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:
“There are people who think that wrestling is an ignoble sport. Wrestling is not sport, it is a spectacle, and it is no more ignoble to attend a wrestled performance of suffering than a performance of the sorrows of Arnolphe or Andromaque.”
—Roland Barthes (1915–1980)
“When a book, any sort of book, reaches a certain intensity of artistic performance it becomes literature. That intensity may be a matter of style, situation, character, emotional tone, or idea, or half a dozen other things. It may also be a perfection of control over the movement of a story similar to the control a great pitcher has over the ball.”
—Raymond Chandler (1888–1959)
“The audience is the most revered member of the theater. Without an audience there is no theater. Every technique learned by the actor, every curtain, every flat on the stage, every careful analysis by the director, every coordinated scene, is for the enjoyment of the audience. They are our guests, our evaluators, and the last spoke in the wheel which can then begin to roll. They make the performance meaningful.”
—Viola Spolin (b. 1911)