2023 Annual Report

Since our initial investments in 2006 with USD 1 billion,
KIC has grown to become a globally leading sovereign
wealth fund, with total assets under management of
USD 189.4 billion by the end of 2023.

KIC has earned cumulative income of USD 77.9 billion since inception.

In the global financial market in 2023, concerns about
high inflation and high interest rates coexisted with
expectations of a soft landing.

KIC responded with a proactive asset allocation strategy,
generating an 11.59% return on total assets in 2023.

KIC is focused on the long term, generating consistent
and stable returns within acceptable risk limits.

With an annualized return for the past five years*
of 6.48%, KIC is growing the real external
purchasing power of sovereign assets.

*2019~2023

KIC is gradually increasing its allocation to alternative
assets to reduce portfolio risk and generate strong
medium- to long-term returns by capturing an
illiquidity premium. At the end of 2023, KIC’s allocation
to alternative assets stood at 22% of total assets,
up significantly from 16.4% five years earlier.