When looking at ADIA's new website and its first ever annual review for 2009 (no, not financials) and reading about prudent investment strategy and their good return over the past years, I was reminded of the US$7.5 billion investment in mandatory convertible Citigroup securities.
If I'm not mistaken the conversion date is sometime this week, at least for some of the amount.
And from the annual review some interesting info:
- Page 3: 80% of assets managed by "carefully selected" external fund managers monitored by ADIA daily.
- Page 3: 60% of assets in index replicating strategies.
- Page 3: Average annual returns as of 31 December 2009. 20 Years 6.5% pa. 30 Years 8.0% p.a.
- Page 10: Outline of Investment Strategy.
- Page 11: Description of Portfolio Allocations. Note the comment about not investing in the UAE or GCC - which by the way makes perfect sense given the mission of ADIA.
- Page 17: Funding including supply of funds back to the Government of Abu Dhabi.
There's more: description of manager selection process, internal departments, board committees, etc. etc. . All in all a pretty good guide to ADIA for those who don't know much about them. And probably some "news" even for those who think they already do.
A job well done. And good luck straightening out that Citigroup investment.
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