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  1. 1

    The annualised rolling 20-year real return of 4.6% translates to a nominal 20-year return of 6.9% in USD terms. This means that US$1.0 million invested with GIC in 2004 would have grown to approximately US$3.8 million today.

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    A time-weighted return measures the total rate of return over a specific time period by compounding the returns across multiple sub-periods.

  3. 3

    GIC’s primary performance measurement metric is the rolling 20-year real rate of return, which we described earlier in this chapter.

  4. 4

    The GIC Portfolio rates of return are computed on a time-weighted basis, net of costs and fees incurred in the management of the portfolio.

  5. 5

    Volatility is computed using the standard deviation of the monthly returns of the GIC Portfolio over the specified time horizon.

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    The Reference Portfolio was adopted from 1 April 2013 and reflects the risk that the Government is prepared for GIC to take in its long-term investment strategies. It comprises 65% global equities and 35% global bonds. For more details, please refer to the chapter ‘Managing the Portfolio’.

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    The figures exclude adjustments for costs that would be incurred when investing.

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    The Reference Portfolio rates of return are provided on a gross basis, i.e. without adjustment for costs and fees.

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    Volatility is computed using the standard deviation of the monthly returns of the Reference Portfolio over the specified time horizon.

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    The cyclically adjusted general government primary fiscal balance shows the underlying balance, excluding interest rate expenses, when revenues and expenditures are adjusted for the cyclical impact. It therefore better illustrates the discretionary fiscal stance. If the cyclically adjusted fiscal deficit narrows from one year to the next, it implies that fiscal policy is being tightened, and vice versa, if the deficit widens.

  11. 11

    Source: IPCC, 2022: Climate Change 2022: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press. In Press.

  12. 12

    IRENA estimates that under the 1.5°C Scenario there will be (i) a scale-up of investment from US$98 trillion under current plans to an estimated US$131 trillion and (ii) a redirection of investments from fossil fuels towards energy transition technologies between 2021 and 2050. The 1.5°C Scenario describes an energy transition pathway aligned with limiting the global average temperature increase to 1.5°C by 2050.

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    Source: IRENA (2021), World Energy Transitions Outlook: 1.5°C Pathway, International Renewable Energy Agency, Abu Dhabi.