Temasek Holdings' portfolio gained exposure to Chinese and U.S. assets in a year that saw high levels of investments and divestments, according to details released Tuesday.
In July, Temasek reported a 2.2% drop in the value of its portfolio to S$306 billion ($214.6 billion) for the fiscal year ended March 31 but said it would delay a detailed analysis of its results to give a bit more time to portfolio companies struggling with coronavirus fallout.
On Tuesday, Temasek said for the 12 months through March 31 it made S$32 billion of new investments while divesting S$26 billion, a combined level of activity, at S$58 billion, matched only once over the past decade — for the fiscal year ended March 31, 2016.
"Our portfolio remained anchored in Asia, with 66% exposure in the region by underlying assets," unchanged from the prior year, according to a Temasek news release.
While China and Singapore remained Temasek's two largest investment destinations, China saw it share of the portfolio jump to 29% from 26% the year before while Singapore's share dropped to 24% from 26%.
North America's weight rose to 17% from 15%, with Temasek noting, "We see opportunities in line with key structural trends."
With global equity markets plunging in late February to late March, the portion of the portfolio in unlisted assets as of March 31 jumped to 48% from 42%.
The company, meanwhile, touted its latest success in becoming carbon neutral at the end of its latest fiscal year while setting targets for further reductions in emissions.
"As a company, Temasek closed the year with carbon neutrality," the news release said. "In addition, we committed to halve the net carbon emissions attributable to our portfolio by 2030. We have also committed to a longer term ambition of net zero emissions by 2050 for our portfolio."
