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Sovereign Wealth Funds Briefing - Category | Performance more

GIC’s and Temasek’s investee company Xiaomi lost $40 billion in value

Posted on 26 August 2016 by VRS  |  Email |Print

It was recently reported that Chinese smartphone company Xiaomi, once dubbed the “Apple of the East”, has lost US$40 billion in value over a period of 18 months. In Dec 2014, Xiaomi announced a funding round of US$1.1 billion giving it a valuation of US$45 billion. In the US$45 billion round, it wasreported that investors included the Singapore sovereign wealth fund GIC, which is tasked to manage Singapore’s reserves.
GIC’s investment in Xiaomi comes after Temasek purchased a small stake in the smartphone maker in an earlier funding exercise. It was also reported that Temasek had gone on an investment spree together with Xiaomi and its founder Lei Jun, to invest in dozens of firms across China’s mobile internet eco-system………………………………………..Full Article: Source

Qatar’s financial position ‘will remain strong over next decade’

Posted on 24 August 2016 by VRS  |  Email |Print

Qatar, whose budget will turn back to surplus in 2017, will remain in one of the strongest fiscal positions in the world over the next decade and continue to hold massive financial buffers through its sovereign wealth fund (SWF), according to BMI. “Qatar’s sovereign position will remain one of the strongest in the world,” BMI said, forecasting that the budget surplus is expected to be QR5.3bn in 2017.
Having posted large budget surpluses between 2010 and 2015 on the back of massive hydrocarbon revenues, BMI said it allowed the country to set up a SWF ‘Qatar Investment Authority’, which held $335bn (215% of gross domestic product or GDP) of assets at the end of 2015, equivalent to five times the total stock of public debt issued by the Qatari government………………………………………..Full Article: Source

SOFAZ reveals income from largest oil project

Posted on 19 August 2016 by VRS  |  Email |Print

Revenues of Azerbaijan’s state oil fund SOFAZ from the project on development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $119.779 billion from early 2001 to August 1, 2016, the Fund told Trend.
SOFAZ said its revenues from the project totaled $2.77 billion in January-July 2016 with some $465 million being acquired in July. A landmark agreement on developing the ACG oil and gas fields was signed with a consortium of 11 foreign energy companies representing six countries in Baku in 1994, while production at the field was launched in 1997………………………………………..Full Article: Source

Norway’s SWF Up Despite 5% UK Real Estate Haircut

Posted on 19 August 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund is worth 7,177 billion NOK (US$878 billion). It was up in the second quarter of 2016 by a steady 1.3%, in spite of its real estate holdings in the UK that Norge’s Bank Investment Management’s quarterly report says it reduced by 5 percent as of June 30th.
This downward adjustment is thanks to the financial uncertainty in the UK following the country’s June 23rd referendum that saw British citizens vote to leave the EU. Over $20 billion in property fund assets have being frozen and the British pound has fallen 11% since the vote as investor confidence in the UK investments falls……………………………………….Full Article: Source

Norway’s sovereign wealth fund returns to prodit amid bond gains

Posted on 18 August 2016 by VRS  |  Email |Print

Norway’s US$890 billion (S$1.19 trillion) sovereign wealth fund, the world’s biggest, returned to gains in the second quarter even as it warned low interest rates will put pressure on returns ahead amid rising withdrawals from the government.
The Government Pension Fund Global gained 94 billion kroner (S$15.4 billion), or 1.3 per cent, after losing 0.6 per cent in the first quarter, the Oslo-based investor said on Wednesday. Its stock portfolio rose 0.7 per cent, its bond holdings gained 2.5 per cent and the real estate investments lost 1.4 per cent………………………………………..Full Article: Source

Norway’s sovereign wealth fund returns 1.3% in quarter

Posted on 18 August 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund Global, Oslo, returned 1.3% in the three months ended June 30, bolstering total assets by 1.4% to 7.18 trillion Norwegian kroner ($850 billion). In a financial update Wednesday, Norges Bank Investment Management, which runs the assets of the sovereign wealth fund, said the return was equivalent to a gain of 94 billion Norwegian kroner.
That compares with a -0.6% return, or 85 billion Norwegian kroner loss, for the three months ended March 31. For the year ended June 30, assets increased 4.1%. The return for the second quarter 2015 was -0.9%, or a 73 billion Norwegian kroner loss………………………………………..Full Article: Source

