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Singapore wealth fund holdings hit record high
Singapore's Temasek Holdings said its portfolio size rose 3.7 percent to a record 223 billion Singapore dollars ($179 billion) for the 12 months ending March 2014, in what the sovereign wealth fund described as its most active year for new investments since the global financial crisis.
At its annual earnings review on Tuesday, the fund - headed by Ho Ching, the wife of the country's Prime Minister Lee Hsien Loong - reported net income of 10.9 billion Singapore dollars, up slightly from 10.6 billion last year.
But total shareholder return (TSR) came in at just 1.5 percent, versus 8.9 percent in the previous year and compared to its 10-year TSR average of 9 percent and 16 percent since the fund's inception since 1974.
Temasek attributed the drop to weakness in its key Asian markets. Singapore and China were the fund's largest exposures at 31 percent and 25 percent, respectively, at the end of the financial year and stock markets were down in both countries over the reporting period.
"This year has been one of our most active years for new investments... driven by softer Asian markets of interest, as well as the continued recovery of the global economy," said Temasek Chairman Lim Boon Heng.
Europe and North America accounted for 40 percent of the fund's new investments, with underlying exposure to North America and Europe rising 14 percent, up from a 12 percent increase in the previous year.
In terms of sectors, the bulk of the fund's investments remain in financial services, TMT (telecommunications, media and technology) and transportation and industrials.
SingTel remains the fund's top holding at 13 percent of its portfolio, followed by China Construction Bank and DBS Group at 6 percent and 5 percent, respectively
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