The Sovereign Wealth Fund Institute (SWFI) conducted a survey of 72 of the largest public institutions, with assets totaling more than $2.9 trillion. The results of the survey indicate that many institutional investors have already adopted smart beta strategies, and that there is growing interest in smart beta among institutions that have not yet adopted the strategy.

“The spread of smart beta strategies among public investors seems to be snowballing worldwide, especially among the larger and more sophisticated institutions like sovereign wealth funds,” said Jess Delaney, Research Director at SWFI. Two-thirds of the public institutions surveyed said they already had smart beta allocations or are currently evaluating smart beta strategies. Of the 16 sovereign wealth funds surveyed, six said they already had smart beta allocations while four others said they were in the evaluation process.

Ms. Delaney thinks smart beta strategies still have ample room for growth, since thus far they’ve been implemented largely by American and European institutions, but they’re “making inroads with funds in the Middle East and Africa as well.” Ms. Delaney also suggests that these trends are being underreported by the financial media.

The full results of the survey appear in SWFI’s Smart Beta: A Referential Guide for Institutional Investors, a newly published report. The report was sponsored by Northern Trust, Robeco, State Street, and Wisdom Tree, and SWFI says it will be just the first in a series of publications compiling research on specific asset classes. The reports are intended to help institutional investors make investment decisions.

“SWFI is very excited about launching this new line of referential guides for institutional investors,” said CEO Michael Maduell. “We are honored to have had the opportunity to partner with some of the most prominent firms in the smart beta realm for this inaugural issue.”