Singapore state-owned investment company Temasek said on Tuesday that its net portfolio value grew to S$308 billion for the financial year ended 31 March, up S$33 billion on-year, for a one-year total shareholder return of 12.19 percent.
In U.S. dollar terms, the portfolio was around US$235 billion as of March 31, it said.
CIMB had forecast the portfolio would grow around 10 percent to just over S$300 billion.
The 10- and 20-year return to shareholders was around 5 percent and 7 percent, respectively, it said. Temasek invested S$29 billion this year and divested S$16 billion worth of assets.
Temasek said dividend income from the portfolio was S$9 billion for the financial year.
The U.S. geographically accounted for the largest share of new investments in the past year, with China and Europe the next two largest destinations, it said.
Around 27 percent of the portfolio is invested in Singapore-based assets, down from 29 percent at the end of the previous financial year, while China was at 26 percent, up from 25 percent in the previous year, it said. The rest of Asia was at 15 percent of the portfolio, up from 14 percent the previous year, while North America rose to 13 percent, up from 12 percent, it said.
Since 2011, Temasek has been increasing the portfolio’s focus on technology, life science, agribusiness, non-bank financial service and consumer sectors, it noted. Exposure to those sectors has risen to around S$80 billion, or 26 percent of the portfolio, it said.
Temasek said that was up nine times from the S$9 billion, or around 5 percent share of a smaller portfolio, in 2011.
Over the past financial year, those sectors came to S$13 billion of the new investments, or nearly half of the new investments.
In the U.S. over the past year, Temasek increased its stakes in Visa and Mastercard and bought stakes in Global Healthcare Exchange and Dow Dupont, it said. It also said it invested in high-performance sensor maker AMS and China’s Tencent.
Last year, it sold stakes in Dufrey and GTT, it said.
After the end of the financial year, Temasek invested in Bayer and Ant Financial, it said.
This article was originally published on Tuesday, 10 July 2018 at 15:01 SGT; it has since been updated.
Clarificiation: This article has been updated to refer to Temasek as a state-owned investment company.