The Abu Dhabi Investment Authority has affirmed its commitment to emerging markets as it reported a decline in its investment returns measured over 20 years.
In its review of 2013, published yesterday morning, Adia reported that its global investments generated returns of 7.2 per cent at the end of last year, compared with 7.6 per cent in 2012, measured in US dollars over a period of 20 years. Returns over 30 years averaged 8.3 per cent in 2013, compared with 8.2 per cent in 2012.
Adia, one of the largest sovereign wealth funds in the world, does not disclose the annual performance of its investments. The Sovereign Wealth Fund Institute estimates that Adia’s assets are worth approximately US$773 billion.
The fund noted that while equities in Europe, the US and Japan had performed well during 2013, bond markets and emerging markets had suffered because of uncertainty over the future of US bond purchases.
Adia allocated additional funds to its core European, Emerging Europe and South Africa, and Equity Opportunities portfolios in 2013.
Its internal equities team – responsible for direct equity investments - added analyts and portfolio managers to its Japanese, Latin American, Regional Investment Holdings and Equity Opportunities teams, and plans to increase hires for its Asia Ex Japan portfolio.
The fund’s range of exposure across asset classes and geographies was unchanged for 2013.
In 2012, however, the fund reduced its overall exposure to developed market equities to a range of between 32 to 42 per cent from 35 to 45 per cent in 2011. Adia also cut its lower investment threshold for Europe in 2012 to 20 per cent last year from 25 per cent in 2011. The maximum allocation was unchanged at 35 per cent.
The number of Adia employees rose to 1,500 in 2013 from approximately 1,400 in 2012. In particular the fund built out its investment teams operating in the “illiquid space”, dealing with sectors such as real estate, infrastructure and private equity.
Last year Adia’s infrastructure team invested in a consortium that acquired Port Botany and Port Kembla, two landlord ports in Australia, while divesting its stake in Sydney airport.
“Global economic growth will increasingly be sourced from emerging economies,” said Hamed bin Zayed, Adia’s managing director. “The developed world will gradually repair the damage wrought by the financial crisis; and fears of a relapse into crisis will give way to an understanding of the likely contours of a new economic expansion.”
Emerging markets, especially China, are likely to play a greater role in the global growth cycle than ever before.
“China is in the midst of a historic shift in its economic governance that will likely result in a loosening of administrative controls and allow markets to play a larger role in allocating capital,” he said.
“This approach will allow China to consolidate its economic growth achievements and extend them into an increasingly modern and dynamic economy.”
Adia last year received approval from China’s market regulator to increase its allocation of Chinese A shares under the Qualified Foreign Institutional Investor scheme to $1bn from $500 million.
A survey released last week by the US-based investment management company Invesco predicted that Middle East sovereign wealth funds will remain focused on emerging markets, especially India, Africa and Latin America, together with alternative investments including property and private equity.
jeverington@thenational.ae
Follow us on Twitter @Ind_Insights
Skewed figures
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
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Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
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3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
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