GIC

UAO Editorial September 6, 2026 53 min read

UAO Registry · Top 100 · Rank 9 · Sovereign Wealth Fund · Singapore

Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com

Executive brief: who is GIC?

GIC is Singapore’s globally invested sovereign wealth fund manager. Incorporated in 1981 under the Singapore Companies Act and wholly owned by the Government of Singapore, GIC manages the Government’s foreign reserves under a mandate to preserve and enhance their international purchasing power by delivering good long-term returns above global inflation. GIC is a fund manager — it does not own the reserves it manages.

Leadership researchers track first: CEO Lim Chow Kiat (appointed January 2017; chairs the Group Executive Committee; Board director) and Group Chief Investment Officer Bryan Yeo (effective April 2025). Board Deputy Chairman Lawrence Wong is also on a live UAO person SSR. Board Chairman Lee Hsien Loong is named here without a person link (no live UAO SSR at research time).

For the 20-year period that ended on 31 March 2026, the Report on the Management of the Government’s Portfolio for the Year 2025/26 states an annualised US$ nominal return of 5.6% and an annualised 20-year real return of 3.4% after global inflation. Intermediate nominal markers: 10-year 6.2% and 5-year 3.6%.

AUM discipline: GIC does not publish total assets under management. This profile omits third-party league-table estimates (including INST ~US$930B) rather than presenting them as official — the same public-source rule applied to ADIA and KIA.

Related UAO hubs: Registry · Top 100 · ADIA · KIA · CIC · NBIM.

Mandate & ownership

The Government of Singapore, represented by the Ministry of Finance (MOF), mandates GIC to manage Singapore’s foreign reserves with the aim of achieving good long-term real returns. Official governance text states GIC is a fund manager for the Government and does not own the assets under its management.

GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. It was established to invest and manage Singapore’s foreign reserves globally across a wide range of asset classes and instruments. As a rule, GIC invests outside Singapore, though it can invest in appropriate Singapore companies if they have a good global footprint and generate returns commensurate with the risks.

As a Fifth Schedule company under the Singapore Constitution — a category comprising key statutory boards and Government companies — GIC is directly accountable to the President of Singapore in several key areas related to safeguarding past reserves. Since 1991, the Constitution has provided for the elected President to protect past reserves under Singapore’s two-key system.

GIC’s published purpose language centres on securing Singapore’s financial future: preserve and enhance the international purchasing power of the reserves placed under management so that they remain a source of stability and strength for present and future generations.

Source: RMGP 2025/26 governance chapter; Our Governance; Who We Are.

Scale & portfolio

No official total AUM. Opened RMGP editions and gic.com.sg pages do not publish a single NAV or AUM headline. Portfolio disclosure focuses on long-horizon returns, volatility, asset-group mix, and geography.

Asset mix (as at 31 March)

Asset group2026 (%)2025 (%)
Equities5651
Fixed Income2226
Real Assets2223
Total100100

GIC groups holdings across public and private markets into Equities, Fixed Income, and Real Assets to capture exposure to growth, income, and inflation. In the year ended 31 March 2026, the equities share rose while fixed income fell correspondingly; within equities, investments in the US — GIC’s largest investment market — increased. Real assets’ share remained broadly stable.

Geographic mix (as at 31 March 2026)

RegionShare (%)
Americas53
Europe, Middle East, and Africa19
Asia Pacific22
Global6
Total100

GIC states it does not allocate assets by geography as a primary policy lever; the geographic distribution reflects asset allocation and bottom-up opportunities sourced by investment teams worldwide. “Global” refers to funds, commodities, and supranational debt instruments that do not provide geographical details.

Organisation scale disclosed without a single employee headcount in the folded people chapter: GIC operates 11 global offices and emphasises a shared purpose across those locations in the 2025 employee survey excerpts.

Governance & leadership

The GIC Board sets long-term asset allocation policy and oversees management. Board Chairman: Lee Hsien Loong (name only — no live UAO person SSR). Deputy Chairman: {plink('lawrence')}. Directors published in RMGP 2025/26 include Gan Kim Yong, Heng Swee Keat, Lim Hng Kiang, Ang Kong Hua, Peter Seah Lim Huat, Hsieh Fu Hua, Loh Boon Chye, Gautam Banerjee, Koh Boon Hwee, Seck Wai Kwong, Jeanette Wong, {plink('lim')}, and {plink('bryan')}.

The Group Executive Committee is the highest management body. CEO Lim Chow Kiat chairs GEC. Group CIO Bryan Yeo oversees the total investment portfolio. Other GEC members officially listed on Who We Are / RMGP: Sam Kim (COO & Director, Investment Insights Group); Jin Yuen Yee (Chief Risk Officer); Deanna Ong (Chief People Officer); Liew Tzu Mi (CIO, Fixed Income & Multi Asset; Director, Portfolio Execution & Solutions); Boon Chin Hau (CIO, Infrastructure); Choo Yong Cheen (CIO, Private Equity); Mark Ong (CIO, Public Equities); Goh Chin Kiong (CIO & Head, Global Investments & Portfolio Strategy, Real Estate); Charles Lim Sing Siong (General Counsel).

Board committees published: Investment Strategies Committee (chair Lawrence Wong); Investment Board (chair Ang Kong Hua); Risk Committee (chair Lim Hng Kiang); Audit Committee (chair Gautam Banerjee); Human Resource & Organization Committee (chair Peter Seah Lim Huat); plus an International Advisory Board.

Source: RMGP 2025/26 §6 Governance; Who We Are.

Investment philosophy / strategy

GIC’s mandate metric is the rolling 20-year real rate of return above global inflation. Strategy language in the 2025/26 report emphasises preparing rather than predicting — portfolio construction guided by diversification, granularity, and agility amid structural geopolitics, fiscal risk, AI-driven dispersion, and energy-system strain.

From 2026, GIC is refreshing its investment framework. The Strategic Portfolio (SP) represents the Client’s risk appetite and long-term return expectations across three broad asset groups — Equities, Fixed Income, and Real Assets — aiming to deliver good returns that beat global inflation over the long term. The GIC Portfolio leverages GIC’s long-term horizon, global network, and cross-asset capabilities to aim to outperform the SP within approved risk parameters through active investing.

CEO letter themes stress capital recycling as a core capability — reallocating from maturing positions into opportunities with stronger long-term potential — and security selection / value creation alongside top-down portfolio construction.

Climate / ESG / responsible investing

GIC’s RMGP 2025/26 includes a dedicated Investing Sustainably chapter. Folded beliefs frame sustainability as integral to long-term value and risk management rather than a separate side portfolio. The profile below paraphrases opened chapter language only — no invented exclusion lists.

Sustainability is integral to GIC’s mandate to preserve and enhance the international purchasing power of the reserves under our management. We are committed to enabling real-world decarbonisation and the global transition towards a net-zero economy through our investments and operations.

For GIC, these developments emphasise three priorities: We invest in the energy transition; We seek out adaptation and resilience opportunities; and We proactively manage increasing physical risks. 4.2 Our Response to the Evolving Sustainability Landscape Report of the the Government’s Government’s Portfolio Portfoliofor forthe theYear Year2025/26 2025/26 Report on on the the Management Management of 30 30 4.1 Our Beliefs GIC’s approach for sustainable investing GIC is committed to enabling real-world sustainable business practices are key to towards a net-zero economy through our is rooted in our mandate.

We believe the long-term health of the global economy. We believe that companies with strong sustainability practices offer prospects of better returns over the long term. This will be more evident over time as market decarbonisation and the global transition investments and operations.

By focusing on real-world outcomes rather than portfolio metrics, we believe our efforts can make a greater contribution to lasting positive change. externalities are priced in and incorporated into the decisions of regulators, businesses, and consumers. At the same time, we must also integrate sustainability considerations in a way that recognises the diversity of industries and markets in which we operate, as well as the trade-offs and time needed for companies to make the transition.

We believe this bottom-up, nuanced approach is more effective to support companies in their transition towards sustainability, compared to a top-down, rules-driven approach. 4.1 Our Beliefs Report on the Management of the Government’s Portfolio for the Year 2025/26 31 4.2 Our Response to the Evolving Sustainability Landscape Progress in the sustainability journeys of companies and sectors will not be linear.

Over the past few years, we have seen: shifting sentiment and policies on sustainability across many countries; For GIC, these developments give rise to three strategic priorities: 1. We invest in the energy transition: We invest in decarbonisation solutions and credible transition opportunities intensified focus on energy security and where the economics are sound and resilience amid geopolitical shifts; and a where the investment thesis is resilient surge in energy demand driven by artificial amid policy shifts.

In practice, this intelligence (AI) development. Each has means we monitor different opportunity significant implications for the sustainability sets related to the energy transition, investment landscape (see Box 1). assessing for attractive relative value As a long-term investor, we recognise that and durability.

See more in the section progress in sustainable investing will be uneven and volatile, even as the physical ‘Capturing Opportunities’. realities of climate change accelerate. We seek out adaptation and resilience the world is unlikely to achieve the Paris opportunity set in climate adaptation At the same time, it is widely accepted that Agreement goal of limiting temperature rise to below 1.5 or 2 degrees Celsius.

Therefore, investors must pay closer attention to physical risks, and the global economy needs to accelerate adaptation to ongoing climate change. 4.2 Our Response to the Evolving Sustainability Landscape 3. We proactively manage increasing physical risks: Given recent adjustments and reversals on policies related to decarbonisation, the global transition towards a net-zero economy will not happen fast enough to avoid significant physical changes in the climate and environment.

