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Temasek Continues Investment Shift, Reaches Net Portfolio Value of S$ 275 Billion

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Singapore’s Temasek Holdings issued their 2016 annual review, the Temasek Review, revealing a record net portfolio value of S$ 275 billion. The sovereign investor generated dividend income of S$ 7 billion for the year ended March 31, 2017 – a figure 19 times Temasek’s interest expense for the entire fiscal year. Since 2014, Temasek had been realigning its gargantuan portfolio, with a slight drift away from large Chinese investments, while making tactical bets in U.S. and Indian investment opportunities. Remarks in the annual review by Temasek International Executive Director and CEO Lee Theng Kiat, “As an active investor, we continue to reshape our portfolio during the year while adopting a measured and disciplined investment pace. We put a focus on private and negotiated opportunities, in view of our global outlook and rich equity market valuations in key markets.”

The Asian state-owned institutional investor has flexibility in taking significant positions in companies. For example, Temasek’s largest single name concentration in its portfolio remains Singtel at about 12% of the portfolio, versus making up 18% of it from March 2007. Asia ex-Japan remains the largest geographic concentration in Temasek’s portfolio, with 29% and 25%, going to Singapore and China respectively.

Reducing Exposure in Traditional Industries

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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