Singapore’s state-owned fund Temasek has said it will prioritise US investments and be “cautious” about China, after warning that its large exposure to the world’s second-biggest economy had hit its performance.
Temasek, one of the world’s biggest state-owned investment groups, said on Tuesday that the value of its portfolio rose just 2 per cent to S$389bn ($288bn) in the year to March.
While those figures lag behind a 28 per cent gain for the S&P 500 stock index over the same period, the rise was an improvement on last year when its value tumbled 5 per cent in its worst returns since 2016.
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