This creates real, near- term physical risks for the companies and assets we invest in. We seek to understand and underwrite these appropriately. See more in the section ‘Protecting Our Portfolio’. opportunities: There is a growing and resilience as solution providers emerge to help manage the impacts of higher temperatures and a more volatile climate.

We actively track and adjust our exposures to these opportunities as they emerge. See more in the section ‘Capturing Opportunities’. Report on the Management of the Government’s Portfolio for the Year 2025/26 32 nability Investment Landscape (Box 1) or delayed emissions commitments, while fuels and concentrated supply chains for key Sustainable investing remains an term pressures but kept long-term goals.

Increasingly, governments are reframing are regarded as national security concerns, enduring driver of long-term value creation, even amid shifting sentiment and geopolitical headwinds. Three others have simplified rules to ease near decarbonisation targets as drivers of domestic competitiveness and growth.

Source fold: RMGP 2025/26 Investing Sustainably + site Investing Sustainably. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Performance & reporting

Primary public report: Report on the Management of the Government’s Portfolio for the Year 2025/26 (published July 2026; PDF on gic.com.sg uploads; interactive edition at report.gic.com.sg).

Nominal annualised return and volatility (US$, periods ended 31 March 2026)

Time periodNominal returnVolatility
20-year5.6%8.7%
10-year6.2%6.8%
5-year3.6%6.9%

After adjusting for global inflation, the annualised 20-year real return was 3.4%. GIC states returns are time-weighted, net of costs and fees. Volatility is the standard deviation of monthly returns over the specified horizon. A footnote illustrates that a nominal 20-year return of 5.6% in USD terms means US$1 million invested with GIC in 2006 would have grown to approximately US$3 million by the report window.

Rolling-window mechanics: each new year adds the latest year and drops the earliest year from the 20-year window. The change in the reported rolling return therefore depends on both the year that rolls off and the year that rolls on — including the inflation path in those years.

Prior window for comparison (RMGP 2024/25, ended 31 March 2025): 20-year nominal 5.7% and real 3.8% — cited only as the immediately preceding official publication.

Controversies & debates

Official attributable framing first. GIC’s own 2025/26 materials openly discuss a third consecutive softening in the published 20-year real return (to 3.4%) as the portfolio prioritised resilience and diversification in a structurally changed world — moderating upside in stronger markets while seeking downside protection and flexibility.

Secondary press (labelled): market media covered the 3.4% real print as the lowest since 2020 and debated implications for Singapore’s Net Investment Returns Contribution. Those debates are political/fiscal commentary — not GIC NAV disclosures — and should not be read as an official AUM or budget-transfer figure from GIC.

Scam / brand misuse: GIC’s site repeatedly warns that it does not provide investment services to the public and that scammers fraudulently use the GIC name — an official risk communication, not a portfolio controversy.

This section does not invent ESG controversies, lawsuit narratives, or holdings-level disputes beyond what opened primaries state.

Timeline (official milestones)

  • 1981 — GIC incorporated under the Singapore Companies Act; established to manage Singapore’s foreign reserves for long-term returns (non-commodity SWF prototype in GIC’s own historical narrative).
  • 1981–1994 — Dr Goh Keng Swee serves as Deputy Chairman (quoted founding vision on saving and wisely investing).
  • 1991 onward — Constitutional elected Presidency and past-reserves two-key safeguards; GIC as Fifth Schedule company accountable to the President in key areas.
  • January 2017 — Lim Chow Kiat appointed Chief Executive Officer.
  • 2012 — Comprehensive investment-framework review referenced as the existing framework baseline in the 2025/26 Box on adapting the framework.
  • 4 February 2025 announcement / 1 April 2025 effective — Bryan Yeo appointed Group CIO; Boon Chin Hau appointed CIO Infrastructure; Jeffrey Jaensubhakij and Ang Eng Seng retire from those CIO seats and become GIC Advisors.
  • 25 July 2025 — RMGP 2024/25 published (20y nominal 5.7% / real 3.8% to 31 Mar 2025).
  • 24 July 2026 — RMGP 2025/26 published (20y nominal 5.6% / real 3.4% to 31 Mar 2026); framework refresh from 2026 highlighted.

RMGP 2025/26 — investment report depth

The Investment Report chapter is the core public performance narrative: long-term real return as primary metric, intermediate 10-/5-year markers, asset-mix and geography tables, and outlook on a structurally changed investment environment.

GIC’s mandate is to preserve and enhance the international purchasing power of the reserves placed under our management. We do so by delivering good long-term returns that beat global inflation. Annualised Rolling 20-Year Real Rate of Return of the GIC Portfolio Since 2001 For the 20-year period from 1 April 2006 to 31 March 2026, the annualised US$ nominal return of the GIC Portfolio After adjusting for global inflation, the annualised 20-year real rate of return This means we have grown Singapore's international purchasing power by XX% per year over the last two decades, in line with our mandate to preserve and enhance the international purchasing power of the reserves placed under our management.

2.1 Overview: Long-Term Investment Performance The global investment landscape is being reshaped by foundational shifts driven by three major forces: 1 A changing world order 2 Rising fiscal risks 3 Advances in artificial intelligence GIC remains focused on building a well-diversified portfolio that can adapt to evolving macroeconomic conditions and be resilient across a wide range of outcomes.

2.4 Investment Outlook 2.1 Overview: Long-Term Investment Performance For the 20-year period that ended on 31 March 2026, the annualised US$ nominal return of our portfolio was 0.0% . After adjusting for global inflation, the annualised 20-year real return was 0.0% (see Box 1 on the effects of global inflation and Box 2 for more detail on the mechanics behind the calculation of the rolling 20-year return).

This long-term real rate of return was in line with our mandate to preserve and enhance the international purchasing power of the reserves placed under our management. Annualised Rolling 20-Year Real Rate of Return of the GIC Portfolio Since 2001 Year that ended on 31 March Preserving and Enhancing Purchasing Power Against Global Inflation (Box 1) Inflation measures how much prices for goods and services rise over time.

With inflation, the same amount of money buys less goods and services in the future. For example, at an inflation rate of 2% per year, a loaf of bread that costs $1 today will cost $1.22 in 10 years and $1.49 in 20 years. Put differently, $100 could buy 100 loaves today but only 67 loaves in 20 years.

This is why it is important to invest the reserves—a nation’s savings—so that in 20 years, one can still buy at least what they could today. An investment earning a nominal return of 2% per year (i.e., matching inflation) preserves purchasing power: the same dollar buys the same loaf in 20 years.

A real return of 2%, or earning 2% above inflation, enhances purchasing power: the same dollar buys more bread over time. As inflation erodes purchasing power, generating positive nominal returns is not enough. GIC’s mandate is to achieve positive real returns (i.e., returns above global inflation) to preserve and enhance the international purchasing power of the reserves placed under our management.

Understanding the Mechanics of the Annualised Rolling 20-Year Return (Box 2) GIC reports performance as an annualised 20-year real return, which is the average time-weighted portfolio return over that period. A time-weighted return measures the fund manager’s ability to generate returns by removing the impact of cashflows into or out of the portfolio, attributing performance directly to investment decisions.

The return figure is a rolling return, which means that last year’s reported 20-year return spanned the period 1 April 2005 to 31 March 2025, while this year’s 20-year return spans 1 April 2006 to 31 March 2026, and next year’s return will span 1 April 2007 to 31 March 2027 (see Figure 2 for an illustration of the GIC Portfolio's rolling 20-year return).

For each new year added, the earliest year is dropped out of the measurement window. The change in this rolling return figure is therefore determined by the return from the earliest year that drops out and the latest year that is added. Illustration of the GIC Portfolio's Rolling 20-Year Return 20-Year Return 2003 2004 2005 2006 2023 2024 2025 2026 Although the rolling 20-year real rate of return is intended to measure long-term performance, it can still reflect significant cyclical effects.

This is especially when cycles are very pronounced at the start or end of the 20-year window. For example, a 20-year period from 1999 to 2018 would capture both the sharp rise in valuations resulting from the dot-com boom in 1999 and 2000, and the subsequent bust between 2001 and 2003.

A 20-year period from 2001 to 2020 would be negatively affected by the large decline in asset prices from the dot-com bust and multiple years of negative returns spanning 2001 to 2003. 2.2 Intermediate Markers of Investment Performance While the primary metric for tracking the GIC Portfolio’s investment performance is the rolling 20-year return above global inflation, we also monitor intermediate indicators of our ongoing investment performance.

Table 1 presents the nominal (i.e., not inflation-adjusted) US$ returns over the 10- and 5-year periods, along with corresponding portfolio volatility. The 20-year nominal numbers are included for completeness . Nominal Annualised Return and Volatility of the GIC Portfolio (in US$, for periods that ended on 31 March 2026) GIC Portfolio Time Period Nominal Return Volatility 20-Year 0.0% 0.0% 10-Year 0.0% 0.0% 5-Year 0.0% 0.0% Over the 20-, 10-, and 5-year periods, the GIC Portfolio returned 0.0% , 0.0% , and 0.0% in nominal US$ terms, respectively.

The investment environment over the past decade saw two distinct phases—before and after the COVID-19 pandemic. The earlier phase was characterised by near-zero interest rates, stable inflation, and low market volatility. In contrast, the post-pandemic period saw wide differences in performance across asset classes, driven by four interrelated forces: the pandemic; geopolitical realignment; resurgent inflation and tightening monetary policy; and rapid technological transformation.

