The most important number in Tuesday’s Temasek review for the Singaporean sovereign wealth vehicle was this: it divested S$28 billion ($20.6 billion) of assets, S$4 billion more than it invested.
This is what a dynamic equity-based portfolio looks like in the middle of a trade war. Temasek faces a challenging environment, given its mandate: it can’t retreat to cautious debt holdings or alternatives, as GIC can, but has to stay either in listed companies or pre-listing positions.
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