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Filing reveals Chinese wealth fund's exposure
February 9, 2010
China Investment Corporation, the Chinese sovereign wealth fund, is using exchange-traded funds to take positions on sectors ranging from healthcare to gold, according to a filing with the US Securities and Exchange Commission.
The filing showed that CIC's largest US stock market investments were in miner Teck Resources, investment bank Morgan Stanley, asset manager BlackRock and Visa, the credit card company.
About a quarter of its US portfolio was in exchange-traded funds, many of them provided by BlackRock's iShares division. Investors ranging from hedge funds to retail customers have turned to ETFs, as they are known, because they are a low-cost and flexible way to take positions on sectors or entire markets.
CIC's ETF investments give it exposure to sectors such as healthcare, materials and consumer shares. Others are a bet on rising gold prices and a third group is pegged to international stock markets including those of China and Japan.
Original Posting At: FT
The filing showed that CIC's largest US stock market investments were in miner Teck Resources, investment bank Morgan Stanley, asset manager BlackRock and Visa, the credit card company.
About a quarter of its US portfolio was in exchange-traded funds, many of them provided by BlackRock's iShares division. Investors ranging from hedge funds to retail customers have turned to ETFs, as they are known, because they are a low-cost and flexible way to take positions on sectors or entire markets.
CIC's ETF investments give it exposure to sectors such as healthcare, materials and consumer shares. Others are a bet on rising gold prices and a third group is pegged to international stock markets including those of China and Japan.
Original Posting At: FT
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