FRR has demonstrated exceptional innovation and resilience in portfolio construction, making it the clear candidate for the top award in France. The government’s recognition of its extended investment horizon beyond 2033 has enabled FRR to increase allocations to higher risk-return assets, supporting both long-term financial performance and strategic sectors vital to France and Europe, such as the green and digital transitions. Portfolio construction demonstrates sophistication by integrating uncertainty, adopting the portfolio with the highest mean utility and optimally utilising the fund’s risk-bearing capacity. Despite numerous investment constraints, FRR has successfully diversified its portfolio, seizing selective opportunities in collateralised loan obligations (CLOs) and asset-backed securities (ABS), while supporting French and wider European economies via private assets. The fund exhibits strong ESG practices, with full transparency in performance and holdings. Emphasis on medium-risk asset classes, robust risk monitoring, and innovative assessment of private-equity alpha relative to listed equities were also praised. Overall, the fund combines technical rigour, strategic flexibility, and exemplary portfolio management.