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新加坡主权财富基金首次披露业绩

发布者: chrislau2001 | 发布时间: 2008-9-25 16:07| 查看数: 1568| 评论数: 1|

Singapore's Wealth Fund Opens Up, A Bit

In a step aimed at helping to address unease over the growing role of sovereign-wealth funds in world markets, Government of Singapore Investment Corp. shed more light on where it invests its money and disclosed an average annual return of 5.8% over the past two decades.

But the typically tight-lipped fund, known as GIC, continued to leave some key data under wraps. GIC also offered a note of skepticism about global markets, saying it's 'unrealistic' to expect the same rates of return in the future.

'Looking ahead, we see a more challenging investment environment than what we have seen since GIC's formation in 1981,' Chief Investment Officer Ng Kok Song said. 'The powerful trend of disinflation that propelled the global capital markets over 25 years seems to have ended.'

The disclosures offered new details on what is considered one of the world's largest investors. GIC's first public annual report shows it has shifted away from fixed-income assets in recent years to focus on equity investments and alternative classes such as private equity and real estate. Fixed-income assets now make up about one-quarter of its portfolio, GIC said, compared with three-quarters 25 years ago. At 34%, the U.S. is its largest single market for investments, with Japan second at 11%.

The fund, run since its creation by Singapore patriarch Lee Kuan Yew, manages the country's foreign reserves. GIC said investment performance benefited from growth and restrained global prices in the first 20 years of its existence. But its returns, once above 8% annually, have suffered in recent years from the Asian financial crisis of the late 1990s, the market slump earlier this decade and the recent credit crisis. It also said its returns have fallen as the firm has grown in size.

GIC's 5.8% average return for the 20 years ended March 31 is in terms of Singapore dollars. It claimed a real rate of return above inflation of 4.5% over the period. Measured in U.S. dollar terms, GIC posted a 7.8% annualized return over the period.

Going forward, Mr. Ng said, the investment landscape will be burdened by financial firms as they deleverage, as well as rising costs of food and energy. However, domestic demand may be resilient in large developing economies.

GIC said its funds exceed US$100 billion, a figure it has used for years, but declined to specify the actual amount under management. A statement from it also didn't disclose results for the most recent fiscal year, ended March 31.

It's unclear how far GIC's disclosures will go with investors and policy makers in Western countries who have expressed concern over the growing role of government-controlled funds in industries ranging from investment banks to infrastructure. GIC and other sovereign-wealth funds have come under pressure to become more transparent and make investments based solely on financial considerations.

In a foreword to Tuesday's report, GIC Deputy Chairman Tony Tan said GIC has actively participated in a group of funds that recently concluded talks to draft a code of conduct to guide their investments. He said GIC's report 'will assure the investment community and the countries in which we invest that our activities have only one purpose -- financial return.'

Also on Tuesday, Kuwait's secretive sovereign fund, the Kuwait Investment Authority, provided a rare peek into its recent performance amid the global financial crisis. The fund, estimated to have some $260 billion under management, pumped $3 billion into Citigroup Inc. and $2 billion into Merrill Lynch & Co. earlier this year.

Bader Al Saad, the KIA's managing director, told Al Arabiya TV Tuesday that the fund's paper losses on its Citi investment come to some $270 million. But the fund has long maintained its investments are long term.

Costas Paris / P.R. Venkat / John Jannarone

最新评论

chrislau2001 发表于 2008-9-25 16:07:40
人们对主权财富基金在全球市场扮演的日益重要的角色感到不安,为了缓解这种情绪,新加坡政府投资公司(Government of Singapore Investment Corp., 简称GIC)公布了包括投资去向在内的更多信息,并透露过去20多年的年均收益率为5.8%。

但这只通常守口如瓶的基金还是没有公布一些关键数据。GIC还对全球市场表示出怀疑,称期望未来能实现同样的收益率是“不现实的”。

GIC首席投资长Ng Kok Song说,放眼未来,我们看到的是自1981年GIC成立以来最具挑战性的投资环境。过去25年中推动全球资本市场发展的强劲通缩趋势似乎已经终结。

GIC的信息披露让人们对这家被认为是全球最大的投资机构之一有了新的了解。GIC首次发布的公开年报显示出,近年来它已经将投资重点从固定收益资产转向股票投资和私人资本运营及房地产等另类投资。GIC称,固定收益资产目前占其投资组合的四分之一左右,而25年前所占比例为四分之三。美国是其最大的投资市场,占投资总额的34%,日本位居第二,所占比例为11%。

由新加坡政界元老李光耀(Lee Kuan Yew)创立的GIG自成立之日起就负责管理新加坡的外汇储备。GIC表示,头20年的投资业绩得益于全球经济发展和平抑的物价,年收益率曾一度达到8%以上,但近年来,从上世纪末的亚洲金融危机、本世纪初的市场暴跌到最近的信贷危机令收益率受损。同时,随着该公司规模扩大,收益率也有所下降。

GIC截止3月31日的20年5.8%的年均收益率是以新加坡元计算,在此期间剔除通胀的实际收益率为4.5%。以美元计,GIC的年均收益率为7.8%。

Ng说,金融机构解除过度杠杆以及食品和能源成本高涨会对未来的投资前景造成压力,但大型发展中经济体的国内需求可能会保持弹性。

GIC称其资金规模超过1,000亿美元,这个数字已经被沿用多年,但GIC拒绝详细说明管理的实际资金数额。GIC发表的声明也没有披露截止3月31日的上一财年业绩。

在从投行到基础设施建设的各个领域,主权基金的作用日渐重要,西方国家的投资者和决策者对此都表示了担忧,而GIC此次披露将产生何种影响还不得而知。GIC及其他主权财富基金都受到压力,要求它们更为透明,只基于投资回报的考虑来进行投资。

在周二发表的报告的前言中,GIC副董事长陈庆炎(Tony Tan)说,一些主权财富基金最近完成了起草指导主权财富基金投资的行为守则的谈判,GIC也积极参与其中。他表示,GIC的报告会让我们所投资的实体和国家相信我们的行动只有一个目的:财务收益。

周二,科威特神秘的投资基金科威特投资局(Kuwait Investment Authority, KIA)也难得地提供了其在全球金融危机中的近期业绩。该基金据估计管理着2,600亿美元资金,今年早些时候向花旗集团(Citigroup Inc.)注资30亿美元,向美林(Merrill Lynch & Co.)注资20亿美元。

KIA董事总经理Bader Al Saad周二对Al Arabiya电视台表示,该基金在花旗的投资帐面损失达2.70亿美元左右。但该基金一直坚持说自己的投资是长期性的。

Costas Paris / P.R. Venkat / John Jannarone
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