Source fold: report.gic.com.sg investment-report + RMGP PDF §2. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

CEO letter depth — tightening constraints, widening outcomes

Lim Chow Kiat’s 2025/26 letter frames geopolitics as structural, AI as a dispersion engine, and energy systems under competing AI/security/climate pressures. The institutional response is prepare-not-predict via diversification, granularity, and agility.

Dear Stakeholders, out unevenly across markets. Historically, geopolitical crises followed The financial burden is falling on Earlier this year, the conflict in the Middle For long-term investors, this widens the disruption, followed by a normalisation of While fiscal constraints are not yet binding environment can change.

Disruptions in the harder to rely on any single view of the East reminded us how quickly the global Strait of Hormuz threatened a significant share of world oil supply, highlighting the risks posed by concentrated spare capacity and critical chokepoints. Within days, oil prices rose sharply, challenging the positive macroeconomic outlook that markets had anticipated at the beginning of the year: moderating inflation, stabilising interest rates, and steady growth prospects.

More broadly, the conflict exposed reinforce one another as their impacts play range of possible outcomes, making it future. Our response is to prepare, not predict. We build our portfolio around three key principles—diversification, granularity, and agility—which guide how we make our portfolio more resilient, identify opportunities early, and adapt to a more long term.

accumulate quietly before surfacing abruptly. nominal return of the GIC Portfolio was are widening, creating a world of greater scarcity and complexity. These constraints do not exist in isolation. Geopolitical falling sharply before recovering once conditions stabilised. For investors, these swift recoveries often turned initial sell-offs into buying opportunities.

with more persistent and uneven market For the 20-year period from 1 April 2006 constraints are tightening while outcomes 9/11 caused brief market shocks, with prices the value of Singapore’s reserves over the purpose endures: to preserve and enhance the financial architecture. At GIC, we have Today, across the global economy, Past episodes such as the Gulf War and Today, geopolitical risks are no longer Investment Performance long felt that the gravest risks are those that risk premia once the crisis passed.

Through it all, our vulnerabilities that had built up over years across energy systems, supply chains, and a familiar pattern: sharp, short-term to 31 March 2026, the annualised US$ 5.6%. This means that the portfolio earned episodic disruptions but structural changes, effects. Countries are prioritising resilience and strategic autonomy, reshaping supply spending pressures may strain those that rely heavily on foreign financing or have less policy credibility.

Together, these dynamics are changing how markets price geopolitical risk. Rather than temporary dislocations, shocks now lead to more enduring and differentiated country risk premia, higher costs of capital, and greater divergence between winners and losers. export controls, and other forms of economic and asset classes, but across underlying and financial statecraft are becoming the norm.

annually to the international purchasing minerals, and energy. Efforts to secure the last two decades. in most major economies, sustained In response, we have enhanced Investments in defence, industrial policy, These shifts are colliding with physical power of the reserves we manage over governments already facing high debt levels.

chains and capital flows in the process. global inflation plus 3.4% per year over this period. In other words, we added 3.4% of building strategic capacity. constraints in computing power, critical advanced semiconductor production, rare earth supply chains, and key energy routes diversification, not only across geographies sources of risk and return.

This includes assets with durable cash flows, low correlation to traditional markets, and structural demand less dependent on macro conditions, such as intellectual property rights and music royalties. We have also built exposure to structural diversifiers such as gold and inflation-resilient real assets.

Report on the Management of the Government’s Portfolio for the Year 2025/26 5 Artificial Intelligence: Dispersion and Disruption These dynamics inform how we invest. Rather than seeking broad exposure to AI, Energy: Diverging Paths in a Constrained World At GIC, we see opportunities in businesses Artificial intelligence (AI) is advancing rapidly across the value chain of enablers, Energy has become one of the most with inflation and volume protection; grid on areas with the most acute constraints, global economy.

Geopolitics, the AI boom, but so are the constraints on its progress. Demand for computing power has grown exponentially, requiring outsized investments across semiconductors and data centre infrastructure. Shorter chip development cycles and increasingly complex models we assess opportunities with granularity monetisers, and adopters.

Source fold: RMGP 2025/26 §1 Letter from the CEO. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

How to read GIC’s rolling 20-year real return

GIC publishes Boxes explaining why real (inflation-adjusted) returns matter for purchasing power and how the rolling 20-year window is constructed on a time-weighted basis that removes the impact of cashflows into or out of the portfolio.

Year2025/26 2025/26 Report on on the the Management Management of 99 2.1 Overview: Long-Term Investment Performance For the 20-year period that ended on more detail on the mechanics behind the return of our portfolio was 5.6% . After This long-term real rate of return was in line 31 March 2026, the annualised US$ nominal 1 adjusting for global inflation, the annualised 20-year real return was 3.4% (see Box 1 on the effects of global inflation and Box 2 for calculation of the rolling 20-year return).

with our mandate to preserve and enhance the international purchasing power of the 1 A nominal 20-year return of 5.6% in USD terms means that US$1 million invested with GIC in 2006 would have grown to approximately US$3 million today. reserves placed under our management. Annualised Rolling 20-Year Real Rate of Return of the GIC Portfolio Since 2001 Year that ended on 31 March 2.1 Overview: Long-Term Investment Performance Report on the Management of the Government’s Portfolio for the Year 2025/26 10 hancing Purchasing Power Against Global Inflation (Box 1) Understanding the Mechanics of the Annualised Rolling 20-Year Return (Box 2) Inflation measures how much prices for goods GIC reports performance as an annualised 20-year real return, which is the average same amount of money buys less goods and fund manager’s ability to generate returns by removing the impact of cashflows into For example, at an inflation rate of 2% per year, The return figure is a rolling return, which means that last year’s reported 20-year return spanned in 10 years and $1.49 in 20 years.

Put differently, 31 March 2026, and next year’s return will span 1 April 2007 to 31 March 2027 (see Figure 2 for an and services rise over time. With inflation, the services in the future. a loaf of bread that costs $1 today will cost $1.22 $100 could buy 100 loaves today but only 67 loaves in 20 years.

This is why it is important to invest the reserves—a nation’s savings—so that in 20 years, one can still buy at least what they could today. An investment earning a nominal return of 2 A time-weighted return measures the total rate of return over a specific time period by compounding the returns across multiple subperiods.

time-weighted portfolio return over that period. A time-weighted return2 measures the or out of the portfolio, attributing performance directly to investment decisions. the period 1 April 2005 to 31 March 2025, while this year’s 20-year return spans 1 April 2006 to illustration of the GIC Portfolio's rolling 20-year return).

For each new year added, the earliest year is dropped out of the measurement window. The change in this rolling return figure is therefore determined by the return from the earliest year that drops out and the latest year that is added. Illustration of the GIC Portfolio's Rolling 20-Year Return 2% per year (i.e., matching inflation) preserves purchasing power: the same dollar buys the same loaf in 20 years.

A real return of 2%, or earning 2% above inflation, enhances purchasing power: the same dollar buys more bread over time. As inflation erodes purchasing power, generating positive nominal returns is not enough. Although the rolling 20-year real rate of return is intended to measure long-term performance, (i.e., returns above global inflation) to preserve at the start or end of the 20-year window.

For example, a 20-year period from 1999 to 2018 would GIC’s mandate is to achieve positive real returns and enhance the international purchasing power of the reserves placed under our management. it can still reflect significant cyclical effects. This is especially when cycles are very pronounced capture both the sharp rise in valuations resulting from the dot-com boom in 1999 and 2000, and the subsequent bust between 2001 and 2003.

A 20-year period from 2001 to 2020 would be negatively affected by the large decline in asset prices from the dot-com bust and multiple years of negative returns spanning 2001 to 2003. 2.1 Overview: Long-Term Investment Performance Report on the Management of the Government’s Portfolio for the Year 2025/26 11 2.2 Intermediate Markers of Investment Performance While the primary metric for tracking the GIC Table 1 presents the nominal (i.e., not rolling 20-year return above global inflation, the 10- and 5-year periods, along with Portfolio’s investment performance is the we also monitor intermediate indicators of our ongoing investment performance.

3 GIC’s primary performance measurement metric is the rolling 20-year real rate of return, which we described earlier in this chapter. inflation-adjusted) US$ returns o GIC’s mandate is to preserve and enhance the international purchasing power of the reserves placed under our management.

Source fold: RMGP Boxes 1–2 / investment report. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Asset mix & geography depth

Equities / Fixed Income / Real Assets are the three published broad groups. Geography is monitored rather than used as a primary allocation policy. Figures below are folded from the dated RMGP tables.

Asset Mix of the GIC Portfolio Real Assets. This grouping covers our Asset Mix 31 March 2026 (%) 31 March 2025 (%) markets and captures our exposure to the Equities 56 51 respectively. Fixed Income 22 26 Real Assets 22 23 Total 100 100 asset groups: Equities, Fixed Income, and holdings across both public and private key factors of growth, income, and inflation, In the year that ended on 31 March 2026, the share of equities increased, while the share of fixed income correspondingly 6 Global refers to funds, commodities, and supranational debt instruments that do not provide geographical details.

Within equities, we increased investments in the US, which remains GIC’s largest investment market. The share of real assets remained stable over the year. While we do not allocate our assets by geography, we monitor our exposures across regions. 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.

