GIC Annual Report 2020/21 Highlights



Report Highlights

1 CEO's Letter

2021 marks a key milestone for GIC, as we celebrate 40 years of pursuing our mission of securing Singapore’s financial future. Through the many market ups and downs, GICians globally have been anchored by our purpose and values. Moving forward, we will remain guided by the vision of our founding leaders and play our part by investing well for present and future generations of Singaporeans.

— Lim Chow Kiat, CEO

2 Investment Report

Delivering resilient long-term returns

Over 20 years up to 31 March 2021, the GIC Portfolio’s annualised nominal and real (above global inflation) returns were 6.8% and 4.3% respectively per year.

Annualised rolling 20-year real rate of return of the GIC Portfolio since 2001






Year ended 31 March

Nominal annualised return and volatility of the GIC Portfolio (in USD, for periods ending 31 March 2021)

Time Period

Nominal Return











We continue to deliver steady, resilient returns. The rolling off of the FY2000/01 returns arising from the dot-com crash coupled with a strong rebound in risk assets over the past year contributed meaningfully to this year’s 20-year return.

Our diversified portfolio approach and cautious investment stance helped to cushion GIC’s performance from the market correction that occurred in 1Q 2020. This posture has continued into FY2020/21 given elevated asset valuations and uncertainty arising from potential inflationary pressures. We have maintained our emphasis on being prepared for multiple scenarios, maintaining price discipline, adding optionality and expanding our bottom-up investment activities.

GIC’s Partnership Approach

Beyond our ability to invest directly, we also work with external partners to enhance our capabilities. These partnerships have expanded our network, widened our perspectives, and deepened our operating expertise. Our approach builds on our strengths:

  1. Long-term and flexible capital

  2. Capacity to execute co-investments

  3. Global connector, particularly to Asia

  4. Multi-faceted investment partnership

  5. Constructive engagement and sharing of network

By offering long-term capital, internal and external expertise, and global connections, we strive to add meaningful value to our partnerships and investments. Amidst the challenging investment environment, we see being a partner of choice as critical for our mission.

Macro-cautious, Micro-positive

While expansionary policies and the COVID-19 vaccination rollout are expected to boost global growth sharply in the near term, significant uncertainties remain around the pandemic trajectory, inflation risks, and very high debt levels.

Looking ahead as we transition to a post-pandemic world, there are three major underlying trends that will drive markets and open up new growth opportunities for GIC.

  1. Accelerating technological transformation

  2. Sustainability

  3. Growing influence of geopolitics on the capital markets

3 Investing Sustainably

As a long-term investor, we believe that it is more constructive to actively support companies in their transition towards greater sustainability, and that we can create more beneficial outcomes for our stakeholders over the long term by engaging companies on how to operate more sustainably.

GIC’s mandate is to preserve and enhance the international purchasing power of Singapore’s reserves. As this is a fund for the current and future generations of Singapore, by design sustainability is core to our mandate. Sustainability is an investment issue, and climate risk is an investment risk.

— Liew Tzu Mi, Chief Investment Officer for Fixed Income & Chair, Sustainability Committee

Feature Article

4 40 Years of Securing Singapore’s Financial Future

This year marks the 40th anniversary of GIC. We highlight the milestones of our progress as an investment management company and the people and events behind these accomplishments. The bold vision of Dr Goh Keng Swee, Lee Kuan Yew, Yong Pung How, J Y Pillay, Lee Ek Tieng and Lim Siong Guan has enabled GIC to continue fulfilling its purpose of securing the financial future of Singapore. As GIC heads into a future that augurs radically different conditions, we are primed to transform our investment approach in significant ways.

5 People

Building Confident Communities to Create Greater Impact

At GIC, people are our biggest investment. As we pursue our mission, we are anchored on our organizational PRIME values, as well as an unwavering concern for our people’s well-being. Our belief of inclusion extends to our community programmes, which are designed to deliver long-term impact. As local communities continue to be hit hard by the pandemic, GIC has stepped up social impact efforts.

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