GIC has continued to deliver resilient returns despite turbulence. In 2021, the GIC Portfolio achieved an annualised USD nominal rate of return of 6.8% and an annualised real, i.e. above global inflation, rate of return of 4.3% over a 20-year period that ended 31 March.

The Covid-19 pandemic ushered in one of the most challenging economic times in modern history. Globally, this led to a major sell-off in risk assets, but this was countered by government policy interventions delivered at unprecedented speed and scale. Given elevated asset valuations, more fragile fundamentals, and less policy room, GIC is cautious on the macro outlook. At the same time, we are positive on micro prospects, given new growth areas driven by increasing emphasis on sustainability, accelerating technological transformation, and evolving supply chain considerations.

The growing focus on sustainability also saw a new addition to GIC’s annual report – a sustainability chapter that elaborates on GIC’s sustainability beliefs and sheds light on our integration approach, including the establishment of an internal Sustainable Investment Fund (SIF). As a long-term investor, GIC takes a holistic approach towards sustainability that recognises the diversity of the industries and markets we operate in, and the trade-offs and time needed for successful sustainability transitions to take place.

2021 also marks a milestone 40th year for GIC. In our feature article, titled “40 Years of Securing Singapore’s Financial Future,” we highlight the milestones of our progress as an investment management company and the people and events behind these accomplishments.

Read the report here.