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    GIC'S PERFORMANCE FOR THE YEAR July 26 (Bloomberg) -- The Government of Singapore Investment Corp. says it continues to see "challenges" in the economic and investment environment even after the end of the global financial crisis, Chief Investment Officer Ng Kok Song said. Annual returns in the past 20 years averaged 7.2 percent in U.S. dollar terms as of end-March, GIC, established in 1981, said in an e-mailed statement. The real rate of return, in excess of global inflation, rose to 3.9 percent from 3.8 percent. The investment company also published five-year and 10-year nominal rates of returns for the first time. Annual returns in the past five years, net of fees, was 6.3 percent, with a volatility of 12 percent, while the 10-year rate was 7.4 percent, with a volatility of 10 percent, according to the statement.

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    GIC'S PERFORMANCE FOR THE YEAR July 26 (Bloomberg) -- The Government of Singapore Investment Corp. says it continues to see "challenges" in the economic and investment environment even after the end of the global financial crisis, Chief Investment Officer Ng Kok Song said. Annual returns in the past 20 years averaged 7.2 percent in U.S. dollar terms as of end-March, GIC, established in 1981, said in an e-mailed statement. The real rate of return, in excess of global inflation, rose to 3.9 percent from 3.8 percent. The investment company also published five-year and 10-year nominal rates of returns for the first time. Annual returns in the past five years, net of fees, was 6.3 percent, with a volatility of 12 percent, while the 10-year rate was 7.4 percent, with a volatility of 10 percent, according to the statement.

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    15 views1 page

    GIC Singapore March 31, 2011 Report

    Uploaded by

    sgvotes
    GIC'S PERFORMANCE FOR THE YEAR July 26 (Bloomberg) -- The Government of Singapore Investment Corp. says it continues to see "challenges" in the economic and investment environment even after the end of the global financial crisis, Chief Investment Officer Ng Kok Song said. Annual returns in the past 20 years averaged 7.2 percent in U.S. dollar terms as of end-March, GIC, established in 1981, said in an e-mailed statement. The real rate of return, in excess of global inflation, rose to 3.9 percent from 3.8 percent. The investment company also published five-year and 10-year nominal rates of returns for the first time. Annual returns in the past five years, net of fees, was 6.3 percent, with a volatility of 12 percent, while the 10-year rate was 7.4 percent, with a volatility of 10 percent, according to the statement.

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    GICS PERFORMANCE FOR THE YEAR

    Annualised rolling 20-year real rate of return of the GICs portfolio


    7 6 5 4 3 2 1 0 %

    Year ended March 31

    3.9%

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

    2011

    Performance of GIC vs composite portfolios*


    Nominal rates of return in US$ for period ended March 31 5-year 10-year 20-year GICs portfolio 6.3% 7.4% 7.2% 60% global equities; 40% global bonds 5.3% 6.5% 7.6% 70% global equities; 30% global bonds 4.9% 6.3% 7.6%

    NOTE: *GIC's returns take into account costs and management fees while the composite portfolios do not

    Asset mix
    The significant change during the year was a further 5 percentage point shift into emerging market equities from developed market equities. The asset class distribution of the portfolio as of March 31 was as follows:
    March 31, 2011 (%) 34 49 15 20 22 2 10 10 26 3 3 3 3 100 100 March 31, 2010 (%) 41 51 10 17 20 3 9 10 25 3 3 4 4 100 100

    Public equities Fixed income Alternatives

    Developed markets Emerging markets Nominal Bonds Ination-linked bonds Real estate Private equity & infrastructure Absolute return strategies Natural resources

    Cash and others TOTAL

    Geographical distribution
    The main changes were the increase in exposure to Asia and Latin America and the reduction in exposure to Europe. These changes largely come from shifting to emerging market publicly-listed equities from developed market equities. The geographical distribution of the portfolio as of March 31 was as follows:
    March 31, 2011 (%) 33 42 4 5 9 28 12 7 11 27 12 4 3 3 100 100 March 31, 2010 (%) 36 43 2 5 8 30 16 6 11 24 10 3 3 3 100 100
    Source: GIC

    Americas

    Europe

    Asia

    United States Latin America Others United Kingdom Eurozone Others Japan North Asia** Others

    Australasia TOTAL
    NOTE: **China, Hong Kong, South Korea and Taiwan

    ST GRAPHICS

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