Temasek books first portfolio fall since 2009, seeks US tech investments1 min read . Updated: 07 Jul 2016, 01:11 PM IST
With a 9% fall in the value of its portfolio, Temasek also says it expects more volatile markets and an increasingly challenging business environment
Singapore: Singapore state investor Temasek Holdings (Pte) Ltd said the value of its portfolio fell 9% in the year ended March, the first decline since 2009, as its investments were hit by weak markets in China and the rest of Asia.
Temasek also said it expects more volatile markets and an increasingly challenging business environment, and that it had the financial flexibility to pursue investment opportunities that arise.
Temasek is a major global investor with stakes in Standard Chartered Plc, Chinese banks and Singapore’s top companies.
It made investments of S$30 billion ($22 billion) in the last financial year, led by targets in the United States and followed by China. But the value of its portfolio declined to S$242 billion from S$266 billion in the previous financial year, it said in its annual review on Thursday.
Temasek, which has been increasing investment in US companies such as accommodation-sharing start-up Airbnb, will open an office in San Francisco this year to target technology companies. It already has an office in New York.
In its previous financial year, Temasek’s portfolio jumped nearly a fifth to a record high. Reuters