Singapore Sovereign Wealth Fund GIC Reports Nominal +5.8% 20-Year Annualized Return & +3.9% 20-Year Real Return Adjusted for Inflation, +4.6% for 10-Year Nominal Return & +4.4% for 5-Year Nominal Return, GIC Portfolio Allocation is Developed Market Equities 13%, Emerging Market Equities 17%, Bonds & Cash 32%, Inflation-Linked Bonds 7%, Real Estate 13%, Private Equity 18%, Geographical Allocation is United States 39%, Europe & Middle East 20%, Asia 26%, Latin America 4%, Rest of the World 11%
26th July 2024 | Hong Kong
Singapore sovereign wealth fund GIC has reported nominal +5.8% 20-year annualized return & +3.9% 20-year real return adjusted for inflation, and +4.6% for 10-year nominal return & +4.4% for 5-year nominal return. GIC Portfolio Allocation: Developed Market Equities 13%, Emerging Market Equities 17%, Bonds & Cash 32%, Inflation-Linked Bonds 7%, Real Estate 13%, Private Equity 18%. GIC Geographical Allocation: United States 39%, Europe & Middle East 20%, Asia 26%, Latin America 4%, Rest of the World 11%. GIC’s mandate is to preserve and enhance the international purchasing power of the reserves placed under our management by delivering good long-term returns above global inflation. View GIC 2023/2024 here
“ Singapore Sovereign Wealth Fund GIC Reports Nominal +5.8% 20-Year Annualized Return & +3.9% 20-Year Real Return Adjusted for Inflation, +4.6% for 10-Year Nominal Return & +4.4% for 5-Year Nominal Return, GIC Portfolio Allocation is Developed Market Equities 13%, Emerging Market Equities 17%, Bonds & Cash 32%, Inflation-Linked Bonds 7%, Real Estate 13%, Private Equity 18%, Geographical Allocation is United States 39%, Europe & Middle East 20%, Asia 26%, Latin America 4%, Rest of the World 11% “
Lim Chow Kiat, CEO of GIC: “Investors are now in uncertain terrain and must rely on their purpose and unique strengths. In GIC’s case, our purpose – to preserve and enhance Singapore’s foreign reserves for the long term – means staying disciplined and diversified. The profound uncertainty we face is likely to continue to weigh on returns. Amidst this volatility, we must play to our strengths and seize new opportunities. One example is climate transition. We saw an opportunity to leverage our long-term, flexible capital – one of GIC’s key strengths – to bridge a funding gap for climate technologies such as green steel and battery storage, where companies often find themselves caught between traditional buckets of capital. These companies require long-term capital to grow, but they are too mature for venture and growth equity, yet lack the track record to attract infrastructure funding. This year GIC established an investment programme for green assets, following the early success of the Sustainability Solutions Group in the Private Equity department investing in climate technologies. Another strength is our global partnership network. This year GIC marks the 40th anniversary of our New York office and the 10th anniversary of our São Paulo office. We established our New York office – our first outside of Singapore – just three years after our firm’s inception. Then, we had just 10 staff who mainly focused on fixed income. Since then, the office has grown to become our largest outside of Singapore, with 250 staff responsible for deploying capital across all major asset classes and investment sectors. Our São Paulo office had similar modest beginnings, and within one decade has established GIC as one of the largest and most active institutional investors in Latin America.”
