By P.R. Venkat SINGAPORE--The Government of Singapore Investment Corp. said Tuesday its average rate of return for the fiscal year ended in March was unchanged from the previous year, but warned investment returns are likely to remain low given uncertainty surrounding the global economy. In a statement, GIC, which manages Singapore's foreign-exchange reserves, said in its annual report the annualized real rate of return from its investments for the 20 years through March was 3.9% in U.S. dollar terms, unchanged from a year earlier. For the five years ended in March, the sovereign-wealth fund said the annualized return in U.S. dollar terms was 3.4%, while it was 7.6% for the 10-year period. GIC describes itself as a long-term investor and doesn't provide the absolute dollar amount of its investment or portfolio. "Looking ahead, we assess that the investment environment will be characterised by a global economy struggling to return to sustainable growth," GIC Group Chief Investment Officer Ng Kok Song said in the report. The sovereign-wealth fund has made some high-profile investments in western financial institutions such as Citigroup Inc. (C). The sovereign-wealth fund says it manages a portfolio of more than $100 billion, but analysts say the portfolio under management could be as much as $300 billion. During the fiscal year ended March 31, GIC said its exposure to the equities market fell to 45% from 49% a year earlier, and its exposure to fixed income dropped to 17% from 22%. The sovereign-wealth fund said 11% of its portfolio was in cash in March, compared with only 3% in cash a year earlier. Write to P.R. Venkat at venkat.pr@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires
