Temasek Holdings' net portfolio value (NPV) fell for the first time in four years, hit by the coronavirus pandemic but the Singapore state investor said on Tuesday it was ready to invest in opportunities arising from volatile market conditions.
Ranked among the biggest investors in the world, Temasek's key holdings include DBS Group, China Construction Bank and Standard Chartered.
Temasek said its portfolio value dropped 2.2% to S$306 billion ($220.30 billion) in the year to March 2020. This came after three consecutive years of gains, with its NPV edging up 1.6% to a record S$313 billion in the year to March 2019.
"On the whole, we are pleased with our performance, despite the sharp correction due to COVID-19," Dilhan Pillay, CEO of Temasek International, said in a statement.
"We were not spared the impact of COVID," Pillay said in a video, adding that the end of Temasek's financial year coincided with some of the worst of the market dislocation during the pandemic. Since then, however, the value of its listed assets has risen.
Temasek reported one-year total shareholder returns of minus 2.3%. It said all the numbers were preliminary ahead of the September release of its final audited data, which had been delayed as many portfolio companies with global operations were affected by lockdowns.
Temasek said the performance of its portfolio compared with a decline of 18.3% in MSCI's Singapore index and a 9% fall in MSCI's Asia shares ex-Japan index.