GIC posts resilient long-term real returns and focuses on finding opportunities in an increasingly challenging market

The GIC portfolio achieved an annualized USD nominal rate of return of 6.9 percent during a 20-year period that ended March 31, 2023.

After accounting for global inflation, GIC’s annualized real rate of return stood at 4.6 percent over the same period. This means that during the past 20 years, from April 2003 to March 2023, GIC has achieved an average annual return of 4.6 percent — over and above the global inflation rate. The rolling 20-year real rate of return is the primary metric for evaluating GIC’s investment performance. It is in line with GIC’s mandate to preserve and enhance the international purchasing power of the reserves under its management over the long term — that is, to achieve good long-term returns over global inflation.

“In an era of continued uncertainty, increasing the resilience of our portfolio is a key focus,” said Lim Chow Kiat, CEO. “This is why we had raised liquidity and focused on finding investment opportunities with stabl