Singapore’s GIC reported annualized real returns for the 20 years through March 31 — the sovereign wealth fund’s preferred metric for long-term performance — rebounded sharply to 4.3% from the 2.7% gains it reported for the two decades ended March 2020. The prior year’s figure dropped from 3.4% the year before as the final gains of the U.S. market’s tech bubble were bumped from the 20-year span by the pandemic-ravaged year ending March 2020.
The latest results improved dramatically as the first year of the dot-com bubble fallout, ended March 31, 2001, dropped out of the calculation, to be replaced by the stimulus-fueled global rally of year ended March 2021.
GIC CEO Lim Chow Kiat, writing in the fund’s latest annual report, released July 23, said while the macro outlook look challenging — with returns from a broad range of asset classes likely to be low for the coming five or 10 years — the micro outlook remains promising.
On that score, Mr….