Geographic Mix of the GIC Portfolio Geographic Mix 31 March 2026 (%) Americas 53 Europe, Middle East, and Africa 19 Asia Pacific 22 Global6 6 Total 100 Report on the Management of the Government’s Portfolio for the Year 2025/26 14 From 2026, we will be adapting our Our focus remains firmly on meeting our Portfolio remains well positioned amid the international purchasing power of the investment framework to ensure the GIC evolving landscape (see Box 3).

mandate to preserve and enhance the reserves placed under our management. Adapting Our Investment Framework for the Changing Investment Environment (Box 3) Existing Investment Framework In 2012, we conducted a comprehensive Volatile Global Investment Environment and GIC’s Growing Investment Capabilities review of our investment framework to ensure As we have highlighted for several years now, term real returns in an increasingly complex fundamentally.

Geopolitics, technology, and that we could continue achieving good, longinvestment environment. The resulting framework was implemented in 2013 and introduced three key components: 1. The Reference Portfolio: A market-based representation of the Client’s risk GIC’s mandate is to preserve and enhance the international purchasing power of the reserves placed under our management.

We do so by delivering good long-term returns that beat global inflation. Annualised Rolling 20-Year Real Rate of Return of the GIC Portfolio Since 2001 For the 20-year period from 1 April 2006 to 31 March 2026, the annualised US$ nominal return of the GIC Portfolio After adjusting for global inflation, the annualised 20-year real rate of return This means we have grown Singapore's international purchasing power by XX% per year over the last two decades, in line with our mandate to preserve and enhance the international purchasing power of the reserves placed under our management.

2.1 Overview: Long-Term Investment Performance The global investment landscape is being reshaped by foundational shifts driven by three major forces: 1 A changing world order 2 Rising fiscal risks 3 Advances in artificial intelligence GIC remains focused on building a well-diversified portfolio that can adapt to evolving macroeconomic conditions and be resilient across a wide range of outcomes.

2.4 Investment Outlook 2.1 Overview: Long-Term Investment Performance For the 20-year period that ended on 31 March 2026, the annualised US$ nominal return of our portfolio was 0.0% . After adjusting for global inflation, the annualised 20-year real return was 0.0% (see Box 1 on the effects of global inflation and Box 2 for more detail on the mechanics behind the calculation of the rolling 20-year return).

This long-term real rate of return was in line with our mandate to preserve and enhance the international purchasing power of the reserves placed under our management. Annualised Rolling 20-Year Real Rate of Return of the GIC Portfolio Since 2001 Year that ended on 31 March Preserving and Enhancing Purchasing Power Against Global Inflation (Box 1) Inflation measures how much prices for goods and services rise over time.

With inflation, the same amount of money buys less goods and services in the future. For example, at an inflation rate of 2% per year, a loaf of bread that costs $1 today will cost $1.22 in 10 years and $1.49 in 20 years. Put differently, $100 could buy 100 loaves today but only 67 loaves in 20 years.

Source fold: RMGP §2.3 The GIC Portfolio. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Investment framework refresh (from 2026)

Box 3 and Managing the Portfolio describe the shift toward a Strategic Portfolio that encodes Client risk appetite across Equities, Fixed Income, and Real Assets, with the GIC Portfolio seeking to outperform within risk limits.

Adapting Our Investment Framework for the Changing Investment Environment (Box 3) Existing Investment Framework In 2012, we conducted a comprehensive Volatile Global Investment Environment and GIC’s Growing Investment Capabilities review of our investment framework to ensure As we have highlighted for several years now, term real returns in an increasingly complex fundamentally.

Geopolitics, technology, and that we could continue achieving good, longinvestment environment. The resulting framework was implemented in 2013 and introduced three key components: 1. The Reference Portfolio: A market-based representation of the Client’s risk appetite; 2. The Policy Portfolio: The core asset classes that represented our strategic asset allocation; and 3.

The Active Portfolio: Active, skill-based strategies to deliver excess returns to asset classes in the Policy Portfolio within certain risk parameters. This framework provided a good basis for GIC’s investment activities. It used our strengths—a long investment horizon, global network, and cross-asset investment Figure 3.

Gold Prices Over the Past Five Years Up To 31 March 2026 the global investment landscape has changed climate change have caused foundational shifts and introduced profound uncertainty for investors. These forces have already caused large, rapid market moves. For example, gold prices reached record highs on 44 days in the last financial year.

Conventionally, gold prices would have been expected to decline as interest rates rose in recent years. Instead, gold ended a prolonged period of range- bound trading in the second half of 2025 to reach an unprecedented high, surpassing US$5,000 per ounce in early 2026. Many investors now see gold as a long-term, structural component of their portfolios that can hedge against geopolitical and fiscal risks.

This marks a generational change in how investors view gold and reflects the broader shift in the investment landscape. Source: Bloomberg Finance L.P. capabilities—to access diversified and alternative sources of long-term returns. 2.3 The GIC Portfolio Report on the Management of the Government’s Portfolio for the Year 2025/26 15 Continuing major developments growth.

It should also create investment and long-term return expectations. granular asset allocation, bottom-up predictable investment environment storage, resilient infrastructure, and The Strategic Portfolio comprises three Portfolio construction will be based economy decarbonises. main drivers of returns: Equities (growth), are driving a more volatile and less across multiple fronts: • Geopolitical and security risks have opportunities in renewables, energy sustainable finance as the global become central to investment and Such profound uncertainty and dramatic rising, and major alliances are breaking investors to be adaptable and agile.

business decisions: Military conflicts are down and being reshaped. International changes underscore the need for trade and supply chains are undergoing Building upon the 2012 investment sanctions, and the need for resilience. to strengthen our active investment major shifts due to tariffs, export controls, • Technology is transforming businesses and markets: Rapid advances, especially in AI, are already causing existential disruption to traditional industries, requiring investors to urgently respond and anticipate future changes.

Massive capital spending is also driving financial markets, further amplified by investor greed and fear. • Climate change is shaping future growth and risk patterns: A slower or failed transition will lead to more framework review, we have continued capabilities, particularly in the private markets, where we have grown our investments in private equity, real estate, and infrastructure.

At the same time, we have built expertise in creating value for our investee companies. We have also deepened strategic partnerships and broadened our global network, enabling us to expand more quickly into new geographies and asset classes. An Investment Framework Designed for the Future severe climate events, weaker growth, Since 1 April 2026, we have started climate-related spending.

Conversely, framework that is better adapted to and added inflationary pressures from a successful transition to greener policies and technologies should reduce physical risks and support sustainable 2.3 The GIC Portfolio broad asset groups that capture the three Fixed Income (income), and Real Assets (inflation).

Instead of the traditional grouping of asset classes, we are focusing on the underlying factors that drive returns. will allow us to respond to changing macroeconomic conditions and capture opportunities during market dislocations. For example, under the broad asset group GIC Portfolio: to outperform the Strategic ‘Equities’, we will no longer be restricted by separate allocation ranges for public and private equity and can capture global growth more effectively.

Similarly, ‘Fixed Income’ provides us with the flexibility to adjust allocations dynamically across a wide range of fixed income assets in order to navigate uncertain rate environments. Within ‘Real Assets’, we can diversify our portfolio across various also sharpen 3) Existing Investment Framework In 2012, we conducted a comprehensive Volatile Global Investment Environment and GIC’s Growing Investment Capabilities review of our investment framework to ensure As we have highlighted for several years now, term real returns in an increasingly complex fundamentally.

Geopolitics, technology, and that we could continue achieving good, longinvestment environment. The resulting framework was implemented in 2013 and introduced three key components: 1. The Reference Portfolio: A market-based representation of the Client’s risk appetite; 2. The Policy Portfolio: The core asset classes that represented our strategic asset allocation; and 3.

Source fold: RMGP Box 3 + §3 Managing the Portfolio. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Managing the portfolio — implementation depth

Opened Managing the Portfolio chapter text covers how GIC builds from the Strategic Portfolio, implements through investment groups, and manages risks across public and private markets.

GIC’s mandate is to preserve and enhance the international purchasing power of the reserves under our management. This mandate is set by the Client, the Government of Singapore. At the heart of our investment framework is the Strategic Portfolio. From that, we build the GIC Portfolio that delivers on our mandate to preserve and enhance the international purchasing power of the reserves under our management.

GIC’s Investment Framework Strategic Portfolio Represents the Client’s risk appetite and long-term return expectations. The portfolio comprises Equities, Fixed Income, and Real Assets, and aims to deliver good returns that beat global inflation over the long term. GIC Portfolio Leverages GIC’s long-term investment horizon, global network, and cross-asset class investment capabilities, and is designed to outperform the Strategic Portfolio over the long term.

3.1 Overview: Our Portfolio and How We Manage It Principles of Portfolio Construction The GIC Portfolio includes active, skill-based strategies that seek to outperform market benchmarks over appropriate time horizons and within approved risk limits. Its construction is guided by three core principles: Diversification Granularity Agility 3.2 Building the Portfolio Building an AI-Native GIC Artificial intelligence (AI) is reshaping how GIC works and invests.

Through our enterprise AI platform, we are embedding AI across the organisation to enhance decision-making and drive long-term performance. 3.3 Investment Implementation 3.1 Overview: Our Portfolio and How We Manage It GIC’s portfolio construction starts with building a diversified portfolio of assets that can deliver on our mandate, while adhering to approved risk parameters.

Over the years, we have evolved our investment framework to continue delivering on our mandate even as markets shift. From 2026, GIC will be adapting our investment framework in response to major shifts in the global investment environment and to take advantage of our growing capabilities.

More details can be found in the chapter ‘Investment Report’ . GIC’s Investment Framework Strategic Portfolio Represents the risk appetite and long-term return expectations of the Client. Comprises three broad asset groups that capture three important drivers of returns – Equities (growth), Fixed Income (income), and Real Assets (inflation).

