Chile, which is relatively small, with a population of 17 million and a $282 billion economy, has three SWFs. As well as the $15 billion economic and social stabilization fund (ESSF), there is a $6.4 billion pension reserve fund (PRF) and a $4 billion education fund (EF).
The ESSF was 100% invested in overseas fixed-income assets, but recently shifted some into bank deposits as part of its strategy during the past two years to gradually adjust its asset allocation.
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