2020 was an unprecedented year, as we managed our portfolio through a dramatic macro-economic decline as the global COVID-19 pandemic took hold. We remained patient, and after careful assessment we made the decision to continue our capital deployment, in line with our planned strategy.
We increased our investments in sectors where we have high conviction, and with high performing fund managers. Technology and life sciences in particular have been essential to the world over the last year, and we see those sectors bringing greater opportunity for further investment.
We deployed a total of AED 108 billion (USD $29.4 billion) in investments such as:
1. In the technology sector with our partner Silver Lake.
2. In life sciences with PCI Pharma in the USA
3. In telecoms and consumer goods with the Reliance Group, our largest partner in India
4- In other significant new commitments and deployments with Apax Partners, Citadel, iSquared Capital, and CVC
Mubadala’s Total Comprehensive Income (TCI) attributable to the owner for the year increased by 36% to a record AED 72 billion (USD $19.6 billion) compared to AED 53 billion (USD $14.4 billion) in 2019.
Assets Under Management across the group stood at AED 894 billion (USD $243.4 billion) at year end, compared to AED 853 billion (USD $232 billion) in 2019.
Mubadala realized AED 104 billion (USD $28.3 billion) in monetization of mature assets and distributions from investments, including AED 16.7 billion (USD $4.5 billion) through the sale of a 39% stake in Borealis to OMV, our largest-ever single monetization. This compares with AED 63 billion (USD $17.5 billion) in 2019.
We also took advantage of a historically low interest rate environment to lower our cost of borrowing and extend our weighted average life of debt on the back of strong international investor demand for our bond issuances.
Mubadala continues to maintain a prudent gearing ratio standing at 9.1% and a robust liquidity position as we manage through this economic cycle with a long-term view.
Our five-year annualised portfolio return is 9.8% which compares well with our benchmark of a globally diversified portfolio.
