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Singapore’s GIC Annual Report Released

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Singapore’s GIC released their latest annual report. As the investment manager for Singapore’s foreign reserves, the sovereign fund targets long-term investments. They believe in harvesting long-term risk premiums, sometimes even being a contrarian investor.

The annualized rolling 20 year real rate of return on March 31, 2012 was 3.9%. Singapore’s GIC reiterated their mandate was to “achieve a good, sustainable real rate of return over a 20-year time horizon.”

In January 2012, Singapore’s GIC created two new board committees to tackle investment strategies, risk and greater internal controls for compliance. The investment review committee is utilized to oversee large investments. With regards to asset allocation, exposure to public equities decreased, and cash holding increased.

At times, up to 20% of the portfolio was managed by external managers.

According to the annual report with regards to the GIC’s externally-managed assets, 58% of external managers are based out of the United States, followed by 22% in Europe. 54% of the total count of external managers fit into the marketable alternatives category.

Annualized Nominal Rates of Return in USD, Period Ending March 31, 2012

5-Year 10-Year 20-Year
Government Portfolio Performance 3.40% 7.60% 6.80%

Source: Annual Report – GIC

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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