Singapore’s state-owned investor Temasek reports record portfolio value

cnbc.com:

SINGAPORE — Temasek Holdings reported Tuesday that the net value of its portfolio grew to $286.48 billion (403 billion Singapore dollars) at the end of March — that's S$22 billion higher than the previous year, surpassing last year's record high.

Still, the state-owned investor warned that the outlook for the global economy remains in a «fragile state.»

«Amid the uncertainty in global markets, we steadily invested and divested to capture opportunities aligned with long-term structural trends,» Temasek said in a statement. «We aim to construct a resilient and forward-looking portfolio, with sustainability at the core of all that we do.»

In its annual report released Tuesday, Temasek said one-year shareholder return was 5.81% in Singapore dollar terms. Returns for the 20-year and 10-year were respectively 8% and 7% compounded annually, the firm added.

During the financial year, the company invested S$61 billion and divested S$37 billion.

Geopolitical uncertainties coupled with «rising inflation, surging commodity prices and severe supply chain bottlenecks have uncovered further fault lines in the global marketplace,» Temasek said.

Given the «likelihood of a recession in developed markets over the next year, we maintain a cautious investment stance while staying focused on constructing a resilient portfolio underpinned by the structural trends we have identified,» said Rohit Sipahimalani, Temasek's chief investment officer.

More than 60% of Temasek's portfolio is in Asia, with Singapore making up 27% of it and China accounting for 22%.

China may face challenges achieving its 2022 growth target of 5.5%, given weakness in its growth so far this year, Temasek said. 

«Policy agencies are likely to maintain a supportive stance