Singapore's GIC reports 7.8pc annual return

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SINGAPORE, Sept 23 (AFP): The government of Singapore Investment Corporation (GIC), one of the world's largest sovereign wealth funds, said today its nominal annual rate of return over the past 20 years was 7.8 per cent in US dollar terms.
The traditionally-secretive GIC released the figure in its first annual report on the management of its portfolio.
But the 48-page report contained few other financial details.
"GIC's investment objective is to achieve a reasonable rate of return above global inflation with due regard to risks," the firm's deputy chairman and executive director, Tony Tan, told reporters.