Singaporean state investment fund Temasek posted the worst return since 2016

Singapore State Investment Company Temasek, one of the world’s largest investors, reportedthat at the end of fiscal year 2023, the value of its portfolio decreased to $ 283 billion, and the return to shareholders – by 5.1%. This was Temasek’s worst performance in seven years. In fiscal 2022, the fund’s return increased by 5.8%.

“Last year was one of the toughest for the markets in the past decade,” said Temasek Chairman Lim Boon-hyun. “Amid tightening macroeconomic policies, weak economic growth and a deteriorating geopolitical environment, the world began to change very quickly.”

Another negative factor for Temasek in 2022 was his investment in the bankrupt crypto exchange FTX. Last November, the fund had to write off $275 million it had invested in the exchange. Already in the current year, the leadership of Temasek decided punish those responsible for investing in FTX by cutting their cash rewards. Responsibility for the decision to invest in FTX was taken over by the investment planning department and top managers of the investment fund, whose payments will eventually be reduced.

Evgeniy Khvostik