| Qatar’s sovereign wealth fund has had a quarter to forget — suffering as much as $12bn of losses on Volkswagen, Glencore and Agricultural Bank of China, three of the biggest equity investments of its roughly $250bn fund. With two days of the third quarter to go, the Qatar Investment Authority is likely to be nursing losses on eight of its top 10 holdings, according to Financial Times calculations based on Bloomberg compilations of regulatory filings.
The biggest hit could be a paper loss of about $8.4bn on the QIA’s stakes in the common and preferred shares of Volkswagen, the German carmaker embroiled in an emissions-testing scandal. The fund’s 8.2 per cent stake in Glencore, the trading house sagging under a mountain of debt, is another big loser, down about $2.7bn since the beginning of the period...............................................Full Article: Source
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