Temasek's net portfolio value shrinks for the first time since 2009

Due to declines in valuations of listed assets.

Temasek's net portfolio value dropped by 9.02% to $242 billion in FY16, marking the investment company's worst performance since 2009.

The drop was mainly due to the decline in the mark-to-market valuations of listed assets.

The group's net profit shrank to $8 billion during the period, compared $14 billion in the preceding period.

Temasek cautioned that the external environment will remain challenging in the coming year.

“The equity markets around the world will remain susceptible to bouts of volatility in the short to medium term. There is increased uncertainty, partly reflecting the ongoing hangover from the excesses that helped cause the Global Financial Crisis. This suggests an environment of lower returns in the years ahead. However, Temasek is well positioned financially to address both the opportunities and challenges for the longer term,” said Michael Buchanan, Temasek’s Head, Strategy and Senior Managing Director, Portfolio Strategy & Risk Group.

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