Its global direct investments, particularly in technology, healthcare and payments, saw 'a reversal of gains' in the 12 months ending March 31 this year.
Temasek posted a 5.07% decline in its one-year total shareholder return in Singapore dollars.Confluence of multiple global events, not seen in decades, raised cost of capital and weighed on capital flows.
Net portfolio value came in at $382 billion Singapore dollars , compared to S$403 billion a year ago. This was just its fifth one-year total shareholder negative return since 2003. The Singapore state investor is invested in both public and private markets. Unlisted assets comprised 53% of its portfolio as at March 31— generating higher returns in listed assets. Marking its unlisted portfolio to market would provide S$18 billion of value uplift, it said.
Temasek said its global direct investments, particularly in the technology, health care and payments spaces, saw "a reversal of gains" in the 12 months ending March 31, as valuations de-rated in the higher interest rate environment.
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