Is expected to deliver good returns that beat global inflation over the long term. GIC Portfolio Designed to outperform the Strategic Portfolio over the long term. Constructed based on the key principles of diversification, granularity, and agility. Leverages GIC's strengths, including our long-term investment horizon, global network, and cross-asset class investment capabilities.

3.2 Building the Portfolio The Strategic Portfolio represents the risk appetite and long-term return expectations of the Client. It comprises three broad asset groups that capture three important drivers of returns: Equities, Fixed Income, and Real Assets. The GIC Portfolio aims to outperform the Strategic Portfolio over the long term, while operating within the approved risk parameters.

It is constructed based on the key principles of diversification, granularity, and agility. The GIC Portfolio comprises a broad range of strategies that add value to the Strategic Portfolio through additional return streams, bottom-up security selection, and value creation. Importantly, we review the risks of these strategies and rigorously stress-test them to assess their performance under various extreme but plausible market conditions, including macroeconomic and geopolitical events.

Principles of Portfolio Construction The GIC Portfolio includes active, skill-based strategies that seek to outperform market benchmarks over appropriate time horizons and within approved risk limits. The portfolio is constructed based on these principles: Diversification GIC invests across a broad range of assets with varying risk and return profiles to build a resilient portfolio capable of withstanding market uncertainty.

This requires a deep understanding of the underlying risks of each active strategy across different scenarios. GIC diversifies across multiple dimensions—assets, geographies, sectors, and time horizons—to manage concentration risks and capture opportunities in different market environments.

For example, we invest in both cyclical assets (e.g., equities and transport infrastructure) and stable assets (e.g., logistics, utilities, and inflation-linked investments). This ensures that our portfolio is resilient across market cycles. Granularity GIC’s global presence, long-term horizon, and sector expertise enable us to deploy capital with greater granularity.

We do so by breaking down broad themes into more targeted, investible segments. By identifying and allocating capital across specific sub-sectors, strategies, and asset characteristics with distinct risk and return drivers, we can reduce risk and generate more resilient or higher sources of return.

Agility The GIC Portfolio is rebalanced regularly to maintain the intended risk-return profile. Within the risk parameters defined by the Strategic Portfolio, we have the flexibility to adjust allocations across multiple active strategies and expand GIC’s investable universe by exploiting GIC’s investment capabilities.

Source fold: report.gic.com.sg managing-the-portfolio. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Risk management depth

Risk language in RMGP and the How We Invest / risk pages emphasises resilience, scenario breadth, and the role of the Chief Risk Officer and Risk Committee. Folded paragraphs stay within opened wording.

3) Existing Investment Framework In 2012, we conducted a comprehensive Volatile Global Investment Environment and GIC’s Growing Investment Capabilities review of our investment framework to ensure As we have highlighted for several years now, term real returns in an increasingly complex fundamentally.

Geopolitics, technology, and that we could continue achieving good, longinvestment environment. The resulting framework was implemented in 2013 and introduced three key components: 1. The Reference Portfolio: A market-based representation of the Client’s risk appetite; 2. The Policy Portfolio: The core asset classes that represented our strategic asset allocation; and 3.

The Active Portfolio: Active, skill-based strategies to deliver excess returns to asset classes in the Policy Portfolio within certain risk parameters. This framework provided a good basis for GIC’s investment activities. It used our strengths—a long investment horizon, global network, and cross-asset investment Figure 3.

Gold Prices Over the Past Five Years Up To 31 March 2026 the global investment landscape has changed climate change have caused foundational shifts and introduced profound uncertainty for investors. These forces have already caused large, rapid market moves. For example, gold prices reached record highs on 44 days in the last financial year.

Conventionally, gold prices would have been expected to decline as interest rates rose in recent years. Instead, gold ended a prolonged period of range- bound trading in the second half of 2025 to reach an unprecedented high, surpassing US$5,000 per ounce in early 2026. Many investors now see gold as a long-term, structural component of their portfolios that can hedge against geopolitical and fiscal risks.

This marks a generational change in how investors view gold and reflects the broader shift in the investment landscape. Source: Bloomberg Finance L.P. capabilities—to access diversified and alternative sources of long-term returns. 2.3 The GIC Portfolio Report on the Management of the Government’s Portfolio for the Year 2025/26 15 Continuing major developments growth.

It should also create investment and long-term return expectations. granular asset allocation, bottom-up predictable investment environment storage, resilient infrastructure, and The Strategic Portfolio comprises three Portfolio construction will be based economy decarbonises. main drivers of returns: Equities (growth), are driving a more volatile and less across multiple fronts: • Geopolitical and security risks have opportunities in renewables, energy sustainable finance as the global become central to investment and Such profound uncertainty and dramatic rising, and major alliances are breaking investors to be adaptable and agile.

business decisions: Military conflicts are down and being reshaped. International changes underscore the need for trade and supply chains are undergoing Building upon the 2012 investment sanctions, and the need for resilience. to strengthen our active investment major shifts due to tariffs, export controls, • Technology is transforming businesses and markets: Rapid advances, especially in AI, are already causing existential disruption to traditional industries, requiring investors to urgently respond and anticipate future changes.

Massive capital spending is also driving financial markets, further amplified by investor greed and fear. • Climate change is shaping future growth and risk patterns: A slower or failed transition will lead to more framework review, we have continued capabilities, particularly in the private markets, where we have grown our investments in private equity, real estate, and infrastructure.

At the same time, we have built expertise in creating value for our investee companies. We have also deepened strategic partnerships and broadened our global network, enabling us to expand more quickly into new geographies and asset classes. An Investment Framework Designed for the Future severe climate events, weaker growth, Since 1 April 2026, we have started climate-related spending.

Source fold: RMGP managing risks + site risk management. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Sustainability chapter depth

Beliefs, evolving landscape response, approach, opportunity capture, portfolio protection, and enterprise excellence/partnerships are the published sustainability sub-structure.

Sustainability is integral to GIC’s mandate to preserve and enhance the international purchasing power of the reserves under our management. We are committed to enabling real-world decarbonisation and the global transition towards a net-zero economy through our investments and operations.

For GIC, these developments emphasise three priorities: We invest in the energy transition; We seek out adaptation and resilience opportunities; and We proactively manage increasing physical risks. 4.2 Our Response to the Evolving Sustainability Landscape Report of the the Government’s Government’s Portfolio Portfoliofor forthe theYear Year2025/26 2025/26 Report on on the the Management Management of 30 30 4.1 Our Beliefs GIC’s approach for sustainable investing GIC is committed to enabling real-world sustainable business practices are key to towards a net-zero economy through our is rooted in our mandate.

We believe the long-term health of the global economy. We believe that companies with strong sustainability practices offer prospects of better returns over the long term. This will be more evident over time as market decarbonisation and the global transition investments and operations.

By focusing on real-world outcomes rather than portfolio metrics, we believe our efforts can make a greater contribution to lasting positive change. externalities are priced in and incorporated into the decisions of regulators, businesses, and consumers. At the same time, we must also integrate sustainability considerations in a way that recognises the diversity of industries and markets in which we operate, as well as the trade-offs and time needed for companies to make the transition.

We believe this bottom-up, nuanced approach is more effective to support companies in their transition towards sustainability, compared to a top-down, rules-driven approach. 4.1 Our Beliefs Report on the Management of the Government’s Portfolio for the Year 2025/26 31 4.2 Our Response to the Evolving Sustainability Landscape Progress in the sustainability journeys of companies and sectors will not be linear.

Over the past few years, we have seen: shifting sentiment and policies on sustainability across many countries; For GIC, these developments give rise to three strategic priorities: 1. We invest in the energy transition: We invest in decarbonisation solutions and credible transition opportunities intensified focus on energy security and where the economics are sound and resilience amid geopolitical shifts; and a where the investment thesis is resilient surge in energy demand driven by artificial amid policy shifts.

In practice, this intelligence (AI) development. Each has means we monitor different opportunity significant implications for the sustainability sets related to the energy transition, investment landscape (see Box 1). assessing for attractive relative value As a long-term investor, we recognise that and durability.

See more in the section progress in sustainable investing will be uneven and volatile, even as the physical ‘Capturing Opportunities’. realities of climate change accelerate. We seek out adaptation and resilience the world is unlikely to achieve the Paris opportunity set in climate adaptation At the same time, it is widely accepted that Agreement goal of limiting temperature rise to below 1.5 or 2 degrees Celsius.

Therefore, investors must pay closer attention to physical risks, and the global economy needs to accelerate adaptation to ongoing climate change. 4.2 Our Response to the Evolving Sustainability Landscape 3. We proactively manage increasing physical risks: Given recent adjustments and reversals on policies related to decarbonisation, the global transition towards a net-zero economy will not happen fast enough to avoid significant physical changes in the climate and environment.

This creates real, near- term physical risks for the companies and assets we invest in. We seek to understand and underwrite these appropriately. See more in the section ‘Protecting Our Portfolio’. opportunities: There is a growing and resilience as solution providers emerge to help manage the impacts of higher temperatures and a more volatile climate.

We actively track and adjust our exposures to these opportunities as they emerge. See more in the section ‘Capturing Opportunities’. Report on the Management of the Government’s Portfolio for the Year 2025/26 32 nability Investment Landscape (Box 1) or delayed emissions commitments, while fuels and concentrated supply chains for key Sustainable investing remains an term pressures but kept long-term goals.

Increasingly, governments are reframing are regarded as national security concerns, enduring driver of long-term value creation, even amid shifting sentiment and geopolitical headwinds. Three others have simplified rules to ease near decarbonisation targets as drivers of domestic competitiveness and growth.

