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S. Korea Fund Suffers Paper Loss of $883m
World Economy

S. Korea Fund Suffers Paper Loss of $883m

Korea Investment Corp., South Korea’s sovereign wealth fund, suffered a paper loss of nearly one trillion won ($883 million) in its overseas stock investments in the first eight months of this year, an opposition lawmaker said, Yonhap reported. The KIC had minus 2% in its return in its direct investments in overseas stocks in the January-August period, compared with a 0.53% gain in the full year 2015, Kim Jong-min, a lawmaker of the main opposition Minjoo Party, said in a report for an annual parliamentary audit of the government. The sovereign wealth fund also underperformed its benchmark in its indirect stock investments, with its return standing at minus 1.71%, down from a 3.02% profit during the cited period, Kim said. He said the KIC suffered a paper loss of 936 billion won in the first eight months of this year. South Korea set up the KIC in July 2005 as part of its plans to increase sovereign wealth and help bolster the local financial industry. It manages assets entrusted by the government and the central bank.

 

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