Our Portfolio

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

GIC Report 2024/25

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

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Past GIC Reports

GIC Report 2023/24

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 2025, GIC achieved an annualised rate of return of 3.8% 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 made up of three broad asset groups: Equities, Fixed Income, and Real Assets. This grouping covers our holdings across both public and private markets and captures our exposure to the key factors of growth, income, and inflation respectively. 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, and sectors, 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. The geographic mix references commonly used industry benchmarks.

Investment Outlook

The resilience of the global economy is being challenged by rising uncertainty. The forces shaping today’s investment environment go beyond any market cycle or structural trend. They strike at the very foundations of the global order, rewriting the rules of global investing. In the face of these profound changes, GIC’s approach remains anchored on two pillars: top-down portfolio construction and bottom-up asset selection, focusing on long-term value, with an emphasis on avoiding permanent loss. GIC needs a resilient and agile portfolio to handle the wider range of potential outcomes in a more uncertain environment. In recent years, GIC has progressively implemented greater granularity and flexibility in our asset allocation.