Comments on: CIC Reveals US Investment Portfolio

By: Where Are CIC’s International Assets? « Oxford SWF Project

Where Are CIC’s International Assets? « Oxford SWF Project — Wed, 03 Mar 2010 16:07:22 +0000

[...] it? The fund has been pretty tight-lipped on the subject. Nonetheless, we got a small glimpse from a recent SEC filing, but that represented less than 10% of the fund’s assets. Interestingly, our friends at Z-Ben [...]

By: Ashby Monk

Ashby Monk — Wed, 10 Feb 2010 15:58:56 +0000

That’s very true, Mike. You really raise the original concern among US policy folks; that SWFs will use PE structures or shell companies to acquire large stakes in domestic companies without anybody knowing about it.

By: MMcC

MMcC — Wed, 10 Feb 2010 00:20:26 +0000

Remember what a 13-F doesn’t cover: fund investments, money market funds, PE and a long list of other things. Moreover, as Blackstone doesn’t appear on the form – it’s actually held through a shell owned by a subsidiary called China Jianyin – it’s not entirely clear what else CIC might hold in the US, indirectly. I’m leaning towards the view that the majority of the US stock holdings were acquired when CIC’s risk appetite was still just a faint pang. The majority of the exposure – and the real return-generating effort – is likely to have been achieved through mandates. Of course, since we can’t date the purchases, that’s a pure guess.

By: Ashby Monk

Ashby Monk — Tue, 09 Feb 2010 19:41:37 +0000

Great questions, Rien. I was surprised to see such a disciplined, portfolio based approach.

By: Economic news headlines | Money Supply | FT.com

Economic news headlines | Money Supply | FT.com — Tue, 09 Feb 2010 13:13:39 +0000

[...] CIC makes SEC filing: long Teck Resources, Morgan Stanley and Blackrock – Oxf SWF [...]

By: rien huizer

rien huizer — Tue, 09 Feb 2010 06:57:01 +0000

Unsurprising that the domestic portfolio (the financial sector holding company role) continues to dwarf the real investment portfolio (which is still relatively small.
(Q: how would a similar report by SAFE look?). The good thing is that the actual investment activity in listed US stock (though tiny) appears disciplined and unremarkable..Not all that different from what SAFE was supposed to be doing before CIC got the limelight (mainly via HK if I remember correctly). Did CIC replace SAFE? Are these portfolios cumulative? What if SAFE sells stock A and CIC buys it?