Regardless of the initial motivation of the establishment of sovereign wealth funds, the basic goal of the management of sovereign wealth funds is to obtain a high return on investment, thus ensuring the stability of the purchasing power of the country's surplus wealth, which is very different from the liquidity and security goals of traditional foreign exchange reserve management.

The active management of sovereign wealth funds mainly considers the long-term investment value of assets, paying little attention to short-term fluctuations, but has strict requirements on asset allocation, currency composition and portfolio risk control. The investment strategy of sovereign wealth funds mainly refers to the strategic allocation of investment portfolios according to asset types, currencies, countries, industries and risk tolerance levels.

In recent years, the investment strategies of sovereign wealth funds in various countries are changing dynamically, but the changing trend is from traditional national debt investment to stock investment, and then to real estate investment and equity investment.

Take NBIM in Norway as an example. Before 1996, NBIM almost always invested in principal-guaranteed government bonds. Due to the rapid growth of petroleum funds, the Bank of Norway relaxed NBIM's restrictions on stock investment in 1998. At present, in the NBIM portfolio, the proportion of stocks is 30%, and the rest are investments in fixed-income products. GIC Singapore's investment strategy is more active, and its investment portfolio includes bonds, stocks, real estate, equity investments and other assets. Kia Kuwait is committed to implementing flexible, professional and diversified investment strategies to adapt to changes in the international market; Portfolio, real estate fund accounts for 34%, direct investment fund accounts for 17%, stock fund accounts for 38%, and bond fund accounts for 1 1%.