KUWAIT May 23 Kuwait Investment Authority
(KIA), one of the world's biggest sovereign wealth funds, said
it had incurred a loss of 312 million dinars ($1.03 billion) in
the financial year ended in March 2016, according to the
country's state news agency.
The loss was 0.2 percent of total assets, KUNA quoted a KIA
statement as saying late on Monday, denying local media reports
of bigger losses.
KIA rarely comments on its financial performance. Its
statement implies the fund had assets of about $515 billion; the
Sovereign Wealth Fund Institute, which tracks the industry, has
estimated KIA's assets at $592 billion.
Among KIA's high-profile investments, it owns 6.8 percent of
German automaker Daimler AG and a 4.8 percent stake
in French nuclear power firm Areva SA, according to
Thomson Reuters data.
In its statement, KIA said: "It is unprofessional to judge a
performance of one year, during which the market was down."
It said its performance for a 20-year period had been positive
and outmatched other sovereign funds. It did not reveal its
returns for the latest fiscal year ended in March 2017.
(Reporting by Ahmed Hagagy; Writing by Saeed Azhar; Editing by
Andrew Torchia and David Evans)