Chart Legend

The vocabulary this chart uses, defined from scratch — including its own typographic convention.

GIC

GIC Private Ltd, formerly the Government of Singapore Investment Corporation. Manages the bulk of Singapore's foreign reserves on the Government's behalf. It owns nothing itself: it is a fund manager whose sole client is the Government of Singapore.

Schedule 13G / 13D

US SEC filings required when an investor's stake in a US-listed company crosses 5%. 13G is the passive-intent version; 13D signals possible activist intent. Amendments (/A) track changes, and a final amendment below 5% ends the duty to file.

Form 3 / Form 4

SEC insider filings, required when an investor is an officer, a director, or a holder of more than 10%. Form 3 declares the initial position; Form 4 reports each subsequent transaction.

13F, and why it is absent here

The quarterly holdings report required of institutional investment managers holding over US$100m in US equities. GIC does not appear in EDGAR's 13F filer records — as a foreign government entity it sits outside the regime that catches ordinary managers. The consequence: no one can enumerate GIC's sub-5% US holdings from public records.

NIRC

Net Investment Returns Contribution: the amount the Budget may take each year, capped at 50% of expected long-term real returns on the relevant assets of GIC, MAS and Temasek, net of Government liabilities. The largest single revenue line in recent Budgets.

ELTRROR

Expected Long-Term Real Rate of Return: the unpublished forward-looking assumption from which the contribution is computed. Proposed by the investment entities, concurred with by the President.

Rolling 20-year real return

GIC's sole published performance metric: the annualised US-dollar return over the trailing twenty years, above global inflation. Each year the window slides, so year-to-year changes mix new performance with old years rolling out.

Past Reserves

Reserves accumulated during previous terms of Government, protected by the Constitution: drawing on them requires the President's concurrence — the “second key”.

Real Assets

GIC's reporting bucket for real estate, infrastructure and similar holdings, under the three-class presentation used in the FY2025/26 report (Equities · Fixed Income · Real Assets).

Announcement vs filing

Two different kinds of disclosure, and the distinction runs through this whole chart. An announcement is published because the organisation chose to publish it — timing, wording and omissions are all its own. A filing is submitted because a regulator compels it, on a schedule the organisation does not set. The Spillway reads announcements; The Glass Pool and The Open Book read filings. Neither is more truthful, but only one is complete on its own terms.

Round size vs valuation

A funding announcement usually states two numbers: the money raised, and what the company is worth afterwards. They are not interchangeable, and the valuation is almost always the larger. When this chart lists an amount it means the money in the transaction; a valuation, where the release gives one, sits in its own column. Anthropic's Series H raised US$65 billion at a US$965 billion post-money valuation — reporting the second as the first would overstate the deal fifteenfold.

Treasury issuance

Raising debt rather than investing. Temasek issues Temasek Bonds and must announce each pricing, upsizing and redemption, which puts large numbers in its newsroom that are borrowings, not deals. This chart labels them separately and never adds them to investment figures. GIC does not issue at all, so has no equivalent.

Post-money

A company's valuation counted after new money has landed — the pre-money valuation plus the amount raised. Announcements usually quote post-money because it is the bigger figure.

Italic and roman on this chart

A convention borrowed from hydrographic charts, where water features are labelled in italic and land features in roman. Here italic marks any figure that is inferred, bounded or withheld; roman marks a figure someone actually published. If it leans, no one has stated it.