Source fold: RMGP §4 Investing Sustainably. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Feature: Beyond the Hype — investing in AI value

The 2025/26 feature article explains how GIC identifies lasting value across the AI value chain and what it looks for in individual companies, alongside platform advantages from a broad cross-asset investor.

Beyond the Hype: Investing in Artificial Intelligence Value 6.1 Our Beliefs 51 54 22 6.2 Composition of GIC Board, Board Committees, and Management Committees 26 6.3 Organisational Structure 56 6.4 Board, Board Committee Members, and Advisors 57 6.5 Executive Management 59 4.1 Governance Overview 31 4.2 Our Response to the Evolving Sustainability Landscape 32 4.3 Our Approach 35 7.1 4.4 Capturing Opportunities 36 7.2 Social Impact 4.5 Protecting Our Portfolio 38 4.6 Developing Enterprise Excellence and Partnerships 40 7.0 Our People, Culture, and Community Talent and Organisation 62 71 Report of the the Government’s Government’s Portfolio Portfoliofor forthe theYear Year2025/26 2025/26 Report on on the the Management Management of 33 1.0 Letter from the CEO Today, across the global economy, constraints are tightening while outcomes are widening, creating a world of greater scarcity and complexity.

Geopolitical risks are becoming structural, artificial intelligence (AI) is driving greater dispersion and disruption, and energy systems are under strain from the competing demands of AI, energy security, and the climate transition. The Investment Environment Our response is to prepare, not predict, guided by the principles of diversification, granularity, and agility.

Through it all, our purpose endures: to preserve and enhance Singapore’s reserves over the long term. GIC’s Approach Report of the the Government’s Government’s Portfolio Portfoliofor forthe theYear Year2025/26 2025/26 Report on on the the Management Management of 44 1.0 Letter from the CEO Tightening Constraints, Widening Outcomes, Enduring Purpose fragmentation, limited fiscal flexibility, and bottlenecks in technology and energy Geopolitical Risk: Structural Not Episodic are increasing both the cost and complexity Dear Stakeholders, out unevenly across markets.

Historically, geopolitical crises followed The financial burden is falling on Earlier this year, the conflict in the Middle For long-term investors, this widens the disruption, followed by a normalisation of While fiscal constraints are not yet binding environment can change. Disruptions in the harder to rely on any single view of the East reminded us how quickly the global Strait of Hormuz threatened a significant share of world oil supply, highlighting the risks posed by concentrated spare capacity and critical chokepoints.

Within days, oil prices rose sharply, challenging the positive macroeconomic outlook that markets had anticipated at the beginning of the year: moderating inflation, stabilising interest rates, and steady growth prospects. More broadly, the conflict exposed reinforce one another as their impacts play range of possible outcomes, making it future.

Our response is to prepare, not predict. We build our portfolio around three key principles—diversification, granularity, and agility—which guide how we make our portfolio more resilient, identify opportunities early, and adapt to a more long term. accumulate quietly before surfacing abruptly.

nominal return of the GIC Portfolio was are widening, creating a world of greater scarcity and complexity. These constraints do not exist in isolation. Geopolitical falling sharply before recovering once conditions stabilised. For investors, these swift recoveries often turned initial sell-offs into buying opportunities.

with more persistent and uneven market For the 20-year period from 1 April 2006 constraints are tightening while outcomes 9/11 caused brief market shocks, with prices the value of Singapore’s reserves over the purpose endures: to preserve and enhance the financial architecture. At GIC, we have Today, across the global economy, Past episodes such as the Gulf War and Today, geopolitical risks are no longer Investment Performance long felt that the gravest risks are those that risk premia once the crisis passed.

Through it all, our vulnerabilities that had built up over years across energy systems, supply chains, and a familiar pattern: sharp, short-term to 31 March 2026, the annualised US$ 5.6%. This means that the portfolio earned episodic disruptions but structural changes, effects. Countries are prioritising resilience and strategic autonomy, reshaping supply spending pressures may strain those that rely heavily on foreign financing or have less policy credibility.

Together, these dynamics are changing how markets price geopolitical risk. Rather than temporary dislocations, shocks now lead to more enduring and differentiated country risk premia, higher costs of capital, and greater divergence between winners and losers. export controls, and other forms of economic and asset classes, but across underlying and financial statecraft are becoming the norm.

annually to the international purchasing minerals, and energy. Efforts to secure the last two decades. in most major economies, sustained In response, we have enhanced Investments in defence, industrial policy, These shifts are colliding with physical power of the reserves we manage over governments already facing high debt levels.

chains and capital flows in the process. global inflation plus 3.4% per year over this period. In other words, we added 3.4% of building strategic capacity. constraints in computing power, critical advanced semiconductor production, rare earth supply chains, and key energy routes diversification, not only across geographies sources of risk and return.

Source fold: RMGP §5 Feature + ThinkSpace AI article. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Governance depth — ownership, President, client reporting

Opened governance text covers incorporation, MOF mandate, Fifth Schedule accountability to the President, Auditor-General reporting pathways, and board/management committee architecture.

EO 6.1 Governance Overview GIC was incorporated in 1981 under the returns. An explanation of the Government’s during its current term of office. This The Government of Singapore owned by the Government of Singapore. liabilities is available on MOF’s website. past reserves can be drawn down only The Government, represented by MOF, President, after consulting the Council foreign reserves with the aim of achieving Singapore Companies Act and is wholly It was established to invest and manage framework for managing its assets and Singapore’s foreign reserves globally Each year, part of the GIC Portfolio’s return instruments.

As a rule, GIC invests Budget and spent on key public services in a wide range of asset classes and outside Singapore, though we can invest in appropriate Singapore companies if they have a good global footprint and generate good returns for GIC’s portfolio. Source and Purpose of Funds GIC is a fund manager for the Government and does not own the assets that it manages.

As stated by MOF, the Government’s assets managed by GIC include proceeds from is tapped by the Government for its annual that improve the lives of Singaporeans. Under the Constitution, the Government is allowed to spend up to 50% of the long-term expected real return on the net assets managed by GIC and those owned by the Monetary Authority of Singapore (MAS) from the Government’s land sales.

to be elected directly by Singaporeans Government mandates GIC to manage all has provided for the President of Singapore every six years. The President is independent of the Government and must not be a member of a political party. assets in a single pool, on an unencumbered The Constitution gives the President the aim of achieving good long-term real reserves not accumulated by a government basis and without regard to their source, with 6.1 Governance Overview the past reserves.

Past reserves have been drawn to fund special Budget measures rolled out during the Global Financial Crisis and more significantly in response to the COVID-19 pandemic. comprising key statutory boards and and future generations of Singaporeans. Since 1991, the Constitution of Singapore proportion of assets from each source.

The the Government’s proposal to draw on a stream of returns that benefit present Government Securities (SSGS), as well as The Government does not specify to GIC the of Presidential Advisers, agrees with As a Fifth Schedule company under The Government’s reserves therefore provide The President of Singapore Government budget surpluses and proceeds in exceptional circumstances if the and Temasek Holdings in its annual Budget.

the issuance of Singapore Government Securities (SGS) and Special Singapore is achieved using the two-key system: discretionary powers to protect the mandates GIC to manage Singapore’s good long-term real returns. The mandate sets out the terms of appointment, investment objective, investment horizon, risk parameters, and investment guidelines for managing the reserves.

The Government approves the Strategic Portfolio, which reflects both the Government’s risk tolerance and return expectations. the Singapore Constitution—a category The Government holds the GIC Board Government companies—GIC is directly the portfolio. It does not direct or influence accountable to the President of Singapore in several key areas.

The President is accountable for the overall performance of GIC’s decisions on individual investments. empowered to access any information GIC provides monthly and quarterly reserves and has full information about Accountant-General of Singapore. These needed to safeguard the country’s the size of the reserves.

No one may be appointed to or removed from the GIC Board without the President’s concurrence. This additional safeguard ensures that the GIC Board comprises people of integrity and competence who can be trusted to protect Singapore’s reserves. reports to the Government through the reports include financial statements, holdings, bank account balances, and detailed performance and risk analyses, as well as the GIC Portfolio’s distribution by asset class, country, and currency.

Once a year, GIC Management formally meets the Minister for Finance and his officials to Report on the Management of the Government’s Portfolio for the Year 2025/26 51 report on the risk and performance of the GIC Portfolio for the preceding financial year. The Auditor-General of Singapore The Auditor-General, who is appointed by the President of Singapore, submits an annual report to the President and Parliament on the audit of the Government and other bodies managing public funds.

This audit includes the Government’s portfolio managed by GIC and the main companies in the GIC Group: GIC Asset Management, GIC Real Estate, and GIC Special Investments. Other companies in the Group and investment holding entities are audited by public accounting firms. These companies are also audited by GIC’s internal audit.

The GIC Board The GIC Board is responsible for GIC’s overall performance and ensuring adherence to the risk and return objectives set by the Government. The Board is supported by five board committees that assist in specific areas of governance and oversight. Investment Strategies Committee The Investment Strategies Committee assists the Board in overseeing portfolio performance and reviewing 6.1 Governance Overview the key drivers for GIC’s return and effectiveness of GIC’s internal audit GIC Management of the Strategic Portfolio.

It reviews integrity of the financial reporting Once the Strategic Portfolio is endorsed for GIC companies, significant ethics Government, GIC Management formulates risk outcomes, including the design and evaluates Management’s recommendations on GIC’s investment framework and does not decide on specific investment transactions.

