Singapore - GIC, Temasek, MAS, MoF & CPF 04 (Mar 20-Dec 26)

[winston]

China ‘cannot be ignored’: Temasek reshaping China portfolio from export to domestic-driven companies

It’s expanding in Japan, South-east Asia as well as ongoing focus on US and Europe

by Navene Elangovan

Temasek posted a net portfolio value (NPV) of S$389 billion for FY2024.

After marking its unlisted portfolio to market, the NPV stood at S$420 billion, up S$9 billion from the year before.

Temasek would focus on companies that would benefit from domestic demand and less on exports that could be affected by tariffs and political tensions.

This would cover companies that focus on areas such as biotech, robotics that aid in the automation of various industries, as well as the electrification and electric vehicle (EV) value chains.

Singapore makes up 27 per cent of Temasek’s portfolio in terms of underlying assets.

Source: Business Times

https://www.businesstimes.com.sg/intern ... -companies

[winston]

GIC and Temasek face a tougher investing climate. What are they doing about it?

by Lee Su Shyan

GIC’s numbers show that its annualised real rate of return for the 20 years ended Mar 31, 2024, came in at 3.9 per cent.

Temasek’s portfolio delivered a total shareholder return of 7 per cent for the same 20-year period while Singapore’s core inflation was 1.9 per cent.

For Temasek, the US continues to be the largest destination for its capital, although India and Japan are also firmly on the radar.

Going forward, Temasek will focus on investing in artificial intelligence (AI) enablers and adopters, as well as businesses benefiting from US industrial policies.

GIC highlighted price discipline as a core part of its investment approach.

GIC even signalled a note of caution over investing in AI businesses, especially the early-stage ones. They are commanding very high valuations which GIC said is justified only if they are eventual winners, and that is something not easy to predict.

However, hardware makers, including semiconductor firms and the infrastructure layer businesses such as cloud platforms, have less downside,

Under a total portfolio approach, GIC is diversifying towards investing in more real estate and infrastructure as they have resilient cash flows backed by inflation-linked revenue contracts.

It has also moved into commodities and commodity-related equities, to increase allocation to liquid return streams that offer inflation protection.

Source: Business Times

https://www.businesstimes.com.sg/compan ... g-about-it

[winston]

Singapore's GIC to Continue to Seek Investment in CN, Focus on Investment Chances in Consumption, Green Econ

The Government of Singapore Investment Corporation (GIC) will seek to buy stakes in multinational companies' Chinese subsidiaries if such companies exit the Chinese market amid slowing economic growth and heightening geopolitical tensions, GIC said.

Speaking to the Financial Times ahead of the results announcement, Jeffrey Jaensubhakij, chief investment officer of GIC, said that some companies are reconsidering or have reconsidered their businesses and development focus in China, and are looking to reduce their risk or completely sell their businesses.

The Company, which in the past has invested mainly in China's technology sector, is now watching other interesting opportunities, but did not disclose any specific deals, Jaensubhakij said.

He only said that the Company will look to invest in China's domestic consumption and green economy sector, apart from buying stakes in Chinese subsidiaries from multinational companies.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

Temasek Spent Billions on US Tech Stocks Before July Selloff

Singapore investor added Microsoft, Apple in second quarter

Tech sector in the US saw losses during the month of July

By Jun Luo

Source: Bloomberg

https://www.bloomberg.com/news/articles ... he-selloff

[behappyalways]

Temasek-backed eFishery accused of inflating revenue and profit by US$600 million
https://www.theonlinecitizen.com/2025/0 ... 0-million/

[winston]

Temasek's portfolio value hits record high; says US risks likely peaked

11.6 percent yoy jump in its net portfolio value to a record S$434 billion and said risks around US immigration, tariff and fiscal tightening policies had likely peaked.

The slowdown in growth that we're seeing right now because of tariff uncertainty, we should see a recovery in growth towards the end of the year, particularly as the Fed cuts rates and more deregulation happens and there's more clarity around tariffs.

"The challenge in the US is valuations."

Temasek saw "bright spots, such as the US's world-class capabilities in AI, which will have a transformative impact across all sectors."

The Americas made up 24 percent of its portfolio at the end of its financial year on March 31, versus 22 percent on the same date a year ago.

China is Temasek's third largest market in terms of underlying exposure at 18 percent as at end-March, after Singapore at 27 percent and the Americas at 24 percent.

We see opportunities in the green economy and life sciences innovation and also in leading domestic brands which continue to scale and grow in a resilient manner.

Increasing focus on investing in companies with stable cash flows and earnings, as well as access to large domestic markets that are better shielded from tariffs and geopolitical risks.

It is also focusing on infrastructure and artificial intelligence.

Source: The Standard

https://www.thestandard.com.hk/market/article/306346/

[winston]

Temasek fine tunes Chinese stock portfolio as PIF exits Alibaba in sovereign fund tweaks

Temasek slashed its holdings of JD.com by 87 per cent, cut its Alibaba stake by two-thirds and cut NetEase by 38 per cent, according to its 13F disclosure

by Yulu Ao

Two of the world’s largest sovereign wealth funds have adjusted their stakes in Chinese equities, trimming their exposure to technology stocks while going long on consumer companies as they mirrored Bridgewater Associates in reacting to volatile markets and rising US-China tensions.

Singapore’s Temasek Holdings cut its stake in Alibaba Group Holding by two-thirds to 1.85 million shares in the quarter that ended in June, according to its 13F disclosure on Thursday.

It slashed its JD.com holdings by 87 per cent to 589,256 shares, cut NetEase by 38 per cent to 1.45 million shares and pared H World Group by 8 per cent to 6.24 million shares.

Temasek went long on PDD Holdings, increasing its stake in the Pinduoduo discount e-commerce platform by 28 per cent.

It raised its investments in Yum China, which operates the KFC and Pizza Hut franchises in the country, by 30 per cent.

It invested in some companies for the first time, buying 1.23 million shares of the real estate brokerage KE Holdings and 1.19

Source: SCMP

https://www.scmp.com/business/china-bus ... pe=section