GIC Nominal Return:
- 20-Year: 5.8%
- 10-Year: 4.6%
- 5-Year: 4.4%
GIC Real Return:
- 20-Year: 3.9%
Portfolio by Asset Class:
- Developed Market Equities – 13%
- Emerging Market Equities – 17%
- Nominal Bonds and Cash – 32%
- Inflation-linked Bonds – 7%
- Real Estate – 13%
- Private Equity – 18%
- Total – 100%
Portfolio by Region:
- United States – 39%
- United Kingdom – 5%
- Eurozone – 10%
- Asia ex-Japan – 22%
- Japan – 4%
- Middle East, Africa, Rest of Europe – 5%
- Latin America – 4%
- Rest of the World – 11%
GIC, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund of the Government of Singapore. GIC is a global investment firm with $360 billion in assets under management. Established in 1981, it manages Singapore’s foreign reserves and is positioned for long-term and flexible investments throughout asset classes, including public equities, fixed income, real estate and private equity. In private equity, GIC invests through funds and directly in companies, partnering with its fund managers and management teams. GIC employs 1,300 people in offices in Singapore, Beijing, London, Mumbai, New York, San Francisco, São Paulo, Seoul, Shanghai and Tokyo. (2022 World Economic Forum on GIC)
Singapore $360 Billion Sovereign Wealth Fund GIC Reports +3.7% Nominal Return & +4.4% Real Return Over 5 Years, +6.9% Nominal Return & +4.6% Real Return Over 20 Years
28th July 2023 – Singapore $360 billion Sovereign Wealth Fund GIC has reported +3.7% nominal return & +4.4% real return over 5 years (annualised), 6.9% nominal return & 4.6% real return over 20 years (annualised) in the latest GIC 2022/2023 Report. GIC Portfolio by Asset Class: Developed Market Equities 13%, Emerging Market Equities 17%, Nominal Bonds & Cash 34%, Inflation-linked Bonds 6%, Real Estate 13%, Private Equity 17%. GIC CEO Lim Chow Kiat: “In an era of continued uncertainty, increasing the resilience of our portfolio is a key focus. This is why we had raised liquidity and focused on finding investment opportunities with stable long-term returns, including investments in real estate and infrastructure to protect our portfolio from inflation. The long-term compounding effect of these returns will enable us to deliver resilient real long-term returns amidst a challenging environment … … We see expanding opportunities in the green transition space, and are confident that the new teams, as well as all other investment teams, will further integrate sustainability factors into GIC’s investment and corporate processes.” GIC on Sustainable Investments: “GIC is also taking steps to capture sustainability-related investment opportunities. We are creating focused teams within asset classes, namely, the Climate Change Opportunities Portfolio in Public Equities, which will deploy more capital towards climate mitigation and adaptation. The Sustainability Solutions Group in Private Equity will increase its investments to early-stage energy transition opportunities. Finally, the Transition and Sustainable Finance Group in Fixed Income and Multi Asset will invest in opportunities such as funding decarbonisation and the grey-to-green transition from the bottom-up.”GIC’s mandate is to preserve and enhance the international purchasing power of the reserves under our management over the long term. The primary metric for evaluating GIC’s investment performance is the annualised rolling 20-year real rate of return. View: GIC 2022/2023 Report | See below for GIC Returns & Portfolio Allocation.
GIC, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund of the Government of Singapore. GIC is a global investment firm with $360 billion in assets under management. Established in 1981, it manages Singapore’s foreign reserves and is positioned for long-term and flexible investments throughout asset classes, including public equities, fixed income, real estate and private equity. In private equity, GIC invests through funds and directly in companies, partnering with its fund managers and management teams. GIC employs 1,300 people in offices in Singapore, Beijing, London, Mumbai, New York, San Francisco, São Paulo, Seoul, Shanghai and Tokyo. (2022 World Economic Forum on GIC)
GIC Nominal Return:
- 20 Year: 6.9%
- 10 Year: 5.1%
- 5 Year: 3.7%
GIC Real Return:
- 20 Year: 7.1%
- 10 Year: 5.7%
- 5 Year: 4.4%
Portfolio by Asset Class:
- Developed Market Equities – 13%
- Emerging Market Equities – 17%
- Nominal Bonds and Cash – 34%
- Inflation-linked Bonds – 6%
- Real Estate – 13%
- Private Equity – 17%
- Total – 100%
Portfolio by Region:
- United States – 38%
- United Kingdom – 4%
- Eurozone – 9%
- Asia ex-Japan – 23%
- Japan – 6%
- Middle East, Africa, Rest of Europe – 5%
- Latin America – 4%
- Rest of the World – 11%
Lee Hsien Loong, Chairman of GIC Board
Lee Hsien Loong has been Singapore’s Prime Minister since 2004. Mr Lee is the Secretary-General of the People’s Action Party (PAP). He was first elected Member of Parliament (MP) in 1984, and has been re-elected eight times, most recently as an MP for the Ang Mo Kio Group Representation Constituency. Mr Lee is Chairman of GIC, and also chairs the Research, Innovation and Enterprise Council, an international panel that provides strategic direction for Singapore’s Research and Development efforts. Before becoming Prime Minister, Mr Lee had held various Ministerial appointments, including being Deputy Prime Minister, Minister for Finance, Minister in the Prime Minister’s Office, Minister for Trade and Industry and Second Minister for Defence. He was concurrently the Chairman of the Monetary Authority of Singapore from 1998 to 2004. Before joining politics, Mr Lee had served in the Singapore Armed Forces, retiring as a Brigadier- General. Mr Lee holds a B.A. in Mathematics and a Diploma in Computer Science from the University of Cambridge. He holds a Master in Public Administration and is a Mason Fellow at the Harvard Kennedy School.
