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German SWF Kenfo embeds Apac into century-long investment horizon

Heather Ng
Germany's nuclear waste fund is steadily increasing its exposure to Asia, but its ultra-long investment horizon brings its own set of challenges.
German SWF Kenfo embeds Apac into century-long investment horizon
Key Points
  • Asia accounts for about 15% of Kenfo's portfolio, including both stable developed markets and growth-driven economies across the region.
  • Although China makes up 2–3% of the portfolio, Kenfo excludes its government bonds and state-owned entities due to geopolitical risks.
  • Broad regional discounts are no longer cheap, prompting Kenfo to focus on corporate governance, reforms and selective stock picking.

German sovereign wealth fund Kenfo, which focuses on financing the country's nuclear waste management efforts through the end of the century, is increasingly looking towards Asia for its long-term strategy, balancing valuation pressures, geopolitical risks and sustainability constraints.

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