CIC returns to profit in 2012 on back of equities boost
China Investment Corp. (CIC) has returned to profit, reporting an annual return of 10.6% on its overseas investments last year thanks to a rally in global equities. The sovereign wealth fund saw a cumulative annualized return of 5.02% for 2012, up from 3.8% the previous year.
CIC doubled its exposure to private equity, direct investments and hedge funds in 2011 but market volatility saw its global portfolio retract by 4.3%, contributing to its first-ever annual loss. Net...
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