Singapore sovereign wealth fund GIC has recorded an annualised real return of 3.4% for the 20-year period that ended on March 31, 2026. The inflation-adjusted return is lower than the 3.8% achieved in the previous year and the lowest since 2020.
Last year’s report covered the period April 1, 2005, to March 31, 2025. The GIC metric is a rolling return, which measures long-term performance that will still reflect significant cyclical effects.
The SWF said in a statement that it has prioritised portfolio resilience through diversification, amid recurring forces across geopolitics, inflation and interest rates, climate, and technology.
Against that backdrop, GIC is also refreshing its investment framework from this year that will leverage on its capabilities in active investing, particularly in private markets and strategic partnerships that have been strengthened over the past decade, it said.
Its Strategic Portfolio will comprise three asset groups—equities for growth; fixed income; and real assets for inflation resilience.
The changes are also expected to capture excess returns across difference market cycles, GIC said.
Said CEO Lim Chow Kiat: “We will continue to focus on active investing which requires the judgement to allocate capital well and with granularity, the discipline to stay diversified, and the agility to act when good opportunities arise.”
As at March 31, the GIC portfolio asset mix comprises 56% equities, up from 51% recorded the year before; 22% fixed income, and 22% real assets. More than half of the portfolio sits in the Americas, and 22% of the assets are in Asia Pacific.
At the same time, the SWF has identified artificial intelligence as a key investment focus. GIC invests across three categories: enablers, monetisers, and adopters. Across this value chain, its portfolio includes Anthropic, Ramp, and Eli Lilly.
Notably, GIC is among the few global investors who have active exposure to both early-stage and late-stage investments. This gives it a “complete picture” of the AI ecosystem, the organisation said, from the innovation with frontier models, to capital flowing into AI infrastructure, and longer-term adoption across industries.
“Being involved early helps us see which technologies are taking off and how they are being used in practice, which founders can execute well, and which business models have lasting advantages. GIC’s partnerships with leading venture and growth funds also give us access to a broad range of companies,” the SWF said in its report.