World’s Biggest Wealth Fund Struggles With Market Pay Off

Posted on 17 August 2016 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund, the world’s biggest, may have eked out a gain in second quarter as broad stock and bond indexes rose. The fund, which release its report on Wednesday, has had losses for three of the past four quarters, struggling to navigate market turbulence at the same time as it faces the first-ever withdrawals by the government.
Pressured by a collapse in oil prices, western Europe’s biggest crude producer is planning to lift more than $10 billion from its piggy bank this year to plug budget holes………………………………………..Full Article: Source

Temasek buyout target SMRT Q1 profit down 23%

Posted on 09 August 2016 by VRS  |  Email |Print

Transport operator SMRT Corp reported on Monday (Aug 8) a 22.9 per cent year-on-year decline in profit to S$15.5 million for its fiscal first quarter, its first decline in a year, as losses in the rail business deepened.
The group, which is the subject of a S$1.18 billion proposed privatisation buyout by main shareholder Temasek Holdings, reiterated on Monday in a media conference that it will not be paying any special dividend to shareholders from the asset sale of the new rail financing framework (NRFF). On July 20, Temasek announced the acquisition of SMRT shares………………………………………..Full Article: Source

Economists see lower Temasek, GIC returns denting govt coffers

Posted on 08 August 2016 by VRS  |  Email |Print

The current brittle investment climate has weighed on Singapore’s sovereign wealth fund GIC and state investor Temasek Holdings. This will in turn affect the government’s coffers, observers told The Business Times.
They add that with both entities expecting the situation to drag on for years, there is a pressing need to review the role these contributions play in the fiscal budget. Economists point out that GIC and Temasek have ridden on earlier economic boom and bust cycles, boosting their portfolios with high asset returns………………………………………..Full Article: Source

Singapore State Investment Fund Chaired By Its Prime Minister Reports Multi-Billion Dip In Profits

Posted on 03 August 2016 by VRS  |  Email |Print

Government Investment Corporation of Singapore (GIC) which is chaired by its prime minister Lee Hsien Loong reported “a dip in its 20-year annualised real rate of return to 4 per cent” in its 2016 annual report. GIC reported a dip in its 20-year annualised real rate of return to 4 per cent from the previous year’s rate of 4.9% for the financial year ended March 31, Singapore news daily The Straits Times reports on 28 July.
According to Singaporean finance and politics news blog, statestimesreview.com, that 0.9% translates to an estimated loss of at least US$20 billion (over RM81 billion) although the report points out that the real estimate could be as high as US$50 billion to cause a 0.9% drop in 20-year annual rate of return based on a US$135 billion 20 years ago………………………………………..Full Article: Source

Russia’s Reserve Fund edges down to $38.18 bln by Aug. 1

Posted on 03 August 2016 by VRS  |  Email |Print

Russia’s Reserve Fund shrank slightly over July in dollar terms and was worth $38.18 billion as of the start of August, the finance ministry said on Tuesday. The fund was worth $38.22 billion at the start of July.
Earlier in the year the ministry had sold assets from the fund to finance the budget deficit. Deputy Finance Minister Maxim Oreshkin has said Russia may resume such sales in August. The finance ministry said on Tuesday the National Wealth Fund, the country’s other sovereign fund, was worth $72.21 billion as of Aug. 1, versus $72.76 billion a month earlier………………………………………..Full Article: Source

China’s top sovereign wealth fund quadruples in total assets in 8 years

Posted on 02 August 2016 by VRS  |  Email |Print

A report says China’s investment fund industry will continue expanding. The total assets of the top sovereign wealth fund in China have quadrupled in eight years since its founding, according to the 2015 annual report released by the China Investment Corporation.
The CIC’s total assets had grown to over $810 billion during the 8-year period, from $200 billion of registered capital in 2007. The company’s spokewoman Liu Fangyu says they have ramped up investment in assets that generate stable returns, and will further expand investment in this sector in this year………………………………………..Full Article: Source

SAMA’s net foreign assets reach $562 billion in June

Posted on 01 August 2016 by VRS  |  Email |Print

Net foreign assets at Saudi Arabian Monetary Agency (SAMA) fell by $11 billion from the previous month to $562 billion in June as the government drew down its reserves to cover a budget deficit caused by low oil prices, official data showed on Thursday.
Assets shrank 15.9 percent from a year earlier to their lowest level since early 2012. They reached a record high of $737 billion in August 2014 before starting to drop………………………………………..Full Article: Source

