One of the world’s biggest investors reducing bond holdings
Singaporean sovereign wealth fund GIC Pte. is planning to cut its holdings of bonds as it prepares for a long-term future with “significantly” lower returns amid geopolitical uncertainty and rising yields. The firm, which the Sovereign Wealth Fund Institute estimates runs about $453 billion, on Friday reported an annualized real return of 4.3% for the 20 years ending March 31, its best performance since 2015.