2019 was an excellent year for the Abu Dhabi Investment Council (ADIC), bolstered by the strong performance of the public equity markets. The MSCI ACWI Index returned 26.6% during the year, while the Bloomberg Barclays Global Aggregate Index produced a return of 6.8%. While the private markets did not scale these same heights, they nevertheless positively contributed to our overall performance in 2019.

The investment areas' performance was driven by the underlying market return of the various asset classes, strongly complemented by our strategic and tactical asset allocations, in addition to the positive alpha of our high caliber and top-performing asset managers.

The year ahead has many challenges that we all need to overcome, including the ramifications of the COVID-19 pandemic and its impact not only on the global economy but, more importantly, on people's health and wellbeing.

We recognize that 2020 will be volatile, but we also believe that ADIC's portfolio is well-positioned to navigate market volatility and to take advantage of select market opportunities as they present themselves. Since our inception, we have been a long-term investor, and we will continue to be driven by the same investment philosophy in the years ahead.

Since joining Mubadala in 2018, we have successfully originated and realized new opportunities and synergies to further grow and diversify our portfolio. We have achieved strong successes together and look forward to further growing this portfolio in 2020.