SINGAPORE — High inflation, geopolitical risks and slowing economic growth depressed financial markets globally, resulting in a fall in the value of Temasek's investment portfolio and a negative one-year return for shareholders. Including write-downs, Temasek posted a $7 billion net loss for the financial year ended March 31, its first time in the red since 2016 and a reversal from...
SINGAPORE — High inflation, geopolitical risks and slowing economic growth depressed financial markets globally, resulting in a fall in the value of Temasek's investment portfolio and a negative one-year return for shareholders.
In November, Temasek said it would write down its US$275 million investment in failed cryptocurrency exchange FTX, which would represent about 0.1 per cent of its financial year 2023 portfolio. Explaining why its overall portfolio has shrunk and one-year TSR turned negative, Temasek said: "In the past year, we have encountered persistent inflation despite multiple rate hikes by central banks."
Still, Temasek's overall portfolio performance sustained its recovery from the lows during Covid-19. Three-year TSR came in at 8 per cent, while the TSR since inception in 1974 remained robust at 14 per cent. "We continued to invest into opportunities that are aligned with long term structural trends, and engaged our large Singapore portfolio companies to seek out opportunities of the future," it added.
"Adding to the complexity, geopolitical tensions have risen, although Singapore could stand to benefit from diversification of supply chains around the region, both in the near and medium term," he added.
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