By Kevin Grewal, Editor at www.SmartStops.net
When it comes to the global economy, China continues to be the talk of the town. To take it a step further, the nation, expected to witness the largest economic growth in 2010, is said to be driving the fate of exchange traded funds (ETFs).
According to a recent Securities and Commission filing by the Chinese Investment Corporation (CIC), the sovereign wealth fund holds north of $9 billion in U.S. equity investments. The detailed filing further indicates the following allocations:
· $254 million to the iShares S&P Global Materials (MXI)
· $235 million to the Select Sector SPDR TR SBI Int Energy (XLE)
· $207 million to the iShares MSCI EAFE Index (EFA), which holds BHP Billiton as one of its top holdings.
· $156 million to the SPDR Gold Trust (GLD)
· $116 million to the Market Vectors Gold Miners ETF (GDX)
· $107 million to the iShares S&P Global Energy (IXC)
· $83 million to the Materials Select Sector SPDR (XLB)
· $79 million to the U.S. Oil Fund (USO)
In addition to these allocations, the CIC has allocated $6.2 million to Anadarko Petroleum (APC), and $5.2 million to Chesapeake Energy (CHK), which are holdings in XLE and IXC and indirectly influence their performance.