China Investment Corp., China's sovereign wealth fund, reported a 2.35% loss on overseas investments in 2018 amid a turbulent global stock market.
In 2018, CIC's overseas portfolio posted a net annual return of negative 2.35% compared to a gain of 17.6% in 2017. The wealth fund realized an annualized cumulative 10-year net return of 6.07% and annualized cumulative net return of 5.18% since its inception on Sept. 29, 2007.
CIC Chairman Peng Chun said that the global economic landscape in 2018 "became increasingly grim and complicated" given the wide swings of the global capital markets and increased volatility of risk assets. Peng added that regulators tightened policies and competition for quality assets was fierce.
