, but lower compared to the years prior. That number was 3.7 per cent for FY2016/17, 4 per cent for FY2015/16 and 4.9 per cent for FY2014/15.
This one-off effect is set to persist and weigh on the 20-year return figure over the medium term, said Mr Lim at a media briefing held a day earlier. It also slightly increased its allocation to emerging market equities from 17 per cent to 18 per cent, as well as private equity from 11 per cent to 12 per cent.
“We see a future quite a number of outcomes that are skewed to the downside,” said Mr Lim. These include a disorderly unwind of high debt, “constrained” space for policymakers to counter downturns and a possible de-globalisation given the protracted trade tensions, he added. As a global investor, GIC would “still very much prefer a globalised world where we continue to benefit from productivity gains, innovation and knowledge sharing”, he added.Regardless, GIC said it continues to look out for opportunities and stands ready to take advantage of potential market dislocations.
Mr Jaensubhakij stressed that this remains early days yet, but there are parallels in the deals announced this week.
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