China’s CIC Focuses on Longer Term to Ride Out Market Turmoil
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China’s sovereign wealth fund said it will invest with a longer-term focus after it posted a 4.3 percent loss on its overseas holdings last year because of declines in global commodity prices.
Net income at the $482.2 billion fund, with a resources-heavy portfolio, fell to $48.4 billion in the year ended Dec. 31, Beijing-based China Investment Corp. said in its annual report released yesterday on its website. The overseas investment performance was the worst since the fund was set up in 2007, and compares with an 11.7 percent return in 2010.