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GIC Posts Worst Five-Year Return Since 2016 as Global Economy Slows
- CEO Lim Chow Kiat warns markets “not out of the woods yet”
- Sovereign wealth fund is among world’s biggest investors
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Singapore Sovereign Wealth Fund GIC Posts Worst 5-Year Return Since 2016
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WATCH: Singapore’s GIC Pte reported its worst five-year returns since 2016. David Ramli reports.Source: Bloomberg
By David Ramli and Low De Wei
July 25, 2023 at 5:00 PM EDT
Singapore sovereign wealth fund GIC Pte reported its worst five-year returns since 2016, citing the slowing global economy as it warned the consequences of rising interest rates are yet to fully play out.
The firm, which the Sovereign Wealth Fund Institute has estimated runs $690 billion, posted annualized nominal returns of 3.7% for the five years ending March 31, the lowest in seven years. Its 20-year real return hit an eight-year high of 4.6% after moving past 2003, a fiscal year when markets slumped. The fund doesn’t publish one-year results or its assets under management.
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