Largest sovereign funds suffer $67 bln paper loss from stock market rout [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Largest sovereign funds suffer $67 billion paper loss from stock market rout LONDON (Reuters) - The world’s largest sovereign wealth funds have made around $67 billion in losses so far this year as the fallout from the coronavirus has buffeted their major holdings. A significant chunk of that, about $40 billion, stemmed from stakes held by a subsidiary of China Investment Corporation in Chinese financial institutions such as China Construction Bank ( 601939.SS ), Industrial and Commercial Bank of China ( 601398.SS ), Bank of China ( 601988.SS ) and Agricultural Bank of China ( 601288.SS ), according to calculations from Javier Capape, director of sovereign wealth research at the IE Center for the Governance of Change. He analysed data from 15 different funds where the initial investment was more than $1 billion to estimate the paper losses. “Some of the big stakes were taken during the global financial crisis and those stakes in European banks like Barclays ( BARC.L ) and Cr
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