GIC

GIC's mandate is to achieve good long-term returns, to preserve and enhance the international purchasing power of Government reserves.

GIC publishes an annual report on the performance of the Government's portfolio. The information below is extracted from “Report on the Management of the Government's Portfolio" for the Year 2023/24.

GIC's mandate to achieve good long-term returns above global inflation is represented by the primary metric for evaluating GIC's investment performance – the rolling 20-year real rate of return. Over the 20-year period that ended 31 March 2024, the GIC Portfolio generated an annualised real return of 3.9%. The 20-year annualised real rate of return metric is the key focus for GIC, which matches its mandate and investment horizon.

GIC also discloses the nominal rates of return over 5-year, 10-year and 20-year periods. These time frames give a sense of the ongoing performance of the portfolio. The 5-year and 10-year rates of return serve as intermediate markers of GIC's longer term investment performance.

Table 1 below shows the portfolio's annualised nominal rates of return over the 5-year, 10-year and 20-year periods in USD terms and the corresponding portfolio volatility.

Over the 20-year, 10-year and 5-year periods ending March 2024, the GIC Portfolio returned 5.8%, 4.6%, and 4.4% per annum in nominal USD terms, in line with the broader asset markets.

GIC also monitors the performance of a Reference Portfolio which comprises 65% global equities and 35% bonds. The Reference Portfolio is not a performance benchmark for the GIC Portfolio, but serves as a reference for its portfolio risk. It also does not include adjustments for costs that would be incurred when investing.

Table 2 below shows the Reference Portfolio's annualised nominal rates of return over the 5-year, 10-year and 20-year periods in USD terms and the corresponding portfolio volatility. 

Over the three time periods, and particularly over the last five years, the GIC Portfolio had lower volatility than the Reference Portfolio due to its diversified asset composition and pre-emptive measures to lower portfolio risk. Despite this lower risk exposure than the Reference Portfolio, the GIC Portfolio has performed creditably over a 20-year period. For more information, click here.

Temasek

Temasek's aim is to maximise shareholder value over the long term. A significant portion of Temasek's portfolio is invested in Singapore. However, since 2002, Temasek has taken active steps to invest in Asia and other markets.

Temasek publishes its annual report, which discloses its annual portfolio value as well as its performance returns – Total Shareholder Returns ‒ over the last 1 year, 10 years, 20 years, 30 years, 40 years and since inception.

Temasek's financial performance is scrutinised by bond rating agencies, which have given it AAA rating. Temasek's financial statements are audited by an international audit firm.

Temasek's Total Shareholder Returns (since inception, and over the last 10 years and 20 years) as at 31 March 2024 are shown in the chart below.

More information on Temasek's performance can be found in the Temasek Review 2024.

Find out more about the management of our reserves.