Trump Wants a Sovereign Wealth Fund—Here’s How Other Nations Run Theirs

President Donald Trump has taken steps to create a sovereign wealth fund, a government-owned and operated investment fund. Such funds are used by many countries and some states within the United States and function like venture capital. They typically use a nation’s surplus reserves and/or revenue from natural resources as seed money. They invest in stocks, bonds, real estate, sports franchises, and other assets to yield a return that can be reinvested to support the government’s economic goals. In his Feb. 3 order to create a plan for the fund, Trump noted that other nations have used the tactic successfully and that the United States can top even Saudi Arabia’s fund, which totals $925 billion....