Lim Chow Kiat, CEO of GIC, Director GIC Board
Lim Chow Kiat was appointed Chief Executive Officer in January 2017. He chairs the Group Executive Committee which governs and reviews all key investment, risk, and business decisions. He is overall responsible for the performance of GIC, and oversees the development and execution of long-term strategies. Mr Lim was previously Group Chief Investment Officer of GIC and Deputy Group President. He joined GIC as a portfolio manager upon graduation in 1993 and rose to head the Fixed Income, Currency, and Commodities Department. He was President, Europe in 2009, overseeing investments and relationships in Europe, Africa, and the Middle East before his appointment as President of GIC Asset Management in 2011. Mr Lim is the Chairman of. the Wealth Management Institute and serves on the boards of National Research Foundation and Enterprise Singapore. He is a member of Agence France Trésor’s Strategic Committee and the WEF International Business Council, a FCLTGlobal Strategic Advisor, as well as a former trustee of Nanyang Technological University. Mr Lim holds a Bachelor’s degree (First Class Honours) in Accountancy from Nanyang Technological University.
Dr Jeffrey Jaensubhakij, Group Chief Investment Officer of GIC
Dr Jeffrey Jaensubhakij was appointed Group Chief Investment Officer in January 2017. He oversees GIC’s total investment portfolio, and works with investment group heads to manage and monitor investment activities across all asset classes. He also leads the development of short- and long-term investment policies to optimise the risk-reward of the total portfolio across changing investment environments. He joined GIC in 1998 as a Senior Economist covering the US economy and was subsequently appointed Co-Head of Asset Allocation Strategy in the Economics and Strategy Department. He was Head of Total Return Equities and the US Equities teams based in GIC’s New York Office from 2003 to 2011. He was subsequently appointed President, Europe in 2011 coordinating GIC’s investment activities in Europe across public and private asset classes, President, Public Markets and Director of Public Equities in 2013, and Deputy Group Chief Investment Officer in 2016. Dr Jaensubhakij holds a Bachelor of Arts degree in Economics from Cambridge University, as well as a Master’s and a PhD in Economics from Stanford University.
Tay Lim Hock, Deputy Group Chief Investment Officer and Chief Operating Officer of GIC
Tay Lim Hock was appointed Chief Operating Officer in July 2019, concurrent to his role as Deputy Group Chief Investment Officer. As COO, he oversees enterprise-wide investment services and operations, data and technology, and corporate administration. As Deputy GCIO, he supports the Group CIO in overseeing GIC’s investment portfolio. He joined GIC’s Asian Private Equity (PE) team in 1995, and was posted to London in 2000 as Head PE Europe and to San Francisco in 2003 as Head PE US. He became PE’s Global Head of the Funds & Co-Investment Group in 2008, and President of PE & Infrastructure in 2011. Mr Tay returned to London as President (Europe) and Deputy GCIO in 2017. Prior to GIC, he worked as an Aeronautical Engineer with the Republic of Singapore Air Force. Mr Tay holds a Masters in Aeronautical Engineering from I’Ecole Nationale de I’Aviation Civile, and completed the Stanford Executive Program.
Lim Kee Chong, Deputy Group Chief Investment Officer, and Director, Integrated Strategies of GIC
Lim Kee Chong was appointed Deputy Group Chief Investment Officer and Director of Integrated Strategies Group in April 2013. In these roles, he supports the Group CIO in overseeing GIC’s entire investment portfolio and heads a unit that looks at opportunities in both public and private companies. He joined GIC in 1987, built his career in the Equities Department and was appointed Head of Global Equities in 2010. During his tenure at GIC, he has managed portfolios running the gamut of developed market equities, as well as global sector and global equities portfolios. He was President (Americas) and based in GIC’s New York office from January 2017 to March 2022, providing leadership oversight for GIC’s operations and driving regional strategic collaboration, business development and culture across the GIC teams in Americas. Mr Lim holds a Bachelor’s degree in Economics from the University of Tokyo, where he studied under a government scholarship.
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