Drop in GIC's Annualised Rolling 20-year Real Rate of Return for Year Ended 31 March 2026

65 Mr Pritam Singh asked the Prime Minister and Minister for Finance what are the reasons for the drop in GIC's annualised rolling 20-year real rate of return of 3.4% for the year ended 31 March 2026, from 3.8% the year before.

Mr Jeffrey Siow: The decline reflects, in part, GIC's more cautious investment approach in recent years amid heightened market volatility and uncertainty. GIC has prioritised portfolio resilience by diversifying its investments and adopting a lower-risk posture. While this moderated returns, it also strengthened portfolio resilience and provided greater downside protection. This approach is consistent with GIC's mandate to preserve and enhance the international purchasing power of its assets under management over the long term.