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Report on the
management of the
government's portfolio

2017/18 Highlights


GIC achieved a 20-year annualised rate of return of 3.4% above global inflation for the financial year ended 31 March 2018.

We are prepared for the uncertainty ahead and are committed to delivering steady long-term returns on the reserves placed under our management.


We welcome:
Mr Koh Boon Hwee, who was appointed to the GIC Board on 14 August 2017.

Dr Tony Tan, who was appointed to the GIC Board and as Special Advisor on 1 January 2018.

Mr Lawrence Wong, who was appointed to the GIC Investment Strategies Committee on 1 August 2017.

Mr Uday Kotak, who was appointed to our International Advisory Board on 1 October 2017.


In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations.

Overview from the Chief Executive Officer

GIC’s mission is to preserve and enhance the long-term international purchasing power of the reserves placed under our management. For the year ended 31 March 2018, we achieved a 20-year annualised rate of return of 3.4% above global inflation.

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Investment Report

GIC’s mandate is to achieve good long-term returns above global inflation. This is represented by the primary metric for evaluating GIC’s investment performance – the rolling 20-year real rate of return. GIC’s goal is to beat global inflation and preserve and enhance the international purchasing power of the reserves placed under its management.

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Managing the Portfolio

GIC’s investment strategy is to build a portfolio comprising asset classes that generate good long-term real returns, while adhering to our Client’s risk tolerance.

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Feature Article:

Technology companies have always had a place in the GIC portfolio. In recent years, as technology disrupts traditional industries and spawns new businesses, our investing and organizational efforts in this area have also expanded. In this feature article, we answer questions on GIC’s technology investing strategy.

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The Government, represented by the Ministry of Finance (MOF), sets the investment objective, risk parameters and investment horizon for the portfolio. It also ensures a competent board of directors is in place.

The GIC Board is responsible for the Policy Portfolio which determines GIC’s long-term asset allocation and is accountable to the Government for the overall performance of the portfolio.

The GIC Management is responsible for formulating and executing investment strategies and for individual investments. The Management also reports to the Government on the risk and performance of the portfolio.

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Our People

GIC is a global long-term investment organization. We are headquartered in Singapore with offices in 10 cities. Our team is made up of close to 1,500 people with a wide range of backgrounds, spanning more than 40 nationalities.

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The GIC Primer

Our mission is to preserve and enhance the long-term international purchasing power of the reserves placed under our management. People and talent are central to what we can do. We believe that the results we seek are best achieved through a culture founded on our five PRIME values of Prudence, Respect, Integrity, Merit and Excellence.


We exercise prudence and sound judgement and take a considered approach to managing risks as we seek to deliver good investment returns, always conscious of our overriding fiduciary responsibility.

As an institution and as individuals, we conduct ourselves with good sense and circumspection, even as we take the best advantage of our large asset base, global presence, multi-asset approach and long-term orientation.


All of us are united in a common endeavour, regardless of who we are, where we work or what we do. We respect people as individuals, care for their well-being, and welcome diversity in capability and background. We do not tolerate behaviour that works against the interest of our Client or of GIC.

We stress teamwork within and across departments, and with our Client and business partners. We expect everyone to be free, candid and constructive in their comments and suggestions, and always seek to help our colleagues and GIC do better.


Everything we do is founded on integrity. We expect the highest standards of honesty from everyone in GIC, both in our work and in our personal lives. This includes abiding by the laws of the countries we invest in, and observing our code of ethics in letter and in spirit.

We must never jeopardise the trust others have in us and in our reputation for professionalism.


We recruit and develop our people solely on merit. We draw our talent from around the world and provide challenging and meaningful work. We grant recognition and reward based on performance and conduct consistent with our PRIME values. We develop our people to achieve their potential so that we may also perform to our potential.

We select business partners based on their capability. We believe in long-term relationships built upon high levels of performance and quality of service.


We are relentless in our pursuit of excellence. In all that we do, we strive to be the best that we can be. This demands that we plan and anticipate well, so that we will always be in time for the future, fully able to take up the challenges and opportunities that come, pursuing improvements where they may be found, and economies where these may be gained.

We expect everyone to do their best in every situation. We harness the creativity and imagination of our people and our business partners for superior results.

The GIC Way

The GIC Way is a set of principles that defines the way we think and act. It sharpens our focus on our Client, our commitment to people and our future.


  • When our Client does well, we do well
  • Never compromise our PRIME values and reputation; not even for better returns
  • Always follow GIC’s investment principles:
    • Pursue intrinsic value and maintain price discipline
    • Practise long-term investing
    • Pick our spots: be focused and leverage our strengths
    • Pay attention to risk control
    • Prepare for the future


  • Do what’s right, not what’s easy
  • Help GIC make the best decisions — speak up if you have a different view
  • Attract exceptional people and develop them to their full potential
  • Embolden innovation and encourage learning
  • Reward what matters: contribution; not pedigree, age, gender or nationality
  • Excel in what you do; make a difference
  • Empower decision-making at every level
  • Work seamlessly across boundaries and hierarchy — OneGIC


  • Tomorrow is determined today
  • Build leadership and resources for the future
  • Insist on nimble and responsive structures and processes