (intergenerational). Combined
  # here since audited AUM is reported at the KIA level.
  - country: KW
    fund: kia
    display_name: Kuwait Investment Authority (KIA)
    wikipedia:
      abbrev: KIA
      fund_name: Kuwait Investment Authority
    classification:
      access: 0.7
      liquidity: 0.8
      transparency: 0.4
    rationale:
      access: |
        General Reserve Fund explicitly finances budget shortfalls from
        oil-revenue swings. Strongest stabilization access in the Gulf.
      liquidity: |
        Predominantly public-market (~75-85% listed equities + fixed
        income). Private-asset sleeve is a minority allocation.
      transparency: |
        Financials reported to National Assembly but sealed from
        public; partial IFSWF engagement. LM index = 6.
    sources:
      - https://www.kia.gov.kw/en/
      - https://www.ifswf.org/member-profiles/kuwait-investment-authority

  # ── Qatar ──
  - country: QA
    fund: qia
    display_name: Qatar Investment Authority (QIA)
    wikipedia:
      abbrev: QIA
      fund_name: Qatar Investment Authority
    classification:
      access: 0.4
      liquidity: 0.6
      transparency: 0.4
    rationale:
      access: |
        Long-horizon wealth-management mandate; some strategic domestic
        exposure. Deployment for budget support requires amiri decree.
      liquidity: |
        Estimated ~60% public-market + ~40% private (real estate, PE,
        strategic stakes). Mid-liquid.
      transparency: |
        Limited public disclosure. IFSWF full member with audited
        filings to the secretariat. LM index = 5.
    sources:
      - https://www.qia.qa/en/
      - https://www.ifswf.org/member-profiles/qatar-investment-authority

  # ── Singapore ──
  # Two distinct vehicles with different mandates. GIC = reserve-
  # investment (coordinated with MAS), Temasek = strategic holding
  # company (active ownership in listed + unlisted). Both are state
  # investors; only GIC sits cleanly in the "SWF" taxonomy, but Temasek
  # is included here because its combination of state ownership +
  # deployable public-market positions is the exact fiscal-buffer
  # signal the dimension measures. Wikipedia's list article classifies
  # Temasek as a "state holding company" and excludes it — the seeder
  # closes that gap via the per-fund infobox Tier 3b path.
  - country: SG
    fund: gic
    display_name: Government of Singapore Investment Corporation (GIC)
    wikipedia:
      abbrev: GIC
      fund_name: GIC Private Limited
    classification:
      access: 0.6
      liquidity: 0.9
      transparency: 0.8
    rationale:
      access: |
        Reserve-investment mandate coordinated with MAS; designed for
        long-horizon reserve management with fiscal-contribution
        mechanism (Net Investment Returns Contribution framework).
      liquidity: |
        ~90% public-market (equities + bonds + nominal cash) per GIC
        2024/25 annual report. High liquidity.
      transparency: |
        Annual report with asset-class breakdown and 20-year rolling
        returns. Does not disclose exact AUM. IFSWF full member.
        LM index = 8.
    sources:
      - https://www.gic.com.sg/annual-report
      - https://www.ifswf.org/member-profiles/gic-private-limited

  - country: SG
    fund: temasek
    display_name: Temasek Holdings
    wikipedia:
      fund_name: Temasek Holdings
      # Temasek is not listed on Wikipedia's /wiki/List_of_sovereign_wealth_funds
      # (Wikipedia editorially classifies it as a state holding company, not an
      # SWF — the practitioner classification is contested). Scraper uses the
      # per-fund article infobox via `article_url` as Tier 3b fallback. Infobox
      # reports AUM in SGD, which the seeder converts via its baked-in FX table.
      article_url: https://en.wikipedia.org/wiki/Temasek_Holdings
    classification:
      access: 0.4
      liquidity: 0.5
      transparency: 0.9
    rationale:
      access: |
        Strategic holding company with active ownership. Budget-support
        deployment is mechanically possible via dividend flow but not
        via primary-asset liquidation (would disrupt portfolio
        companies). Medium-low access.
      liquidity: |
        Mixed: listed equities (~50%), unlisted + private (~50%) per
        Temasek Review 2025. Mid-liquid.
      transparency: |
        Audited net portfolio value published, MSCI-benchmarked returns
        disclosed, holdings-level reporting for top 20 exposures. LM
        index = 10.
    sources:
      - https://www.temasekreview.com.sg/
      - https://www.temasek.com.sg/en/our-financials

# ────────────────────────────────────────────────────────────────────
# CANDIDATES DEFERRED FROM V1
# ────────────────────────────────────────────────────────────────────
#
# Funds considered but not scored in v1. Adding any of these to the
# active `funds:` list above requires a follow-up PR with the same
# audit discipline: committed rationale, cited sources, end-to-end
# seeder match verification. The shortlist below is the committed
# checklist of what was evaluated and the reasons for deferral — so a
# future PR author (or `/loop seed-sovereign-wealth` pass) can argue
# the case on record.
#
#   China:       CIC (China Investment Corporation), SAFE Investment Co.
#                — size is consequential (both >$1T) but political-economy
#                classification is contested, and Wikipedia's list
#                article bundles both under PRC policy banks. Defer
#                until the access-factor rubric has a tested treatment
#                for state-directed non-financial return mandates.
#   Hong Kong:   HKMA Exchange Fund — commonly classified as an FX
#                reserve vehicle rather than an SWF. Out of scope for
#                the fiscal-buffer dimension; revisit if the Exchange
#                Fund's "Future Fund" branch expands materially.
#   Russia:      National Wealth Fund (NWF) — sanctions + asset-freeze
#                make `access` effectively 0. Include only after a
#                regime change that restores deployable liquidity.
#   Azerbaijan:  SOFAZ — well-documented, IFSWF member; shippable in
#                the next manifest PR.
#   Kazakhstan:  Samruk-Kazyna (domestic strategic), NFRK (oil
#                stabilization). Score separately; NFRK is the cleaner
#                fit for the dimension.
#   Libya:       LIA — sanctions + asset-freeze; same exclusion as
#                NWF. Revisit on sanctions change.
#   Nigeria:     NSIA (Nigeria Sovereign Investment Authority) — IFSWF
#                member, three-fund structure; shippable in a follow-up
#                PR once the three sub-fund mandates are mapped.
#   Angola:      FSDEA — governance concerns historically. Defer until
#                audited AUM disclosure stabilizes.
#   Oman:        OIA — merged SGRF + OIF 2020; IFSWF member. Shippable.
#   Brunei:      BIA — opaque, LM index ~2. Transparency coefficient
#                would pin at ~0.1, heavily dampening any contribution;
#                ship only if the rationale holds up to audit.
#   Timor-Leste: Petroleum Fund — high transparency, textbook fit.
#   Iran:        NDFI (National Development Fund of Iran) — sanctions +
#                access concerns; exclude from v1.
#   Korea:       KIC — FX reserve investor rather than stabilization
#                fund; edge case on whether it belongs in this dim.
#   Australia:   Future Fund — well-documented, likely shippable.
#   New Zealand: NZ Super Fund — well-documented, likely shippable.
#   Ireland:     ISIF — strategic-development mandate; low access,
#                medium liquidity, high transparency — composite
#                probably mid-low.
#   Chile:       ESSF (Economic and Social Stabilization Fund) —
#                textbook stabilization fund; high priority for the
#                next manifest PR.
#   Panama, Trinidad & Tobago, Ghana, Senegal — smaller funds; include
#   when the AUM / annual-imports ratio is non-negligible.
