Our Portfolio

A diversified, resilient portfolio to secure Singapore's financial future

GIC Report 2023/24

GIC publishes an annual report on the management of the government’s portfolio and information on our policies and people.

Learn more

Past GIC Reports

GIC Report 2022/23

GIC Report 2021/22

GIC Report 2020/21

GIC Report 2019/20

GIC Report 2018/19

GIC Report 2017/18

GIC Report 2016/17

GIC Report 2015/16

Our Performance

Over the 20-year period that ended 31 March 2024, GIC achieved an annualised rate of return of 3.9% above global inflation.

Our Rolling 20-year Real Rate of Return

At GIC, we aim to achieve sustainable real returns over a 20-year horizon, so as to preserve and enhance the international purchasing power of the reserves we manage. Our goal is expressed in real terms because we must, at the minimum, generate a return above global inflation.

Our Client’s assessment of our performance is based on both our rolling 20-year real return and the risk taken to achieve these returns.

A Diversified, Resilient Portfolio

We maintain a diversified portfolio spanning six core asset classes, each with a different risk and return profile. Our Portfolio is constructed to be resilient across a range of plausible market economic conditions, while generating positive long-term returns. This requires it to be well-diversified. By spreading our investments across asset types, regions, industries and companies, the GIC Portfolio is more diversified and less sensitive to market volatility.

Investing Globally

The geographical distribution of the GIC Portfolio reflects the results of our asset allocation strategy and bottom-up opportunities sourced by our investment teams worldwide. While we do not allocate our assets by geography, we monitor our exposures across regions.

Investment Outlook

The global investment environment remains challenging, due to a combination of factors. Investors are facing a rapidly shifting investment landscape with profound uncertainties emerging on multiple fronts. These forces are driving our efforts to build a resilient and agile portfolio to guard against risks in a more uncertain investment environment, while proactively pursuing new opportunities. We remain focused on staying disciplined and diversified, while also playing to our strengths of offering long-term, flexible capital and being committed to partnerships.