If GIC is really managing all CPF monies, there must have been massive investment losses

The government should clarify if all our CPF is invested in SSGS and managed by GIC. Based on data from reputable institutions, there appears to be massive investment losses.

Better still, disclose all material information in Parliament instead of concealing information from CPF members.

On 19 September, foreign media reported on Norway’s sovereign wealth fund hitting US$1 trillion in assets. link

One media report published a chart showing the growth of 5 SWFs which included Singapore’s GIC.

The chart above (slightly edited) shows GIC’s assets increasing from about US$300 billion in 2009 to US$359 billion in June this year, an increase of US$59 billion.

But how could this be when CPF balance, including interest, has increased by US$143 billion during the same period (year ending December)? CPF Board

Did GIC lose US$84 billion since 2009?

There are also discrepancies in more recent data. From June 2015 to June 2017, GIC’s assets increased by only US$15 billion/S$21 billion, according to the SWFI.

Figures from CPF Board suggest something is amiss. From December 2015 to June this year, CPF balance increased by S$46 billion; an estimated increase since June 2015 should be S$58 billion.

Did GIC lose S$37 billion?

Since SWFI articles and statistics have been widely quoted, the government should clarify because the serious discrepancies suggest:

1 – GIC has lost tens of billions in our CPF.
2 – GIC does not manage all CPF monies.
3 – GIC manages very little of our reserves.
4 – All of the above.

SWFI is a reputable institution and is unlikely to have published fake news/data.

If tens of billions in CPF have not been lost, how could GIC be managing only US$359 billion in assets in June 2017?​

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1 Response to If GIC is really managing all CPF monies, there must have been massive investment losses


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