Weekend Reading: CIC’s Annual Report

Ashby Monk

The China Investment Corporation released its first annual report today. It was actually a fun read (for an academic obsessed with SWFs), albeit light on some investment specifics. We did learn that the CIC: 1) now has $298 billion in assets under management; 2) only invested $4.8 billion in 2008; and 3) returned -2.1% on its global portfolio. But we didn’t get many more details beyond that. Here are some interesting points to highlight from the report:

“Our legal framework and governance model require us to operate as an independent commercial entity in an environment of sound corporate governance.”

“CIC maintains a strict operational firewall between its global investment activities and those of Central Huijin, which represents the State’s interest in domestic, state-owned financial institutions.”

“CIC’s investments are not limited to any sector, geography or asset class. CIC invests in equities, fixed income and alternative investments including, but not limited to, hedge funds, private equity, commodities and real estate.”

“CIC has developed a comprehensive risk control and limit system to manage market, credit, sector, country and currency exposure.”

The CIC is comprised of 194 employees with 184 advanced degrees: “Each employee is required to undergo 80 hours of formal training each year.”

Enjoy your weekend.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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