Singapore’s Sovereign-Wealth Fund Sees Lower Returns Ahead

Posted on 28 July 2016 by VRS  |  Email |Print

Singapore’s over $300 billion sovereign-wealth fund sees no end in sight for the era of low returns as anemic interest rates and sluggish growth weighed on one of the world’s biggest state funds.
“These difficult investment conditions can stretch for the next 10 years,” said Lim Chow Kiat, GIC Pte. Ltd.’s chief investment officer. The sovereign-wealth fund, charged with managing the country’s foreign-exchange reserves, said in its annual report that it earned a 3.7% annualized nominal rate of return over the past five years through the end of March. That compares with a 6.5% return for the five years through the end of March 2015………………………………………..Full Article: Source

Singapore wealth fund’s performance falls to three-year low

Posted on 28 July 2016 by VRS  |  Email |Print

Low interest rates, high asset valuation and political instability were expected to bring down returns for the foreseeable future, Singapore’s GIC said on Thursday as the sovereign wealth fund’s performance fell to a three-year low.
The investment group’s rolling annualised 20-year rate of return fell to 4 per cent for the year ending March 31, GIC said in its annual results. It recorded 4.9 per cent last year, the strongest results in a decade. The group does not publish single-year results and uses the 20-year annualised rate as its benchmark for performance………………………………………..Full Article: Source

GIC Warns of Muted Market Returns as Fund Performance Declines

Posted on 28 July 2016 by VRS  |  Email |Print

GIC Pte, which manages Singapore’s foreign reserves, said its key performance measure declined and warned that record-low interest rates will weigh on investment returns in the coming decade.
The sovereign wealth fund’s real rate of return fell to 4 percent in the 20-year period to March 31, from 4.9 percent in the period ended March 2015, as global stock markets posted lackluster performance and bond returns tumbled, according to GIC’s annual report Thursday. GIC doesn’t disclose annual performance figures………………………………………..Full Article: Source

CIC’s 2015 returns upset by volatile market environment

Posted on 26 July 2016 by VRS  |  Email |Print

The China Investment Corporation (CIC) saw its returns plunging into the red last year amid the dismal global economic environment. In 2015, the net annual return of its overseas investments succumbed to a loss of 2.96%, against a net gain of 5.47% in 2014.
The CIC’s latest annual report states that global stocks, commodity prices and non-US dollar currencies tumbled, introducing significant risks and challenges to its global investments. Due to volatility in international financial markets and foreign-exchange losses triggered by an appreciating US dollar, the CIC’s overseas investments generated a dollar-denominated net return of -2.96% in 2015, and a net cumulative annualised return of 4.58% since its inception in 2007………………………………………..Full Article: Source

China’s top sovereign wealth fund quadruples in total assets in 8 years

Posted on 25 July 2016 by VRS  |  Email |Print

A report says China’s investment fund industry will continue expanding. The total assets of the top sovereign wealth fund in China have quadrupled in eight years since its founding, according to the 2015 annual report released by the China Investment Corporation.
The CIC’s total assets had grown to over $810 billion during the 8-year period, from $200 billion of registered capital in 2007. The company’s spokewoman Liu Fangyu says they have ramped up investment in assets that generate stable returns, and will further expand investment in this sector in this year………………………………………..Full Article: Source

Fund return hit by commodities, strong dollar

Posted on 25 July 2016 by VRS  |  Email |Print

China Investment Corporation announced on Friday that its overseas investments generated a net return of negative 2.96 percent in dollar terms in 2015, falling from a positive 5.47 percent return for 2014, due to volatilities in international financial markets and foreign exchange losses triggered by an appreciating dollar.
The $814 billion Chinese sovereign wealth fund posted a net cumulative annualized return of 4.58 percent since its establishment in September 2007, compared with 5.66 percent in 2014………………………………………..Full Article: Source

China’s sovereign wealth fund books negative return

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign-wealth fund reported a nearly 3 per cent drop in returns for 2015, citing the sluggish global recovery and volatile financial markets as reasons that led to a challenging year.
China Investment had a negative 2.96 per cent return on its investment overseas, according to a statement on its website Friday. That reversed a 5.47 per cent return in 2014. Since its inception in September 2007, the fund has had an annualised return rate of 4.58 per cent, CIC said………………………………………..Full Article: Source

