SINGAPORE: Sovereign wealth fund GIC manages well over US$100 billion worth of assets in more than 40 countries globally. According to its latest annual report released on Thursday (Jul 30), it has generated an average annual real return of 4.9 per cent for the 20-year period ending March 31, 2015. This marks an increase from the 4.1 per cent it reported a year ago for the 20-year period ended in March 2014. The real rate of return reflects what is made over and above global inflation. In USD nominal terms, the GIC portfolio generated an annualised return of 6.1 per cent over the same period. As for portfolio mix, GIC said it has remained largely unchanged from the previous year in terms of asset classes and geographical distribution because it has a long-term investment horizon, and takes a bottom-up approach, picking investments based on individual merit. GIC's exposure to equities in developed and ...