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2023/24 Report

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Highlights

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Letter from the CEO

In a world where uncertainty has shaken the foundations of the investment environment,

our response is to be ever more sure of who we are and to abide by our core investment principles. We stand committed to our core purpose of safeguarding Singapore’s financial future.

INVESTMENT REPORT

Annualised Rolling 20-year Real Rate of Return of the GIC Portfolio Since 2001

3.9

%

Over 20 years up to 31 March 2024, the GIC Portfolio’s annualised US$ nominal and real (above global inflation) returns were 5.8% and 3.9% respectively per year.

INVESTMENT REPORT

Investing in a World of Uncertainty

The global investment environment remains challenging despite recent macroeconomic resilience. Return prospects are more divergent across markets and within asset classes. The current environment underscores the importance of active (alpha) over broad market (beta) performance in the overall delivery of returns.

Investing Sustainably

GIC’s Approach to Enabling the Global Transition

One of the key challenges in financing companies’ transition strategies is to understand their commitment to and the credibility of those efforts. We prioritise four key dimensions when assessing the transition strategies of emissions-intensive companies.

Carbon Intensive Sectors GIC's Approach Green Solution Providers Targets Alignment with business strategy Governance Reporting Manage risks from potential stranded assets Enable real world decarbonisation by supporting credible transition strategies from companies Direct capital to green solutions and enablers Transition strategy evaluation dimensions GIC's Approach Carbon Intensive Sectors Green Solution Providers Manage risks from potential stranded assets Enable real world decarbonisation by supporting credible transition strategies from companies Direct capital to green solutions and enablers T argets Alignment with business strategy Governance Reporting Transition strategy evaluation dimensions

FEATURE ARTICLE

Sharpening Our Edge Amidst Challenging Times

Investors are facing a world with growing geopolitical risks, higher inflation, and slower growth in emerging economies. In this environment, GIC must continue to leverage our unique advantages, including our long horizon, diversified portfolio, and alpha-generating capabilities.

Our People, Culture, and Community

How GIC Cultivates a Diverse Talent Pool

We continue to build on our initiatives to cultivate a diverse talent pool. Here is a selection of our programmes, with examples of our progress this year.

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