China sovereign wealth fund CIC profit drops 17%

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp (CIC) reported a 17 per cent decline in net profit last year, its lowest profit since 2011, hit by negative returns on overseas investments and huge foreign exchange losses, it said on Friday.
Net profit was US$73.9 billion in 2015, down from US$89.1 billion a year earlier, the fund said in the annual report posted on its website. CIC’s return on overseas investments declined to a negative 2.96 per cent last year, compared with a positive 5.47 per cent return in 2014………………………………………..Full Article: Source

China Sovereign Fund Has Loss on Commodities, Negative Rates

Posted on 25 July 2016 by VRS  |  Email |Print

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.
China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed………………………………………..Full Article: Source

China sovereign fund CIC records first loss on overseas investments in 4 years

Posted on 25 July 2016 by VRS  |  Email |Print

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.
China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed………………………………………..Full Article: Source

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 25 July 2016 by VRS  |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
In its 2015 annual review, Adia said its 20-year annualised rates of return fell to 6.5 per cent in 2015 from 7.4 per cent the year before. The fund’s 30-year rate of return slipped to 7.5 per cent from 8.4 per cent. “This was primarily as a result of strong returns from the mid-1980s and 1990s falling out of the rolling averages over the periods in question.”……………………………………….Full Article: Source

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 22 July 2016 by VRS  |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
In its 2015 annual review, Adia said its 20-year annualised rates of return fell to 6.5 per cent in 2015 from 7.4 per cent the year before. The fund’s 30-year rate of return slipped to 7.5 per cent from 8.4 per cent. “This was primarily as a result of strong returns from the mid-1980s and 1990s falling out of the rolling averages over the periods in question.”……………………………………….Full Article: Source

Norway’s sovereign wealth fund has made a killing from Pokémon Go

Posted on 21 July 2016 by VRS  |  Email |Print

Norwegian’s should be happy about the arrival of Pokémon Go - not only because they seem to be the most active players of the game in the Nordics. The Norwegian sovereign wealth fund, the largest of its kind in the world, has made big bucks from the Pokémon Go hype.
Even with Nintendo stock declining 12% today, at the time of writing, after having doubled since the release of the augmented reality mobile game, the sovereign wealth fund has made Norwegian’s over $100 million, reports E24………………………………………..Full Article: Source

Azeri state oil fund’s assets up 4.6 pct in H1 to $35.1 bln by July 1

Posted on 19 July 2016 by VRS  |  Email |Print

The assets of Azeri state oil fund SOFAZ grew by 4.6 percent to $35.1 billion in the first six months of this year, the fund said on Monday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects.
SOFAZ revenues reached 3.99 billion manats ($2.6 billion) in the first half of 2016, while its expenditures totalled 2.26 billion manats, the fund said in a statement. SOFAZ assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion………………………………………..Full Article: Source

SOFAZ’s revenues hit 4B manats in Q2 2016

Posted on 19 July 2016 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2016 reached 3,991.0 million manat, while budget expenditures constituted 2,256.7 million manat, said a statement from SOFAZ July 18.
Revenue of 3,689.5 million manat was received from implementation of oil and gas agreements, including 3,680.6 million manat from the sale of profit oil and gas, 0.1 million manat as bonus payments and 8.8 million manat as transit payments………………………………………..Full Article: Source

Azerbaijan’s SOFAZ makes almost $120B from largest oil project

Posted on 18 July 2016 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for development of the Azeri-Chirag-Gunashli (ACG) block of fields totaled $119.314 billion from early 2001 to July 1, 2016, SOFAZ told Trend.
SOFAZ said its revenues from the project totaled $2.305 billion in H1 2016; out of this, $504 million accounted for June. A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons………………………………………..Full Article: Source

