Chinggis Khaan Sovereign Wealth Fund is a Mongolian sovereign wealth fund established to invest and grow the country's natural resource revenues over the long term, preserve their value, and distribute the benefits fairly and equitably to all citizens of Mongolia, current and future generations.
The Fund comprises three sub-funds: the Future Heritage Fund, the Savings Fund, and the Development Fund.
Future Heritage Fund
Savings Fund
Development Fund
Mandate: The Future Heritage Fund (FHF) is designed as a long-term savings vehicle aimed at preserving and growing wealth for future generations.
Funding Sources: It is primarily funded by 65% of the state’s share of mining royalty revenues from extractive state-owned enterprises and investment income.
Investment Framework:
The Future Heritage Fund invests in international financial instruments with the objective of preserving and growing Mongolia’s natural resource wealth over the long term for future generations.
The Fund’s assets are managed in accordance with the Future Heritage Fund Asset Management Policy approved under Annex 1 of Government Resolution No. 72 dated February 5, 2025.
In accordance with the law, the Fund’s assets are managed in a manner that ensures safety, liquidity, and an appropriate risk-return balance. The investment portfolio is gradually diversified in line with the Fund’s long-term investment objectives and asset management strategy. Under the approved investment policy, the Fund may invest in high-credit-rated foreign government and financial institution securities, international fixed-income instruments, large-cap international equity index instruments, cash and cash-equivalent instruments, and time deposits placed with foreign central banks through the Bank of Mongolia.
As part of the Fund’s investment implementation, a portion of the assets is placed through the Central Bank of Mongolia in deposits with foreign central banks in advanced economies, in line with the Fund’s safety and liquidity objectives.
Source: Ministry of Finance of Mongolia (2026), Implementation of the Sovereign Wealth Fund Law: Fund Accumulation and Investment Management.
The 2025 financial statements of the Future Heritage Fund are publicly available through the Glass Account system (see page 14) at Ирээдүйн өв сан
2025 Performance:
During the fiscal year 2025, the Future Heritage Fund primarily allocated its assets to short-term deposits with foreign central banks possessing credit ratings of AA or higher. These placements were actively managed and rolled over during the year, resulting in a total of nine transactions. The portfolio achieved a weighted average return of 4.16%(USD denominated).
As of 31 December 2025, short-term central bank deposits accounted for 83.44% of the Fund’s total assets, equivalent to approximately USD 1.336 billion. These investments generated interest income of USD 40.4 million over the reporting period. Cash holdings maintained at the Bank of Mongolia represented 10.03% of total assets, while the remaining 6.53% of the portfolio was recorded as receivables(Royalties from mining corporations).
In accordance with the Fund’s Investment Policy Statement, allocations to central bank deposits are considered to satisfy the benchmark return requirement, as central bank deposit rates themselves constitute the performance benchmark.
Withdrawal Framework: As stipulated by law, no expenditures are permitted until 2030, after which up to 10% of the fund’s investment returns may be transferred to the state budget. 
Mandate: Savings Fund aims to support citizen welfare and accumulation through individual citizens' accounts.
Funding Sources: It is financed through dividends from extractive state-owned enterprises, royalties from strategic deposits, and investment income.
Investment Framework:
The Savings Fund invests its assets in accordance with the Sovereign Wealth Fund Law and the Savings Fund Asset Management Policy approved under Annex 2 of Government Resolution No. 72 dated February 5, 2025.
Under the approved policy framework, the Fund may invest in Government of Mongolia securities, financial instruments other than shares of state-owned enterprises, and state-implemented housing finance programs. The Fund’s assets are managed with the objective of preserving and increasing the value of citizens’ savings while supporting long-term social and economic benefits. In accordance with Government resolutions, the Fund’s income has been invested in the state housing finance program to support access to affordable housing for citizens.
The Fund’s assets are managed with the objective of preserving and increasing the value of citizens’ savings while supporting long-term social and economic benefits. The Savings Fund has already supported socio-economic objectives through strategic investments in mortgage-backed securities (MBS), contributing to affordable housing financing for 7,822 households during 2024–2025.
Source:Ministry of Finance of Mongolia (2026), Implementation of the Sovereign Wealth Fund Law: Fund Accumulation and Investment Management
2025 Performance:
During the fiscal year 2025, the Savings Fund exclusively invested in residential mortgage-backed securities (RMBS) issued by the Mongolian Mortgage Corporation (MIK). These RMBS instruments carry a fixed coupon rate of 2% (MNT denominated) and were acquired at par value.
To ensure compliance with the Fund’s required rate of return as stipulated in the Investment Policy Statement, the Fund receives a subsidy equivalent to the difference between the RMBS coupon rate and the prevailing policy rate. This mechanism effectively aligns the realized return of the portfolio with the policy benchmark.
Pending deployment into RMBS or a strategic decision regarding portfolio allocation, idle cash balances were maintained at the Bank of Mongolia. Such balances earn an interest rate of 12% (MNT denominated), thereby contributing to overall portfolio returns during interim periods.
As of 31 December 2025, RMBS investments constituted 87.37% of the Fund’s total assets, amounting to approximately MNT 964 billion. These investments generated an investment return of MNT 95 billion over the reporting period. The remaining 12.63% of total assets was recorded as receivables(Dividends from SOEs).
As outlined above, all investment instruments utilized during the reporting period are fully compliant with, and meet, the required rate of return defined in the Fund’s Investment Policy Statement.
Withdrawal Framework: The fund is intended to provide financial support for citizens’ social needs such as housing, education, and healthcare.
Mandate: The Development Fund invests in projects and programs that support Mongolia’s long-term economic growth, diversification, and national development priorities.
Funding Sources: The Development Fund is financed through a portion (50%) of windfall mining revenues generated when mineral commodity prices exceed the fiscal reference price and the state budget records a surplus.
Investment Framework: The Fund’s resources are directed toward strategically important socio-economic and infrastructure projects aligned with Mongolia’s development policies and Vision 2050 objectives. Investment areas may include infrastructure, industrial development, energy, transportation, and other projects that contribute to sustainable economic growth and national competitiveness.
Withdrawal Framework: The Fund’s investments are intended to generate long-term economic and social benefits by supporting productivity, regional development, job creation, and economic resilience. 
