GIC is an investment firm that manages a diversified portfolio of investments in private equity and venture capital funds, as well as direct investments and co-investments in private companies. Its investment team is based out of San Francisco, London, New York, Singapore, and Beijing. The compa...
GIC could manage its portfolio professionally, free from political influence. The company could set personnel and remuneration policies aligned with market practice, to offer competitive terms and attract capable talent.
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要理解GIC的投资框架,我们就需要搞明白影响其投资策略的三个重要概念: 1)参考组合(Reference Portfolio):该投资组合包括65%的全球股票,和35%的全球债券。这是一个被动型的投资组合(假设投资者长期持有65%的股票和35%的债券,期间不做任何买卖活动)。该参考组合是GIC设计投资策略的起点。不管GIC做出何种投资决策,其长...
其次是建立政策组合(Policy Portfolio),代表基于参考组合的分散化资产配置,通过投资各资产类别的指数,获得长期市场Beta收益。这是GIC投资组合的核心组成部分,也是长期收益的主要来源。 在政策组合中,资产类别种类进行进一步合并重组,由之前的13种减少为6种,包括发达市场股票、新兴市场股票、名义债券和现金、通胀连接债券、...
积极组合(Active Portfolio),可理解为成长型组合,即α组合,与β组合相对,赚的是投资能力的钱。 GIC估计,积极结合的风险大致等于名义债券、发达市场股票和房地产投资的加权风险,在此基础上,α通过买卖资产,组合实现超额收益。GIC管理层通过设置风险预算来管理积极结合的投资策略。这些策略将经过层层压力测试,在宏观环境或...
Submit portfolio details Investments 1 About GIC Group The GIC Group is an international firm serving the investment, finance, analytical, and management needs of companies and organizations involved in agribusiness, biotechnology, and global trade. The company is currently involved in a new initiative...
政策组合(Policy Portfolio),可以理解为基础核心组合,或者用时下流行的话来说就是β组合。在这一组合里,GIC划分了6类核心资产:名义债券和现金、通胀挂钩债券、发达市场股票、新兴市场股票、房地产、私募股权,是驱动GIC保持长期稳定盈利的基础。 GIC在管理政策组合时,采用“再平衡”的策略,从组合整体考虑,系统性的调整...
2.1 政策组合(Policy Portfolio) 政策组合,包括六大核心资产。实现这六大资产的配置,主要依靠被动型指数基金(二级市场),和低成本投资策略实现。 这六大资产包括:发达国家股票(20~30%),发展中国家股票(15~20%),政府债券和现金(25~30%),防通胀债券(4~6%),房地产(9~13%),和私募股权(11~15%)。
How laddering maturities works If you want to reduce interest rate risk, consider spreading the maturity dates of yourGICsso that one or more (and approximately 20% of your GIC portfolio) comes up for renewal each year for the next five years. That is, divide up the amount you are plannin...