(Yicai) Dec. 10 -- China Investment Corporation, the country’s sovereign wealth fund, has reported better-than-expected annualized return on foreign investment over the past decade.

CIC’s annualized net investment return on overseas investments totaled 6.92 percent for the decade ended 2024, beating the target for the period, the fund said in its latest annual report released yesterday. The figure was 6.57 percent in the 10 years ended 2023, showing significant improvements last year.

Founded in 2007, CIC is China’s sovereign wealth fund, engaging in overseas investment activities and the management of equities in domestic financial institutions. It carries out overseas investments through its subsidiaries CIC International and CIC Capital.

At the end of last year, CIC had allocated 48.5 percent of its overseas investment portfolio in alternative assets, including hedge funds, multi-sector private equity, private credit, real estate, infrastructure, and commodities, up from 48.3 percent a year earlier.

Publicly traded stocks accounted for 34.7 percent of the overseas investment portfolio, up from 33.2 percent in the period. Meanwhile, the allocation in cash and fixed-income assets declined to 1.3 percent and 15.5 percent from 2.1 percent and 16.5 percent, respectively.

CIC’s publicly traded stocks were mainly focused on five sectors: information technology, finance, consumption, healthcare, and industry. Allocation in IT stocks increased to 25.9 percent at the end of last year from 21.9 percent a year earlier, along with that in finance and communication services. Meanwhile, allocation in consumption, healthcare, and industry declined.

CIC reported USD140.6 billion in net profit last year, up over 30 percent from the year before. Revenue rose 30 percent to USD150.9 billion, buoyed by a 41 percent surge in investment returns to over USD130.2 billion, which accounted for more than 86 percent of the total revenue.

As of Dec. 31, CICC had USD1.57 trillion in total assets, with net assets of USD1.37 trillion.

Editor: Futura Costaglione