In terms of asset allocation, perhaps the most remarkable decision by the Government of Singapore Investment Corporation Pte Ltd (GIC) in the financial year 2008-2009 was restoring its allocation to public equities to pre-crisis levels.From July 2007 to September 2008, GIC had reduced its allocation to public equities by 10% because of concerns in early 2007 about an equity overvaluation. The strategy worked by helping to minimize losses in the ensuing bear market. Despite restoring its allocation to public equities to pre-crisis levels, GIC has reduced its total allocation to equities from 44% as of March 31 2008 to 38% as of March 2009.
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