Singapore’s GIC Reports Smallest Exposure to Asia Since 2010
- Fund’s annualized 20-year real rate of return fell to 3.9%
- GIC says US will remain an important investment destination
The skyline of Central Business District in Singapore.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Singapore’s giant sovereign wealth fund GIC Pte. reported its lowest Asian exposure in more than a decade, with its US and Europe assets on the rise, according to its latest annual report.
Around 26% of GIC’s investment portfolio was in Asia as of the end of March, compared with 39% in the US alone, according to the report released on Wednesday. Its holdings in Japan — whose equity market has soared — continued their steady decline, and now make up just 4% of the firm’s assets.