Temasek Holdings' total shareholder return (TSR) for the past year is down 2.3 percent, according to preliminary portfolio performance date for the year ending March 31, released on Tuesday.
The Singapore state-owned investment company said its portfolio was «growing steadily and trending well,» but took a hit due to the onset of the Covid-19 pandemic in the final quarter of the year ending March 31.
The figures were provided ahead of the September release – delayed from July owing to the Covid-19 pandemic – of its final audited annual consolidated group financials and portfolio performance. The previous year, its TSR saw a 1.49 percent gain over the same period.
«As an investor with a long term horizon, Temasek does not manage its portfolio to short term mark to market changes, by benchmarking against public market indices, or comparing against the returns of other companies,» it said in a statement.
Outperforming Indices
Temasek said, however, that it still outperformed the MSCI Singapore Index and the MSCI AC Asia ex-Japan Index, which declined 18.3 percent and 9 percent respectively, as well as the MSCI World Index, which declined by 5.8 percent.
Temasek’s NPV stood at S$306 billion as at 31 March 2020, based on current unaudited management information.
Temasek said it ended the year in a net cash position with a strong balance sheet, and«stands ready to invest in opportunities arising from volatile market conditions during and post COVID-19 recovery.»
Long-Term Investor
The firm said it was «pleased» with its performance, and that it aims to build a resilient portfolio as a long term investor.
«We have a good mix of listed and unlisted investments, a good balance between our portfolio stalwarts, and our new investments into emerging and longer term trends. These help to add to our resilience,» Dilhan Pillay, CEO of Temasek International, said in the statement.