The world’s top ten biggest sovereign wealth funds

Posted on 15 July 2016 by VRS  |  Email |Print

In the midst of collapsing oil prices, oil-funded sovereign wealth funds (SWFs) are under pressure to liquidate assets, according to political risk advisory firm GeoEconomica. There was roughly a 20 per cent fall over the past year in the deposits and reserves stored in the Saudi Arabian Monetary Agency (SAMA) by the Saudi government, according to estimates. This suggests that oil giants such as Saudi Arabia are now seeking to protect their budgets against dramatically declining revenues.
SWFs are managed separately from a county’s official currency reserves. They are pools of money the government stores in funds or corporations to generate profits. The funds have an original purpose of reducing the volatility of government revenues and help counter any drops in the national economy………………………………………..Full Article: Source

The world’s 10 biggest sovereign wealth funds

Posted on 14 July 2016 by VRS  |  Email |Print

In the midst of collapsing oil prices, oil-funded sovereign wealth funds (SWFs) are under pressure to liquidate assets, according to political risk advisory firm GeoEconomica. There was roughly a 20 per cent fall over the past year in the deposits and reserves stored in the Saudi Arabian Monetary Agency (SAMA) by the Saudi government, according to estimates.
This suggests that oil giants such as Saudi Arabia are now seeking to protect their budgets against dramatically declining revenues. SWFs are managed separately from a county’s official currency reserves. They are pools of money the government stores in funds or corporations to generate profits………………………………………..Full Article: Source

Sovereign wealth funds’ India holdings at a record high

Posted on 12 July 2016 by VRS  |  Email |Print

Sovereign wealth funds held Rs2.18 trillion in Indian equities and Rs330.16 billion worth of Indian debt in May. Anybody who thought that sovereign funds are on their way out may be in for a surprise.
An analysis of foreign portfolio investor (FPI) data by investor category shows that their holdings in Indian debt and equity securities has hit a new high. These funds from oil-rich countries were expected to be sellers in Indian markets because of the correction in crude and the resultant stress back home………………………………………..Full Article: Source

Rough ride for Temasek too

Posted on 11 July 2016 by VRS  |  Email |Print

Investors everywhere have been in for a rough ride since last year, and Temasek Holdings is no exception. The Singapore investment company has suffered its first portfolio decline since the 2009 global financial crisis, pointing to more tough times ahead.
The firm’s net portfolio value fell to $242 billion for the financial year ended March 31, down from $266 billion a year ago. The decline was not surprising - about three-fifths of Temasek’s holdings are tied up in listed assets, which means weak stock markets around the world were a significant drag………………………………………..Full Article: Source

Temasek returns -9% in FY2016 - its worst showing since 2009

Posted on 08 July 2016 by VRS  |  Email |Print

Temasek continues to increase investments in technology-leveraged companies, as weakness in its listed investments, particularly its more traditional holdings in China and financial services, dragged the Singapore government-owned investment company to its first one-year negative return since 2009.
Its net portfolio value shrank by 9.02 per cent to S$242 billion in 2016. Over a three-year period, Temasek’s total shareholder return was 3.25 per cent in Singapore-dollar terms; over a 20-year period, total shareholder return was 6 per cent………………………………………..Full Article: Source

Singapore’s Temasek mulls over US deals to offset drop in portfolio performance

Posted on 08 July 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek Holdings (Temasek) is eyeing US deals and co-investments with private equity partners to offset what is expected to be the first annual decline in the value of its assets in seven years, according to Reuters.
Temasek, which holds a 16% stake – and is the biggest shareholder – in London-based Standard Chartered, has seen the value of its stakes depressed by 55% over the past financial year, aggravated partly by the Brexit effect. Meanwhile, its Asian investments have been hit by the effects of China’s economic slowdown………………………………………..Full Article: Source

Temasek Assets Likely Fell First Time Since 2008 on China Rout

Posted on 07 July 2016 by VRS  |  Email |Print

Temasek Holdings Pte’s portfolio probably declined for the first time in seven years as stock markets plunged amid a slowing Chinese economy and uncertainty over U.S. Federal Reserve policy.
The value of the Singapore state investment firm’s holdings decreased by 13 percent to S$231 billion ($170.6 billion) in its fiscal year ended March 31, according to an estimate by CIMB Private Banking. That would be the first decline since the 12 months ended March 2009. Temasek’s assets rose to a record S$266 billion in the prior fiscal year………………………………………..Full Article: Source

