CIC's global holdings post 11.7% return
Source: Xinhua |
July 30, 2010, Friday
|
Print Edition
Print Edition
CHINA Investment Corp, the country's sovereign wealth fund, said yesterday that the rate of return on its global portfolio was 11.7 percent last year, compared to a negative 2.1 percent in 2008.
CIC released its second annual report yesterday and said the overall return on registered capital reached 12.9 percent last year after combining it with the return of China Huijin Investment Ltd, CIC's wholly owned subsidiary. China Huijin invests exclusively in China's domestic financial institutions.
The company has quickened its pace of overseas investments since May 2009. It invested US$58 billion globally last year.
Combining the US$21 billion it invested by the end of 2008, CIC has invested a total of US$79 billion globally since its founding in 2007.
"The good return shows that our judgement of the market at the beginning of 2009 was quite correct when a pessimistic mood still hovered over it," said Jin Liqun, chairman of the board of supervisors.
CIC has US$200 billion in registered capital.
"CIC's global investment rose fast in the first half of the year. The cash balance is rather low," said Zhou Guomin, CIC's financial director.
Jin said CIC will continue with its current investment strategy.
CIC reported a net profit of US$41.66 billion last year after posting income of US$23.13 billion in 2008.
The CIC global investment portfolio was invested with 36 percent in equities, 32 percent in cash funds, 26 percent in fixed-income securities and 6 percent in alternative investments as of the end of 2009, according to its annual report.
CIC diversified its portfolio with an emphasis on publicly traded equities and debt securities in global markets as well as making a series of direct investments in high-quality companies, including investments in infrastructure and renewable energy projects, said Lou Jiwei, chairman and CEO of the CIC.
CIC invested US$1.5 billion in the Canadian mineral company Teck Resources Ltd, US$1.9 billion in the Indonesian thermal coal production company PT Bumi Resources Tbk, US$1.58 billion in the US power generation company AES Corp and other companies covering sectors such as oil and gas, and grain.
CIC released its second annual report yesterday and said the overall return on registered capital reached 12.9 percent last year after combining it with the return of China Huijin Investment Ltd, CIC's wholly owned subsidiary. China Huijin invests exclusively in China's domestic financial institutions.
The company has quickened its pace of overseas investments since May 2009. It invested US$58 billion globally last year.
Combining the US$21 billion it invested by the end of 2008, CIC has invested a total of US$79 billion globally since its founding in 2007.
"The good return shows that our judgement of the market at the beginning of 2009 was quite correct when a pessimistic mood still hovered over it," said Jin Liqun, chairman of the board of supervisors.
CIC has US$200 billion in registered capital.
"CIC's global investment rose fast in the first half of the year. The cash balance is rather low," said Zhou Guomin, CIC's financial director.
Jin said CIC will continue with its current investment strategy.
CIC reported a net profit of US$41.66 billion last year after posting income of US$23.13 billion in 2008.
The CIC global investment portfolio was invested with 36 percent in equities, 32 percent in cash funds, 26 percent in fixed-income securities and 6 percent in alternative investments as of the end of 2009, according to its annual report.
CIC diversified its portfolio with an emphasis on publicly traded equities and debt securities in global markets as well as making a series of direct investments in high-quality companies, including investments in infrastructure and renewable energy projects, said Lou Jiwei, chairman and CEO of the CIC.
CIC invested US$1.5 billion in the Canadian mineral company Teck Resources Ltd, US$1.9 billion in the Indonesian thermal coal production company PT Bumi Resources Tbk, US$1.58 billion in the US power generation company AES Corp and other companies covering sectors such as oil and gas, and grain.
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