China Investment Corp. (CIC), the nation’s $941 billion sovereign wealth fund, reported a disappointing investment return for last year amid turbulence in global stock markets, said Caixin.

The fund reported a 2.35% loss on overseas investments in 2018, a stark contrast to a 17.5% gain a year earlier. The result still beat a benchmark used by other global sovereign wealth and pension funds by 371 basis points, or 3.71%, CIC said in its annual report.

CIC Chairman Peng Chun attributed the decline in returns to the worst performance of global stock markets in a decade. The MSCI World Index plunged 9.4% in 2018.