CPF has high-risk investments in business outside its core business. Even though it is clearly stated that CPF will invest only in core business or in the business related to the company’s core business (Charoen Pokphand Foods Company Limited.2002: 30), the CPF’ subsidiaries and affiliated companies in 2001-2002 reveals CPF’s significant investment in non-core business companies. Since many of these companies have suffered losses from their business operations, CPF’s operating performance has been negatively effected by these significant losses. Without losses from non-core investments, CPF’s performance would have been significantly more competitive.