The Government of Singapore Investment Corporation (GIC), one of the world’s largest and most sophisticated sovereign wealth funds, released on Wednesday its annual report, including its performance numbers.
The result: its 1,500 employees, known throughout the industry as some of the smartest minds in the business, between them achieved an annualized 20-year real rate of return of 3.4%.
It doesn’t sound much for such a vast and capable investment engine. But there are reasons for this, which remind us that no matter how long the time horizon, numbers always need a closer look.
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