The report presents the performance of the funds under GIC’s management. The Government’s mandate to GIC is to achieve a good, sustainable real rate of return over a 20-year time horizon. The report also gives GIC’s 5- and 10-year nominal rates of return to give a sense of GIC’s medium-term investment performance, while underlining that it is the long-term performance which defines GIC uniquely in its role as the investment manager for Singapore’s foreign reserves.