Temasek review

Temasek portfolio value inches to record high

Singapore’s state-owned investment portfolio, Temasek, grew a modest 3.8% to $193 billion at the end of its last financial year in March.

Temasek’s portfolio value rose by more than S$7 billion $5.5 billion to S$193 billion during its last financial year, according to the Singapore state-owned investment arm’s latest review. Net profit more than doubled to S$13 billion, equal to its earnings in 2006, but still below the 2008 peak of S$18 billion.

However, Temasek’s portfolio return for the year fell short of its internal risk-adjusted hurdle by S$8.8 billion amid tough conditions in the global economy, according to the report, which paints a fairly gloomy picture of the world under the slightly bleak title Building for tomorrow. Today, it seems, is a write-off.

“While Asia rebounded swiftly...

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