CIC reports 9.33% returns from overseas investments
Print Edition
CHINA Investment Corp, the nation’s sovereign wealth fund, reported yesterday that returns from its overseas investments was 9.33 percent last year due to complicated global economic conditions.
The ratio was down from 10.6 percent in 2012, according to an annual report of the Beijing-based company which manages the country’s US$653 billion sovereign wealth fund.
CIC’s overseas investment subsidiary, CIC International, manages nearly two-thirds of the sovereign fund, while its domestic subsidiary, Central Huijin, manages US$240 billion assets mainly in financial institutions.
The company said returns were lower than the previous year because of the market volatility when a change of monetary stances in developed countries triggered higher yields for bonds and a sell-off of emerging market equities.
Regional political unrest also weighed on the market since October 2013, posing a challenge to investors around the globe.
Z-Ben Advisors attributed the drop in returns to the company shifting part of its investment to public equities away from bonds, direct investments, and absolute income products such as hedge fund.
Public equities, referring to the stocks of companies traded on exchanges, amounted to 40.4 percent of CIC’s total overseas assets as of December 31, 2013 — up 8.4 percentage points from a year earlier.
Fixed-income securities fell by 2.1 percentage points to 17 percent.
US assets accounted for 46.1 percent of CIC’s public equity investments, compared to 49.2 percent a year earlier, amid the company’s efforts to diversify its portfolio.
In June, National Audit Office had faulted CIC for negligence of duty and inadequate due diligence in 12 investments from 2008 to 2013.
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