Saudi Arabia, Abu Dhabi among largest sovereign wealth funds

Posted on 07 July 2016 by VRS  |  Email |Print

Saudi Arabia’s SAMA Foreign Holdings fund was ranked fourth in the list of the world’s largest sovereign wealth funds, despite its assets falling by $33.9 billion to $598.4 billion by the end of Q2-2016, the Sovereign Wealth Fund Institute (SWFI) said in its monthly report for June.
The kingdom’s Public Investment Fund (PIF) maintained its position as the 13th largest sovereign wealth fund with assets amounting to $160 billion in the same period. Meanwhile, the Abu Dhabi Investment Authority (ADIA) remained second on the list, with assets growing by $19 billion to $792 billion………………………………………..Full Article: Source

Temasek Holdings could see drop in net portfolio value

Posted on 05 July 2016 by VRS  |  Email |Print

Temasek Holdings could report a decline in its net portfolio value for the first time since 2009, following a roller-coaster year in the global economy and financial markets. The Singapore investment company is expected to unveil its performance this week for the financial year ended March 31.
Analysts say Temasek’s exposure to China, as well as the financial service sector, likely left its portfolio battered by significant headwinds over the year, and also leaves it hard-pressed to replicate its strong performance in previous years………………………………………..Full Article: Source

Temasek Holdings could see drop in net portfolio value

Posted on 04 July 2016 by VRS  |  Email |Print

Temasek Holdings could report a decline in its net portfolio value for the first time since 2009, following a roller-coaster year in the global economy and financial markets. The Singapore investment company is expected to unveil its performance this week for the financial year ended March 31.
Analysts say Temasek’s exposure to China, as well as the financial service sector, likely left its portfolio battered by significant headwinds over the year, and also leaves it hard-pressed to replicate its strong performance in previous years………………………………………..Full Article: Source

SOFAZ reveals revenues from profit oil, gas sales

Posted on 04 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) received revenues worth $7.23 billion in 2015 from the sale of profit oil and gas produced within the framework of PSA (production sharing agreement) contracts on onshore and offshore fields of the country, according to a report on the fund’s activity in 2015.
At the same time in 2015, the weighted average price of profit oil exported amounted to $54.31 per barrel, and the net price was $48.06 per barrel. According to the report, some $6.86 billion accounted for the Azeri-Chirag-Guneshli (ACG) block of fields, which amounts to 94.9 percent of revenues from the sale of profit oil in 2015………………………………………..Full Article: Source

IPIC posts 2015 net loss, records $3.5 bln provision for 1MDB guarantees

Posted on 01 July 2016 by VRS  |  Email |Print

2015 net loss for the year was $2.6 billion compared to a profit of $1.5 billion in 2014. Says revenue for 2015 fell by 30 pct compared to 2014 to reach $35.8 billion. Says profit after-tax before impairment losses was us $3.3 billion in 2015 compared to $2.3 billion in 2014.
Due to declining crude oil price, asset valuation in exploration & production segments were negatively impacted; record pre-tax impairment losses of $5.2 billion on its oil & gas assets……………………………………….Full Article: Source

Investment Corporation of Dubai posts annual net profit of AED27.5bn

Posted on 01 July 2016 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD), the sovereign wealth fund owned by the government of Dubai, has recorded a 12.8 per cent rise in its full-year profit from continuing operations for 2015 to reach AED25.2 billion, the fund said on Tuesday. This compares with a profit of AED22.3bn seen in the previous year.
The corporation has stakes in more than two dozen Dubai-based companies across various industries, including Emirates Airlines, Emirates National Oil Company (ENOC), Emirates NBD and Emaar Properties………………………………………..Full Article: Source

SOFAZ declares amount of revenues from two devaluations

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan earned AZN 23,217,800,000 from increase of value of currency and assets. This includes AZN 22,501,000,000 from rise of exchange rates of USD, EUR, GBP and other currencies and AZN 716.8 million from increase of gold portfolio due to reassessment of foreign currency and assets.
Moreover, SOFAZ’s extra budgetary expenses from difference of exchange rates of currencies and price of gold amounted to AZN 1,998,200,000………………………………………..Full Article: Source

SOFAZ earns AZN 91M from rental property

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public amount of the incomes from rental properties in 2015. APA-Economics reports the Fund has earned AZN 19,896,204 or £9,648,048 from rental office located in 18 Saint James str., London.
Moreover, SOFAZ earned €5,860,400 or AZN 10,015,423 from rental property in n° 8, place Vendôme Paris, KRW 31,071,645,406 or AZN 41,542,790 from office complex in Pine Avenue Tower A in Seoul, South Korea………………………………………..Full Article: Source

