Whenever Singapore’s GIC sovereign wealth fund reports its annual numbers, the first place we turn is the portfolio asset mix. Sovereign funds, in the main, move at a tectonic pace, so the year-on-year shifts are rarely dramatic. But viewed over a decent time horizon, they’re like rings in the trunk of a tree: each one identifiable as of a particular age and time.
Let’s compare this year’s report, expressing the position on March 31 2023, with the report for 2017.
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