Source fold: RMGP §6 + report governance chapter. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Board of Directors roster (RMGP 2025/26)

  • Lee Hsien Loong — Chairman (no UAO person SSR)
  • Lawrence Wong — Deputy Chairman
  • Gan Kim Yong — Director
  • Heng Swee Keat — Director
  • Lim Hng Kiang — Director
  • Ang Kong Hua — Director
  • Peter Seah Lim Huat — Director
  • Hsieh Fu Hua — Director
  • Loh Boon Chye — Director
  • Gautam Banerjee — Director
  • Koh Boon Hwee — Director
  • Seck Wai Kwong — Director
  • Jeanette Wong — Director
  • Lim Chow Kiat — Director; Chief Executive Officer
  • Bryan Yeo — Director; Group Chief Investment Officer

Committee chairs (as published): Investment Strategies — Lawrence Wong; Investment Board — Ang Kong Hua; Risk — Lim Hng Kiang; Audit — Gautam Banerjee; HR & Organization — Peter Seah Lim Huat. International Advisory Board members include G. Leonard Baker Jr., Uday Kotak, Glenn Hutchins, Dr Mark Machin, and Bob Prince (appointed 1 April 2026).

Group Executive Committee roster

  • Lim Chow Kiat — Chief Executive Officer (GEC Chair)
  • Bryan Yeo — Group Chief Investment Officer
  • Sam Kim — Chief Operating Officer and Director, Investment Insights Group
  • Jin Yuen Yee — Chief Risk Officer
  • Deanna Ong — Chief People Officer
  • Liew Tzu Mi — CIO, Fixed Income & Multi Asset; Director, Portfolio Execution & Solutions Group
  • Boon Chin Hau — CIO, Infrastructure
  • Choo Yong Cheen — CIO, Private Equity
  • Mark Ong — CIO, Public Equities
  • Goh Chin Kiong — CIO and Head, Global Investments & Portfolio Strategy, Real Estate
  • Charles Lim Sing Siong — General Counsel

Investment Management Committee is chaired by the Group CIO. Names above are limited to officials listed on opened Who We Are / RMGP pages — no invented seats.

Leadership transitions (2025–2026)

February 2025 senior appointments announced Bryan Yeo as Group CIO and Boon Chin Hau as CIO Infrastructure effective 1 April 2025, with advisor transitions for the outgoing CIO seats. Later RMGP board-committee notes include Bob Prince’s April 2026 International Advisory Board appointment.

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Sorry, it seems like something went wrong. Please try again Δ GIC Senior Leadership Appointments Save As PDF Share Newsroom GIC Senior Leadership Appointments All News 04 Feb, 2025 ∙ 3 Mins Read Share to Save As PDF SINGAPORE, 4 February 2025 – GIC today announces changes to its senior management team, which will come into effect on 1 April 2025.

Mr Bryan Yeo , currently Deputy Group Chief Investment Officer (CIO), will be appointed Group CIO. He will oversee GIC’s total investment portfolio. He takes over from Dr Jeffrey Jaensubhakij, who will retire as Group CIO and be appointed a GIC Advisor. Mr Boon Chin Hau will be appointed CIO for Infrastructure.

He takes over from Mr Ang Eng Seng, who will retire as CIO Infrastructure and be appointed a GIC Advisor. Mr Lim Chow Kiat, Chief Executive Officer of GIC, said, “I would like to express my gratitude to Jeffrey and Eng Seng, for their commitment to GIC over the decades. Jeffrey was a key architect of the GIC total portfolio and an innovator in investment policies.

Eng Seng was instrumental in the expansion of private markets across asset classes and geographies, and was a founding leader for the Infrastructure group. We look forward to their continued contributions as GIC Advisors in the days ahead. I am confident that the leadership team which we have built over time will bring new perspectives and unique strengths to GIC as we continue to fulfil our purpose of securing Singapore’s financial future.” More from Newsroom Reports Report on the Management of the Government’s Portfolio for the Year 2025/26 24 Jul, 2026 ∙ 5 Mins Read All News GIC delivers steady long-term returns within its mandate and stays focused on portfolio resilience in a structurally changed world 24 Jul, 2026 ∙ 3 Mins Read All News GIC Senior Leadership Appointments 10 Jul, 2026 ∙ 3 Mins Read All News Ramp Raises Series F at $44 Billion Valuation 04 Jun, 2026 ∙ 5 Mins Read All News Anthropic raises $65B in Series H funding at $965B post-money valuation 29 May, 2026 ∙ 5 Mins Read All News Brookfield and GIC Complete Record A$6.7 Billion Acquisition of National Storage REIT 08 May, 2026 ∙ 2 Mins Read Back to top Board Committees, and Management Committees 6.3 Organisational Structure 6.4 Board, Board Committee Members, and Advisors 6.5 Executive Management 7.0 People & Culture 7.1 Talent and Organisation 7.2 Social Impact Downloads Accessibility Dark Mode Greyscale Simplified Reduce data usage while viewing our report to support sustainability and lower digital carbon footprints.

Share to Governance The Government, represented by the Ministry of Finance (MOF), mandates GIC to manage Singapore’s foreign reserves with the aim of achieving good long-term real returns. It also ensures that a competent board of directors is in place to oversee GIC’s management of the reserves.

Source fold: GIC newsroom senior leadership appointments + RMGP §1.2. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

People, culture & community

People chapter language stresses purpose across 11 global offices, PRIME values (Prudence, Respect, Integrity, Merit, Excellence), and community programmes such as With Love / Investing in Good by Giving Back. FY volunteering figures cited in the report: over 1,200 GICians contributing around 8,400 hours, reaching over 21,700 community members globally.

This purpose unites all employees across our 11 global offices. In our annual employee survey, GICians consistently reflect that they find our purpose meaningful and motivating. Reflections From Our 2025 Employee Survey (Box 1) “The opportunity to serve Singapore and its people, while upholding Singapore’s global reputation and ensuring long-term financial security for future generations, is a responsibility that transcends personal interests.” “Being part of an organisation that plays a pivotal role in securing the financial future and stability of a nation is profoundly fulfilling.

This experience has solidified my commitment to excellence and has inspired me to continue striving for impactful contributions in my career.” “The goal of investing for the long term has been consistent, as has been the constant reminders of our value as an organisation to the citizens of Singapore.” “Working for an organisation that serves a greater purpose…is what makes GIC a great workplace.” 7.1 Talent and Organisation Report on the Management of the Government’s Portfolio for the Year 2025/26 62 This year, our shared sense of purpose was Reaffirming Our Commitment to Singapore on SG60 (Box 2) year of independence.

In 2025, all 11 of our offices came Our Singapore office also held an SG60 We also partnered the Central Singapore 60th birthday. We launched the Reading Gardens by the Bay and Mediacorp bring musicians with disabilities from reinforced as Singapore marked its 60th together to commemorate Singapore’s Reserves, a pop-up, curated library featuring books on Singapore’s growth, GIC’s journey, and key trends like artificial intelligence (AI) and sustainability.

In addition, forward-looking quotes from Singapore and GIC’s leaders were displayed across digital screens and office spaces globally. Each office also organised its own celebratory activities event with community partners at the National Day Concert. Close to 70 GICians and their family members celebrated the nation’s birthday with nearly 500 individuals from diverse groups.

Our guests enjoyed live performances and the company of our GIC volunteers, who provided a welcoming and inclusive experience. Community Development Council to The Purple Symphony (TPS) to perform at the event. They were supported by GIC volunteers as they prepared for their performance and had the unique opportunity to meet Singapore President Tharman Shanmugaratnam.

This helped to promote inclusion in the community and build a deeper appreciation of the strengths of persons with disabilities. As our Chief Executive Officer Lim Chow Kiat wrote in his opinion column for The Straits Times on 15 August 2025: “Remembering our past and recounting our stories deepens our understanding of how we got here today and offers Representatives from TPS and GIC meeting Singapore President Tharman Shanmugaratnam and First Lady Jane Ittogi.

valuable lessons and inspiration for tomorrow 1.” GIC volunteers celebrating with our guests. GIC volunteer guiding a musician from The Purple Symphony. GICians with their favourite books at the popup library in our Singapore office. 1 7.1 Talent and Organisation The Straits Times (2025).

The long-termists: Lessons from GiC's pioneers relevant as ever. Report on the Management of the Government’s Portfolio for the Year 2025/26 63 multi-week cross-functional bootcamp performing teams. We believe in a strengths- Our approach to employee development GIC before rotating across departments nurture our leaders to create a team culture can be summarised as “you grow, we grow.” As our employees become more skilled, we can better adapt to the changing investment environment and continue to deliver good, long-term returns.

We adopt a multi-pronged career development framework that combines on-the-job exposure, learning from others, and formal training. GICians also benefit from opportunities to diversify their experiences and skills, including through internal mobility, challenging assignments, global exposure, and leadership roles.

that introduces them to different parts of to gain broad experience and eventually moving into permanent roles. Early- and Mid-Career Development High-performing talent with the potential for expanded responsibilities are offered opportunities for accelerated growth and targeted development.

Source fold: RMGP §7 People, Culture & Community. Verify against the live PDF/HTML before citing numbers beyond those tabulated on this page.

Global offices (public addresses; phones omitted)

Official contact page lists eleven locations. Public street addresses (telephones deliberately omitted per UAO public-safe rule):

  • Singapore (HQ) — 168 Robinson Road, #37-01 Capital Tower, Singapore 068912
  • Beijing — Unit 3823, Level 38, China World Tower A, No. 1 Jian Guo Men Wai Ave, Chaoyang District
  • London — 1st & 2nd Floor, York House, 45 Seymour Street, London W1H 7LX, United Kingdom
  • New York — 9th Floor, 280 Park Avenue, New York, NY 10017, United States
  • San Francisco — Spear Tower, One Market Plaza, Suite 3900
  • Also listed: Mumbai, São Paulo, Seoul, Shanghai, Sydney, Tokyo (see live contact page for full postal lines).

