China's CIC overseas returns fall but fund still strong on US equities and external managers

China Investment Corporation (CIC) recorded a year-on-year 3.34 percentage point dip in returns from its overseas investments in 2020. However, the Chinese sovereign wealth fund still plans to forge ahead with a greater allocation to US equities as well as hire more external managers, build international partnerships and boost the Greater Bay Area. CIC reported a net annual return of 14.07% from its overseas investments last year, putting its net annualised 10-year return on overs…