Temasek on Tuesday reported 24.5% growth in the year to March 31, bringing its portfolio to a record S$381 billion ($281.8 billion) net asset value, achieved by a remarkable level of activity during a global pandemic.
Temasek is unusual among sovereign wealth vehicles in that it is invested entirely either in listed equity or unlisted companies. This positioning, achievable partly because of the existence of GIC as a more classic sovereign fund in Singapore, allowed it to benefit from the bounce in stock markets that followed the beginning of the Covid crisis – just as it was hit by the market decline in the previous financial year.
But beneath that headline number, there was a lot going on below the surface.
One was the amount of churn in the portfolio.
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