Singapore sovereign wealth fund GIC portfolio achieved an annualized USD nominal rate of return of 5.6 percent over the 20-year period that ended on March 31, 2026.

Adjusting for global inflation, GIC’s annualized real rate of return over the same period was 3.4 percent, the fund said in a statement.

The rolling 20-year real rate of return is the primary metric for evaluating GIC’s investment performance.

It is in line with GIC’s mandate to preserve and enhance the international purchasing power of the reserves placed under its management over the long term — that is, to achieve good long-term returns above global inflation.

Over the past decade, recurring forces across geopolitics, inflation and interest rates, climate, and technology have structurally reshaped the investment environment.

In line with its mandate, GIC said it prioritized portfolio resilience through diversification. This moderated returns in stronger markets while providing greater protection against the downside and more flexibility to act on good opportunities as they emerge.

One key investment focus area is artificial intelligence (AI). With its full coverage across private and public markets, a wide global network, and over 40 years of investing in technology, the fund said it is well placed to capture long-term value in AI and will continue to assess opportunities with granularity.

To navigate a fundamentally changed world, GIC said it is refreshing its investment framework from 2026.

Building on the existing framework, this refresh draws on the capabilities GIC has developed in active investing, private markets, and strategic partnerships.

In the new framework, the strategic portfolio (SP) represents the client’s risk appetite and long-term return expectations.

The SP comprises three asset groups: Equities for growth, Fixed Income for income, and Real Assets for inflation resilience.

The GIC portfolio will aim to outperform the SP over the long term within approved risk parameters through active investing to capture excess returns across market cycles.

“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,

“By combining these strengths with our long-term horizon, we are confident that we can keep delivering good real returns for Singapore over the years ahead,” said Lim Chow Kiat, Chief Executive Officer of GIC.

GIC bolsters leadership team as global investment landscape grows complex