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Singaporean blogger disputes GIC’s reported profits amidst contrary claims

Singaporean blogger Philip Ang challenges mainstream media portrayals of GIC’s positive performance in FY2023, suggesting potential losses may have been obscured. Ang cites concerns over GIC’s unique 20-year annualised real rate of return metric and questions the fund’s vulnerability amidst global financial turmoil.



SINGAPORE: In a recent revelation by Singaporean blogger, Philip Ang, claims have surfaced regarding Singapore’s sovereign wealth fund, GIC, suffering record losses in the fiscal year 2023.

This controversial statement juxtaposes the positive performance depicted in the mainstream media.

Mainstream Media vs. Blogger’s Perspective

While media outlets like Channel News Asia (CNA), Straits Times, and Mothership have reported positive performances by GIC in FY2023, Philip Ang suggests that such positive portrayals could be misleading.

  • CNA reported, “GIC to grow infrastructure investments as 20-year annualised real return hits 8-year high.”
  • Straits Times highlighted, “GIC posts resilient real returns above inflation rate.”
  • Mothership mentioned, “GIC records annualised real return of 4.6%, its highest in 8 years.”

Ang raises concerns about the 20-year annualised real rate of return metric GIC uses.

“GIC uses the 20-year annualised real rate of return to measure its own performance. It’s the only fund manager/SWF in the universe to use such a metric.

The reason for this is simple; so long as GIC is profitable in most years, the mention of ‘loss’ in the media is avoided. To illustrate, if GIC makes consistent investment gains every year but is unprofitable in, say, 5 out of 20 years, on average it will still be making a profit.

Errr … why not increase the 20-year duration to, say, 25 or 30 years?”

He believes it can help mask losses and cited an example from FY2009 where GIC suffered a then-record loss of US41.6 billion but still reported a positive 20-year annualised rate of return of 4.4%.

Financial Movements in 2022

In 2022, significant transfers were made to GIC:

Ang noted that these investments, totalling over S$300 billion, were mostly in overvalued assets, making GIC vulnerable to losses.

Global Financial Scenario

Global markets faced turmoil in 2022:

  • A series of 8 interest rate hikes from May 2022 to March 2023 by the US Federal Reserve, prompting other central banks to follow suit.
  • Global stock and bond markets lost over US$30 trillion.

Ang estimated that with GIC being the 7th largest sovereign wealth fund globally, its share of this loss could be around US$69 billion, or approximately S$95 billion.

He pointed out that FY2023 was also a terrible year for GIC’s sister company Temasek with a shareholder return of -5.1%, its worst performance in 7 years and raised doubts over how GIC made ‘8-year high returns’ for the same period.

In contrast, Norway’s wealth fund @ The fund | Norges Bank Investment Management reported a loss of US$164 billion, suggesting transparency in their reporting, which Ang believes GIC lacks.

GIC’s Diverse Portfolio

GIC’s investment in various assets such as bonds, real estate, and private equities saw potential downturns:

  • With rising bond rates, GIC’s significant bond holdings might have faced devaluation.
  • Despite falling real estate prices in 2022, GIC invested a record US$20 billion in this sector.

Currency Fortunes

On the brighter side, the Singapore dollar strengthened against many global currencies in FY2023, which might have offset some of GIC’s losses.

Ang’s assertions provide a contrasting view to the mainstream media’s portrayal of GIC’s performance in FY2023.

According to him, while all asset classes faced the brunt of rising interest rates, with the media’s alleged complicity, GIC’s potential losses may have been cleverly hidden from public view.

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This guy is a fantastic analyst. That’s the reason he’ll never be accepted in government or either be shut down by them for giving the right numbers out.

It is not about fooling the public. There are some like Phillip Ang who are experts at analysis, who look across the globe and can derive deep insights. Also to make comparisons with other leading countries. I am impressed that tiny Singapore is the 7th largest sovereign wealth fund. It represents our national reserves strength. It is all about paper gain and paper loss. There is no measure that is adequate except to convert to tons of gold. Currencies rise and fall and impossible to find a suitable benchmark. Averaging over decades can help gloss over the short-term falls and… Read more »


Regarding the Committee of 300 written by Dr. John Coleman

This 169 page document is one of the most widely referenced writings used as proof that we are run by a small group of Globalist Controllers.

This is Loong, Looong mathematical formula creation to hoodwink the Public. How to predict interest over 20 years. It is like the use of “future.” We are saving for future generations so the present population have to keep paying forward. Truly a dishonest group. The worst in the First World. Philip Ang, thank you once again for your article and analysis.

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“Errr … why not increase the 20-year duration to, say, 25 or 30 years?” Like I mentioned before, as long as it is required to portray positive result, any duration can be used by the establishment to brainwash the citizen with their mouthpiece. This is call averaging the result. Another of my concern is whether the investment returns from Singapore (those business they have near monopoly of) is used to offset the losses of overseas investment or the returns from overseas investment is used to contribute positively to our Reserve? For those local monopoly business, they could adjust the pricing… Read more »

Desperate attempts to make people Believe the reserves only makes the Cynicism more Valid.