GIC reported a 3.4% annualised real rate of return for its 20-year portfolio ending March 31, 2026, down from 3.8% the previous year, marking the lowest level since FY2019/20 [1, 2, 3, 4]. The nominal 20-year annualised return before adjusting for inflation was 5.6% over the same period [1, 2, 3].

The state investment firm uses a rolling 20-year metric covering April 2006 to March 2026 as its main long-term performance indicator [1, 2, 3]. Meanwhile, GIC's 5-year annualised nominal return also declined to 3.6%, the lowest since 2013, down from 6.1% a year earlier [4].

Amid global geopolitical tensions, inflation, and AI-driven market shifts, GIC has reduced portfolio risk and prioritised resilience. Lim Chow Kiat, GIC's CEO, said the adjustments "moderated returns, but it is consistent with our long-term mandate: it gave us greater downside protection and more flexibility to act on opportunities as they emerge" [1]. He also emphasized the mandate to preserve and advance real value and noted the firm's performance remains within expectations [3].

Starting April 1, 2026, GIC implemented a refreshed investment framework designed to provide more flexibility and granularity to navigate a fundamentally changed world [1, 2, 3]. Lim said, "We believe that with the new framework, it allows GIC to position well" [3].

As of March 31, 2026, GIC's portfolio allocation stood at roughly 56% equities, up 5 percentage points from the prior year; 22% fixed income, down 4 points; and 22% real assets, including real estate and infrastructure [2, 4]. The Americas remain the largest investment region with 53% of assets located there, up from 44% in 2024, driven primarily by public equity and AI investments [2, 4].

GIC plans to invest an additional US$30 billion into hedge funds over the next three years, continuing a decade-long trend of tripling hedge fund investments [1, 2]. The firm views China as an important market and maintains offices in Shanghai and Beijing, continuing to invest there [2].

On AI investments, GIC targets three categories: enablers, monetisers, and adopters with companies such as Anthropic, Databricks, Athenahealth, and Eli Lilly among portfolio holdings. Lim noted, "In the AI space I would say there have been more opportunities in the US—they have produced large companies that allow us to deploy more capital" [1, 4]. He cautioned that near-term AI breakthroughs do not guarantee long-term success, making these investments complex [1].

GIC remains focused on its long-term mission to preserve and enhance the purchasing power of Singapore’s reserves. Lim pointed out in Mandarin, "对我们而言，最重要的是审视自己的使命，即长期保持并提升投资组合的实际价值，因此我们必须据此管理投资组合" [2]. Senior Minister of State for Finance Chan Chun Sing commented in Parliament in January 2026 that any assessment of returns must consider the risks assumed to achieve those returns [2].

GIC released its FY2025/26 annual report on July 24, detailing these returns and the updated investment approach [1, 2, 4, 3].