A robust global equity market in 2013 led to smooth sailing for China's sovereign wealth fund China Investment Corp, but the $653 billion fund said it expects headwinds this year.

CIC's net profits in 2013 grew 11.8 percent to reach $86.9 billion, the fund said in its annual report released on Friday. Returns on its overseas investment in 2013 fell to 9.3 percent from 10.6 percent in 2012.

CIC was given the task in 2007 to earn higher returns for China's then-$1.4 trillion foreign exchange reserves, which now stand at nearly $4 trillion. Up to 2013, its net cumulative annualized return reached 5.7 percent.