Performance
In 2008, GIC published for the first time a report containing information on its 20-year returns and more information on how it is managed and governed, and how it invests Singapore's foreign reserves.
GIC does not disclose the amount of funds it manages and its annual profit and loss. Revealing the exact amount would expose the full size of Singapore's financial reserves and make it easier for speculators to attack the Singapore dollar during periods of vulnerability.
At year end March 2011, the 20-year annualised real rate of return, in excess of global inflation, was 3.9%. The 20-year nominal annualised rate of return was 7.2% in US dollar terms.
Starting 2011, GIC also published the 5-year and 10-year nominal rates of return to provide a sense of the on-going medium-term investment performance, even while GIC maintains its sights on the long term. It included two composite portfolios and volatility statistics to reflect the level of portfolio risk and to offer perspective in reading the 5-year and 10-year figures.
The 5-year annualised return in USD terms was 6.3% net of fees with a volatility of 12%, while the 10-year annualised return was 7.4% with volatility 10%. These compare against a 5-year annualised return of 5.3% and 4.9% before fees for the two composite portfolios, which also had higher volatilities of 13.4% and 15% respectively. For the 10-year annualised return, the figures were 6.5% and 6.3% for the two composite portfolios with volatilities of 11.2% and 12.6% respectively.
Read more about this topic: Government Of Singapore Investment Corporation
Famous quotes containing the word performance:
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—Henry David Thoreau (1817–1862)
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“Kind are her answers,
But her performance keeps no day;
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—Thomas Campion (1567–1620)