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China’s sovereign wealth fund just got hit with its first loss in four years—commodity prices are sinking and the strong US dollar mixed with negative interest rates is slowing down stocks and bonds.
China Investment Corp manages the $813.8B fund and experienced a 2.96% loss in the year ended December, a stark departure from the 5.47% gain the fund enjoyed the year before, Bloomberg reports. On top of an overall decline, the fund’s net income plummeted 17% to $73.9B.
Despite the loss, China’s fund is basically on par with the MSCI World Index, which fell 3% last year as global growth weakened. [Bloomberg]
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