Announcing its second annual report, Temasek Holdings, a Singapore-based private-equity group owned by the Singapore government, announced total shareholder returns in 2004 of 16% on its investment portfolio, down from the 46% returns earned during the previous year.
To some extent, Temasek is a victim of its own success. A rapid and ambitious restructuring of its portfolio by incoming managing director Ho Ching in 2002 yielded early benefits. Since then Temasek has been very much in capital deployment mode.
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