Report on the Management of the Government’s Portfolio for the Year 2019/20

The report presents the performance of the GIC Portfolio. The Government’s mandate to GIC is to achieve good long-term returns above global inflation. The primary metric for evaluating GIC’s investment performance is the rolling 20-year real rate of return. In addition, the report outlines a few intermediate markers of GIC’s performance: nominal USD returns over 10 years and 5 years and the corresponding portfolio volatility. As a long-term investor, the 20-year period remains the time horizon upon which GIC’s performance is assessed.

The report also elaborates on GIC’s investment framework, governance, GIC’s response to changing global investment environment, and people.

Read the report here.