Why does CPF fund manager GIC need to conceal its cash position?

CPF fund manager GIC is no ordinary fund manager.

It is perhaps the only one in the universe which has been able to conceal material information with help from the government.

Information which GIC does not wish to disclose could be replaced with a different set of data (see previous post on GIC). Another way to do this is through commingling.

In 2014, GIC suddenly commingled cash with nominal bonds. This is indeed strange as cash is a different class of asset which has to be disclosed separately.

2013 AR shows ‘cash’ not commingled with nominal bonds.

GIC 2013 annual report

In 2014, GIC’s cash position became unknown as it has been commingled with ‘Nominal Bonds’.

​​​GIC 2014 annual report pg 14
(Perhaps GIC was too busy concealing information that it overlooked a typo. The 2013 AR reported ‘Real Estate’ at 10% whereas the 2014 AR reported the 2013 ‘Real Estate’ holding at only 8%.)

If GIC could differentiate between nominal and inflation-linked bonds as 2 different classes of asset, why did GIC see fit to lump cash together with bonds?

Since cash earns next to zero return, was GIC trying to prevent scrutiny of its performance?


In the 2013 AR, ‘Nominal Bonds and Cash’ stood at 26%**. This combined asset class earns the least returns and could even be negative should long-term interest rates rise. In the latest report, GIC’s portfolio consisted of 35% ‘Nominal Bonds and Cash’.

With such a high percentage of unproductive investments, it is doubtful gains from other investments could have made up for this ‘special’ asset class. 😦

Appears to be another typo as the 2014 AR reported this figure at 29%.

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1 Response to Why does CPF fund manager GIC need to conceal its cash position?

  1. Confused says:

    To spend so much efforts doing all these, there must be a or many hidden agenda.

    Noone in their right mind would do this unless they have nothing better to do.

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