SOFAZ unveils its profit oil and gas revenues

Posted on 01 July 2016 by VRS  |  Email |Print

The sale of Azeri-Chirag-Guneshli oil constituted 94.9% of all revenues. Last year the average estimated sale price of exported profit oil made $54.31, while the net profit price was on the level of $48.06.
According to Oxu.Az, the due figures are contained in the report on the State Oil Fund’s activity in 2015. In line with the Production Sharing Agreements on development of onshore and offshore fields in Azerbaijan, SOFAZ revenues from profit oil and gas amounted to $7,229,100,000 or AZN 7,369,600,000………………………………………..Full Article: Source

Sovereign wealth & buyout funds step up in June quarter

Posted on 01 July 2016 by VRS  |  Email |Print

Private equity (PE) entities invested $3,602 million across 129 deals during the quarter ended June, as against $4,278 mn across 169 transactions in the same period last year, about 16% less. According to Venture Intelligence, the investment was 7% lower than the immediate previous quarter ($3,890 mn across 169 transactions).
Singalore’s sovereign wealth fund, GIC, and Abu Dhabi’s ADIA and Malaysia’s Khazanah participated in mega investments. As with the renewable power-focused Greenko Group (that raised $230 mn from ADIA and GIC) and analytics BPO firm Fractal Analytics ($100 mn from Khazanah). Canada-based Fairfax Group committed $300 mn to chemicals manufacturer Sanmar Group (on the heels of its $321 mn bet in Bangalore International Airport, announced in March)………………………………………..Full Article: Source

Azerbaijan’s Oil Fund exits from losses of previous periods

Posted on 30 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has achieved the net profit in 2015. The PwC-audited report on SOFAZ activity for 2015 says that in 2015 SOFAZ net profit amounted to AZN 23.59 million against a loss of AZN 1.212 bn in 2014.
According to the auditor, SOFAZ operating income for the past year totaled AZN 23.619 million against operating loss of AZN 1.166 bn a year earlier. The main part bulk of income was received from exchange rate difference for almost AZN 22.46 million………………………………………..Full Article: Source

Putin praises Russian SWF

Posted on 17 June 2016 by VRS  |  Email |Print

Russian President Vladimir Putin praised the Russian Direct Investment Fund for what has been achieved so far and stressed the importance of its cooperation with other countries, including the UAE, Saudi Arabia, and Qatar which shows their trust not only in the fund, but in Russia on the whole. “Over this time [five years], the fund has made significant progress. It has raised more than 760 billion rubles [over $11.5 billion] for the Russian economy.”
The fund has recently received the status of a sovereign wealth fund, which provides it with a wider set of financial instruments and “will give it a more independent and stable character,” Putin said, also stressing that the initiative is set to attract investment to Russia………………………………………..Full Article: Source

Sovereign wealth funds stay confident as returns slide

Posted on 14 June 2016 by VRS  |  Email |Print

Despite the volatility of global financial markets this year and a steady decline in investment returns, confidence among the world’s sovereign wealth funds remains high, a survey by Invesco has found.
New investment is also holding up, according to Invesco’s fourth annual study into global sovereign asset management which covers funds with over $8trn of assets (£5.6trn, €7.1trn). The survey found that for the sovereign investors interviewed by Invesco, the average actual 2015 annual portfolio returns fell to 4.1% from an average of 6.6% over the past five years………………………………………..Full Article: Source

SWF acquisitions rise 62 percent, highest level since 2008

Posted on 13 June 2016 by VRS  |  Email |Print

The value of acquisitions involving sovereign wealth funds has risen 62 percent to $28.6 billion in the year to date, the highest level since 2008, Thomson Reuters data showed on Friday. The Qatar Investment Authority (QIA), a sovereign wealth fund, this week agreed to buy a 43-story Singapore office tower for $2.5 billion from the world’s largest asset manager Blackrock, adding to a flurry of mergers and acquisitions (M&A) by sovereign wealth funds.
Industrials, financials and real estate account for nearly 80 percent of year-to-date sovereign wealth fund M&A activity, up from 33 percent a year ago, the data showed………………………………………..Full Article: Source

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