The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, is lowering its targeted exposures to developed markets as it takes a more active role in managing its own investments, according to an annual review released Monday.

The fund, which is estimated by the Sovereign Wealth Fund Institute to have assets in excess of $600bn, cut its allocation targets to developed-market equities to between 32% and 42% of its portfolio, the review said. The range had been between 35% and 45% since the fund started publishing annual reviews in 2009, giving outsiders their first peek at its investment strategies and returns.