Five takeaways from the Adia annual report

The Abu Dhabi Investment Authority’s latest annual report has some unusually precise detail in it. It tells us about positions, internal structures, use of external managers and views around infrastructure and private equity at one of the world’s most powerful institutional investors.

On Wednesday, the Abu Dhabi Investment Authority (Adia) released its annual report for 2020. As always, there’s a tantalizing amount missing from the report – total assets under management, precise asset class allocations rather than ranges, for example – but there are always a few nuggets of considerable interest and we think this is the most open and information-rich report to date. Here’s our pick:

1. Returns

Returns in 2020 were so good they’re clearly visible even over multi-decade timeframes.

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