中投公司投资再度蒙羞

China's sovereign-wealth fund faces another embarrassing investment snafu after parking about $5 billion in a U.S. money-market fund that froze redemptions following losses on its holdings.
中国主权财富基金再次面临尴尬的投资亏损：它投资约50亿美元的一只美国货币市场基金因持仓出现亏损而冻结了赎回。


An official at China Investment Corp. confirmed it had made the investment. As of Sept. 1, CIC owned 11.13% of institutional-class shares in the Reserve Primary Fund through a unit called Stable Investment Corp., according to a regulatory filing by the fund with the U.S. Securities and Exchange Commission. A spokeswoman for CIC declined further comment.
中国投资有限责任公司(China Investment Corp.)的一位管理人员证实，该公司的确进行了这笔投资。根据Reserve Primary基金向美国证券交易委员会(SEC)提交的监管文件，截至9月1日，中投公司通过一家名为Stable Investment Corp.（注：可译为“稳定投资”）的子公司持有了该基金11.13%的机构类股票。中投公司的发言人没有发表更多评论。


The Reserve Primary Fund, the flagship of Reserve Management Corp., became the first money-market fund in 14 years to 'break the buck,' meaning its net asset value fell below $1 per share.
Reserve Management Corp.的旗帜产品Reserve Primary基金成为14年来首次跌破面值的货币市场基金，这意味着该基金的净资产值跌到了每股1美元之下。


China's sovereign-wealth fund has taken a hit on a number of its bets made on the U.S. CIC invested $5.6 billion in Morgan Stanley last December and $3 billion into Blackstone Group LP in June 2007. Both investments have substantially deteriorated in value since then, hurt by the global financial crisis.
中国的主权财富基金在美国的多项投资都出现了亏损。去年12月，中投公司向摩根士丹利(Morgan Stanley)投资56亿美元，2007年6月向百仕通集团(Blackstone Group LP)投资30亿美元。此后因受全球金融危机影响，这两项投资的价值都大幅缩水。


CIC's investment of an undisclosed amount in Visa Inc.'s initial public offering is one bright spot in an otherwise bleak overseas portfolio. Visa shares were at $54.05 in midmorning trade Monday in New York, up from the $44 offering price.
中投公司还投资了Visa Inc.的新股发行，但金额未对外披露。这是该公司灰暗的海外投资组合中一个难得的亮点。Visa股价周一收盘报58.87美元，高于每股44美元的发行价。


The Reserve Primary Fund Class Institutional ran into trouble this year due to its holdings of $785 million worth of commercial paper and medium-term notes issued by now-bankrupt Lehman Brothers Holdings Inc.
Reserve Primary基金今年遇到了麻烦，因为该基金持有由已破产的雷曼兄弟(Lehman Brothers Holdings Inc.)发行的价值7.85亿美元的商业票据和中期票据。


Reserve Management said on Oct. 2 that it plans to distribute $20 billion out of the Reserve Primary Fund on or around Monday, representing 32% of the fund's assets as of Sept. 15. It said it would continue to distribute funds as assets matured but would avoid selling at 'fire-sale prices' because that wouldn't be in the interest of shareholders.
Reserve Management 10月2日称，Reserve Primary基金计划在周一前后分配200亿美元，约为截至9月15日该基金资产的32%。该公司表示，随着资产的到期将会继续分配，但会避免以“跳楼价”出售资产，因为这不符合股东的利益。


It is likely that China's fund will see a piece of that distribution this month. Reserve Management hasn't detailed timing for future payouts.
中投基金可能会在本月获得部分分配。Reserve Management并未透露未来资产分配的具体时间。


A Reserve Management spokeswoman didn't respond to requests for comment.
Reserve Management的发言人未回复记者的置评要求。


Bloomberg News first reported CIC's holding in the Reserve Primary Fund.
彭博资讯(Bloomberg)首先报导了中投公司持有Reserve Primary基金的消息。