An investment fund that is owned and controlled by a national government. SWFs are mainly located in Asia and in the Middle East. In Asia, they are generally ‘non‑commodity’ funds whose resources originate from current and financial balance of payments surpluses and/or from fiscal surpluses. In the Middle East and Africa, they are primarily ‘commodity’ funds managing the incomes of oil and mineral exporting countries. However, the world’s largest fund is in fact European—the Norwegian government pension fund—and it is considered one of the most transparent sovereign funds in the world (Banque de France, Franc Zone Annual Report (2012).