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From: Z-Ben Distribution [mailto:dist@z-ben.com]
Sent: Friday, July 30, 2010 4:51 AM
To: Francois Guilloux - Z-Ben Advisors
Cc: Z-Ben Information
Subject: China Alert - CIC Releases 2009 Annual Report

CHINA ALERT

CIC Releases 2009 Annual Report

Update: Earlier this morning CIC announced the release of its 2009 financial results. A bulky document to be sure, but also one that didn’t disclose much in the way of new information. What we do know for certain is the following: first, total assets grew from USD297bn to USD332bn. Second, total return on capital for the year was 12.9% with return on global portfolio allocation at 11.7% (versus 6.8% and -2.1% respectively, for 2008). Third, CIC moved more aggressively in the deployment of cash reserves with a marked expansion in the allocation of assets across the board.

Analysis: We should start by noting that it isn’t at all surprising for CIC to hold their cards close to their chest, as large institutional investors always risk tipping the market anytime assets are deployed or activities are reported. Still,......


If you were expecting to read the full version of this China Alert, I regret to say that you have not elected to subscribe to this service for 2010. As we noted in the past, Z-Ben Advisors’ China Alert can be purchased as a standalone research offering or, better still, packaged along with our monthly China Investment Management: Market Update in 2010. The two products have been created to work in close concert with the explicit goal of providing clients with high quality, granular research and analysis on the entire investment management industry. Access to timely market intelligence is crucial to any business, and even more so in China.


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Francois Guilloux
Director, Regional Sales
Z-Ben Advisors

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