Singapore Wealth Fund Says Investments Fell 20% in Year
The Government of Singapore Investment Corporation (GIC) mentioned on Tuesday that its investments plummeted more than 20% in the year ending March. The fund has recovered more than 50% of the loss during the market rally since then. The GIC is larger than its sovereign wealth neighbor fund, Temasek Holdings.
The GIC had a negative outlook on fixed income and augmented exposure to real estate, infrastructure and natural resources. Internal fund managers at the GIC were keen on emerging markets and equities in the Asian region.
The sovereign fund’s total assets shrank by more than a fifth in the year ending March 31.
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