06.07.2015 - China’s sovereign wealth fund boosts exposure to equities
China’s sovereign wealth fund, China Investment Corp, has shifted its exposure “moderately” from sovereign bonds to equities and is pursuing infrastructure investments in developed countries, according to its chairman. CIC released its 2014 annual report on Friday, revealing a 5.47 per cent return on its investments last year, down from 9.33 per cent in 2013. The fund was established in September 2007 and has some $740bn under management. CIC’s net income rose 2.5 per cent to $89.1bn. Its largest portfolios are the controlling stakes it holds on behalf of the government in the country’s five largest banks. “In 2014 we moderately increased our exposure to equities and reduced it to sovereign bonds,” Ding Xuedong said in the report, adding that CIC saw “abundant opportunities for investment in the upgrading, rebuilding and privatising of infrastructure in developed countries”..............................................Full Article: Source
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