Temasek Holdings, the Singapore investment company, announced Thursday that its investment portfolio stood at S$242 billion ($179 billion) as of the March 31 close of its latest fiscal year, down 9% from the year before.
In a news release, Temasek Chairman Lim Boon Heng attributed the setback to losses on Temasek's holdings of public equities, partially offset by the fund's private markets investments.
The sovereign wealth fund also announced it would open its 11th overseas office in San Francisco later this year in order to better pursue investments in cutting-edge technology.
The decline followed a 19.3% gain for the previous fiscal year ended March 31, 2015, with Temasek's investments in shares listed in mainland China, which was enjoying a wild bull market, contributing to that windfall.
Toward the end of the first quarter of the current fiscal year, however, China's stock market began a sharp decline, which has left the Shanghai composite index trading now off more than 40% from its June 2015 high.
New investments by Temasek for the latest fiscal year came to S$30 billion, with the U.S. market garnering the biggest share, followed by China. Divestments, meanwhile, came to S$28 billion.