Temasek, one of Singapore’s sovereign wealth vehicles, today announced unaudited figures for its last financial year, showing a 2.3% decline in total shareholder return.
In the circumstances, that’s really not bad.
The Temasek financial year ends on March 31 – which, you’ll recall, was right in the teeth of the market declines as Covid escalated from being an Asian to a truly global concern. The World Health Organization declared Covid-19 a pandemic on March 11; the market bottom, for now at least, came 12 days later, and the Temasek year-end eight days after that.
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