Singapore's Temasek Holdings expects to slow down its investments due to a deteriorating global economy, after posting a nearly 6% rise in its portfolio value to a record $403 billion Singapore dollars ($286.5 billion) in the year to March 2022.
Last year's performance was powered by gains in its unlisted companies and Singapore-based firms and came after Temasek reported a record portfolio value the previous year.
The expected slowdown in investments is due to weakening global growth, rising inflation and economic disruption caused by Russia's war in Ukraine, company executives told a news conference on Tuesday.
Temasek's chief investment officer Rohit Sipahimalani said the global economic slowdown is likely to extend through this year and potentially into 2023.
"The economic outlook is not looking very good. We see further downside in the markets," Sipahimalani said.
"We are more cautious than we would have been a year ago."
Ranked among the top 10 investors in the world, Temasek is anchored in Asia, with a 63% exposure to the region as measured by underlying assets of its portfolio companies, most of which are in Singapore and China.
Temasek's key public holdings include DBS Group, Singapore Airlines, China Construction Bank and its unlisted holdings comprise real estate developer Mapletree Investments and port operator PSA International. ($1 = 1.4069 Singapore dollars)