Temasek Reshapes Holdings in New Era of Subdued Market Returns

Amid feeble global growth and elevated volatility, Temasek Holdings Pte is reshaping its holdings and bracing for lower market returns. The state investment firm, which on Thursday reported the first drop in the value of its stakes in seven years, has trimmed exposure to traditional banks, while it’s added to holdings in media, telecommunications, and technology companies. As a group, technology, media and telcos overtook financial firms as Temasek’s biggest industry sector for the first time in a decade. Temasek also embarked on a record pace of divestitures as part of the portfolio overhaul. “We saw the liquidity-driven market rally earlier in the year, and took the opportunity to step up our divestment pace, relative to the past few years,” Lee Theng Kiat, who was appointed last year as CEO…


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