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Korea Investment Corporation Beats Fixed Income and Equities Benchmark in 2014

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namsanThe Korea Investment Corporation (KIC) marks its 10-year milestone, generating a return on assets of 10.03% (on a currency basket basis) for fiscal year 2014. By looking at the return in USD, it goes down to 4.02%. KIC’s return on assets were slightly down from fiscal year 2013 at 11.39%. However, in 2014, the KIC beat both of its fixed income (1.28% excess) and equity (1.12%) benchmarks. In 2014, KIC posted the highest amount of excess returns (measured in USD) in traditional assets – trumping 2013, 2012, 2011 and 2010.

Assets of the KIC grew to US$ 84.7 billion at the end of the wealth fund’s fiscal year in 2014.

Changes

The KIC boosted internal fund management in traditional asset classes to over 73.2% capacity versus 66.7% in 2013. In addition, as the KIC grows in assets and capabilities (with regard to economies of scale), the wealth fund is looking to possibly manage more assets from Korea pension funds and mutual aid associations. Many smaller Korean pensions and mutual aid associations lack in-house resources to invest overseas, allocating capital mostly to external managers.

KIC’s Investment Process

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Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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