The Irish state’s official investment arm, ISIF, deserves credit for a job well done. Their discretionary investments returned 10.7 per cent in 2021. ISIF stands for the Irish Strategic Investment Fund, and it is an arm of the NTMA. ISIF and the NTMA jointly manage the country’s financial balance sheet. The NTMA looks after the liabilities — mainly bonds — and ISIF looks after Ireland’s financial assets. Today ISIF has two components: the legacy holdings of Irish bank shares (what’s called the “directed” portfolio) and a portfolio of financial assets from Ireland and around the world (the “discretionary” portfolio). Over time…

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