全球主权机构投资方法论系列：新加坡GIC：长期主义与投资体系演进

Group 1: GIC Overview - The Government of Singapore Investment Corporation (GIC) has over $700 billion in assets, making it one of the largest sovereign wealth funds globally[5] - GIC's nominal and real investment returns over the past 20 years are 5.8% and 3.9%, respectively, achieving the goal of preserving the international purchasing power of foreign reserves[5] - GIC adheres to a long-term investment philosophy, using a 20-year annualized return as the core performance metric[12] Group 2: Investment Framework Evolution - GIC's investment framework has evolved through two major reforms over its 40-year history, transitioning from a conservative investment model to a donation fund model, and then to a reference portfolio and total portfolio management approach[3] - The current reference portfolio is set at 65% global equities and 35% global bonds, reflecting GIC's long-term risk tolerance[39] - GIC's investment strategy emphasizes global diversification, with 39% of its investments in the U.S. and a significant focus on emerging markets[13] Group 3: Response to Market Challenges - In response to financial crises, GIC has practiced contrarian investing, increasing its allocation to emerging markets and adjusting asset classes to maintain stable returns[3] - GIC's proactive measures during the 2008 financial crisis included reducing equity exposure by over 10% before the crisis and rebalancing to restore equity levels post-crisis, leading to significant recovery in returns[48] - GIC's governance structure includes a board of directors appointed by the government, ensuring a clear separation of investment decision-making and oversight responsibilities[9]