Singapore's sovereign wealth fund GIC has released its latest annual report, showing that its investment weight in Asia has dropped to the lowest level in over 10 years, while its assets in the United States and Europe are on the rise. The annual report reveals that as of the end of March, the US accounted for 39% of GIC's investment portfolio, while Asia's share dropped to around 26%, with Japan's share further declining to 4%. In GIC's 2019 annual report, Asia (including Japan) accounted for 32% of the investment portfolio. Jeffrey Jaensubhakij, Chief Investment Officer of GIC, stated that in recent years, "in terms of relative returns, the US market has been outstanding, while the performance of the Asian markets (excluding Japan) has been subpar." Jaensubhakij pointed out that currency fluctuations in the Asian region, including significant depreciation of the Japanese yen, were one of the reasons for the lower proportion of their Asian assets. Lim Chow Kiat, Chief Executive Officer of GIC, mentioned that in the short term, diversifying investments may entail some opportunity costs for GIC, but believes that maintaining financial discipline and diversification is crucial, especially in a world full of immense uncertainties. The report also highlighted that given the high valuations of many risk assets, particularly with low mid-term return prospects in mature markets, the risk-return profile is also poor. Lim Chow Kiat stated that regardless of the outcome of this year's US presidential election, GIC will continue to hold a significant amount of US stocks, "we believe that the US will remain as a key and important investment destination for us."