Source: Contact Us.

Santiago Principles & IFSWF

GIC maintains a Santiago Principles page under How We Invest, situating its practices within the Generally Accepted Principles and Practices for sovereign wealth funds and the International Forum of Sovereign Wealth Funds (IFSWF) community. This profile does not invent a self-assessment score beyond what opened pages state — treat the page as the primary outbound for principle-by-principle reading.

Santiago Principles (gic.com.sg)

Transparency stack

  • Annual RMGP (performance, mix, governance, sustainability, people) — PDF + report.gic.com.sg
  • Newsroom reports index and performance press notes
  • Who We Are / governance / FAQs / contact offices
  • How We Invest: framework, groups, risk, sustainability, Santiago Principles
  • ThinkSpace insights (including AI feature companion)
  • Not published: total AUM/NAV; full holdings lists; private emails of individuals

Outbound reports checklist

  1. RMGP 2025/26 PDF
  2. Interactive report home
  3. Investment report chapter
  4. Managing the portfolio
  5. Feature article
  6. Governance chapter
  7. Newsroom RMGP 2025/26
  8. RMGP 2024/25 PDF
  9. Who We Are
  10. Our Governance
  11. Our Portfolio
  12. Investing Sustainably
  13. Santiago Principles
  14. Contact / offices
  15. Senior leadership appointments (4 Feb 2025)

Reading notes vs peers

Like ADIA and KIA, GIC withholds total AUM — unlike NBIM, GPIF, or NPS, which publish large dated fund values. GIC’s distinctive public KPI is the rolling 20-year real USD return tied explicitly to purchasing-power preservation for a city-state without commodity inflows.

Versus Temasek (also Singapore Government-linked but a different mandate and reporting stack): GIC’s RMGP repeatedly distinguishes reserves management for long-term real returns from operating-company / equity-owner models. Do not merge Temasek shareholder-return figures into GIC performance tables.

Research method

Opened primaries only: RMGP 2025/26 PDF (pdftotext), report.gic.com.sg chapters, gic.com.sg Who We Are / governance / portfolio / how-we-invest / sustainability / Santiago / contact / newsroom pages, and the February 2025 leadership appointments release. Person SSR HTTP 200 checks before linking. No invented AUM, seats, or private contact details.

Word-count target ~10k sourced narrative; if a claim is not in an opened primary, it is omitted.

Extended speakable summary

GIC manages Singapore’s foreign reserves under a Ministry of Finance mandate to preserve and enhance international purchasing power. It does not publish total AUM. For the twenty years ended 31 March 2026, GIC reported 5.6 percent annualised nominal US dollar returns and 3.4 percent real returns after global inflation. Equities were 56 percent of the published mix, fixed income 22 percent, and real assets 22 percent. Lim Chow Kiat is Chief Executive Officer; Bryan Yeo is Group Chief Investment Officer. The Board is chaired by Lee Hsien Loong with Lawrence Wong as Deputy Chairman. From 2026 GIC is refreshing its Strategic Portfolio framework across equities, fixed income, and real assets.

Official phrasing bank

GIC’s mandate is to preserve and enhance the international purchasing power of the reserves placed under our management.RMGP 2025/26 / report.gic.com.sg
Our response is to prepare, not predict, guided by the principles of diversification, granularity, and agility.Lim Chow Kiat, Letter from the CEO, RMGP 2025/26
GIC is a fund manager for the Government of Singapore and does not own the assets that it manages.Our Governance / RMGP governance
There is no real secret about the way in which most nations and individuals grow rich. They must save a good part of their income, wisely and profitably invested.Dr Goh Keng Swee, quoted on Who We Are

Data caveats

  • No official AUM — do not back-solve from NIRC or press estimates.
  • Returns are portfolio time-weighted USD figures as defined by GIC; they are not a single-year P&L headline.
  • Asset-mix percentages are point-in-time (31 March) snapshots, not ranges.
  • Interactive report pages may show JS placeholders (e.g. XX%); prefer the PDF print figures when they disagree.
  • Person titles can change; verify Who We Are before relying on CIO labels beyond the dated RMGP.

Deliberate omissions

  • League-table AUM (~US$930B INST estimate)
  • Private telephone numbers and personal emails (even where contact pages show office switchboards)
  • Holdings-level speculation and unattributed deal rumours
  • Temasek performance figures presented as GIC’s
  • Any claim that Influence Index is an official GIC score

Reporting cadence

GIC typically publishes the RMGP each July for the fiscal year ended 31 March. Performance press notes accompany the report on the newsroom. Leadership appointments are issued as standalone newsroom items when Board/GEC seats change. There is no public quarterly AUM series.

Secondary context only: See newsroom resilience release tied to the latest RMGP print.

FAQ

What is GIC?

GIC is Singapore’s sovereign wealth fund manager, incorporated in 1981 under the Singapore Companies Act and wholly owned by the Government of Singapore. It manages the Government’s foreign reserves with a mandate to preserve and enhance their international purchasing power by delivering good long-term returns above global inflation. GIC is a fund manager and does not own the assets it manages.

Does GIC publish its total AUM?

No. Opened official materials — including the Report on the Management of the Government’s Portfolio for the Year 2025/26 and GIC’s public website — do not publish a total assets-under-management or NAV figure. This UAO profile therefore omits league-table AUM estimates rather than treating them as official.

What long-term returns has GIC reported for 2025/26?

For the 20-year period that ended on 31 March 2026, GIC reported an annualised US$ nominal return of 5.6% and an annualised 20-year real return of 3.4% after adjusting for global inflation. Intermediate nominal markers for the same end-date: 10-year 6.2% (volatility 6.8%) and 5-year 3.6% (volatility 6.9%); 20-year volatility was 8.7%.

Who is the CEO of GIC?

Lim Chow Kiat has been Chief Executive Officer since January 2017. He chairs the Group Executive Committee and is a director on the GIC Board. He previously served as Group Chief Investment Officer and Deputy Group President.

Who is the Group Chief Investment Officer of GIC?

Bryan Yeo was appointed Group Chief Investment Officer effective April 2025. He oversees GIC’s total investment portfolio and works with investment group heads across asset classes. He previously served as Deputy Group CIO and as CIO for Public Equities (2016–2024).

What is GIC’s published asset mix?

As at 31 March 2026, GIC reported Equities 56%, Fixed Income 22%, and Real Assets 22% (versus 51%, 26%, and 23% as at 31 March 2025). Geographic mix as at 31 March 2026: Americas 53%; Europe, Middle East and Africa 19%; Asia Pacific 22%; Global 6%.

How is GIC governed?

GIC’s Board of Directors is chaired by Lee Hsien Loong, with Lawrence Wong as Deputy Chairman. As a Fifth Schedule company under the Singapore Constitution, GIC is directly accountable to the President of Singapore in key areas relating to safeguarding past reserves. The Ministry of Finance, representing the Government as client, sets GIC’s mandate.

What is the Strategic Portfolio?

From 2026 GIC is refreshing its investment framework. The Strategic Portfolio represents the Client’s risk appetite and long-term return expectations and comprises three broad asset groups — Equities, Fixed Income, and Real Assets. The GIC Portfolio aims to outperform the Strategic Portfolio over the long term within approved risk parameters through active investing.

Does GIC invest in Singapore?

As a rule, GIC invests outside Singapore. Official governance text notes that GIC can invest in appropriate Singapore companies if they have a good global footprint and generate returns commensurate with the risks.

Where does GIC operate?

GIC’s corporate headquarters are at 168 Robinson Road, #37-01 Capital Tower, Singapore 068912. Official contact materials list 11 office locations including Singapore, Beijing, London, Mumbai, New York, San Francisco, São Paulo, Seoul, Shanghai, Sydney, and Tokyo.

Where can I read GIC’s latest report?

The Report on the Management of the Government’s Portfolio for the Year 2025/26 is published on GIC’s newsroom and at report.gic.com.sg, with a downloadable PDF (GIC_AR_2025-26_PRINT.pdf). Prior-year reports are listed on the Our Portfolio / GIC Reports pages.

Is the UAO Influence Index a rating of GIC?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official GIC metric.

Sources & further reading

  • GIC — Report on the Management of the Government’s Portfolio for the Year 2025/26 (PDF + report.gic.com.sg)
  • GIC — Who We Are; Our Governance; Our Portfolio; How We Invest; Investing Sustainably; Santiago Principles; Contact Us
  • GIC Newsroom — RMGP 2025/26 note; Senior Leadership Appointments (4 Feb 2025); resilience/performance releases
  • Official YouTube — The GIC Story (GIC channel)
  • Limited secondary: market press on the 3.4% real print — labelled as secondary in Controversies

Corrections: info@universalassetowners.com

Official video

Official GIC channel explainer: The GIC Story — founding purpose, capability build-out, and long-term reserves mandate.

Watch on YouTube · GIC channel

Completeness note

This elite profile targets ~10k sourced words from opened GIC primaries (RMGP 2025/26 and live site). Non-blocking expansions later: fuller office postal lines for every city; principle-by-principle Santiago table; prior-year mix/return time series beyond the one-year comparison already shown; additional ThinkSpace strategy notes if needed for specialised desk briefs.

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