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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

CalPERS Commits $5 Billion Toward US Enhanced Equity Strategy

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The California Public Employees’ Retirement System (CalPERS) moved US$ 5 billion toward an internally-managed U.S. enhanced equity strategy. This falls under the global equity bucket at CalPERS.

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Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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