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Temasek Holdings Net Portfolio Value Reaches S$ 308 Billion

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Singapore’s Temasek Holdings revealed in a new report that they generated a record net portfolio value of S$ 308 billion, and a net cash position for the financial year that ended on March 31, 2018. The annual return for that period was 12.19%. Temasek’s total assets including debt reached US$ 375 billion.

Investments in the Americas and Europe almost form a quarter of Temasek’s investments, behind China at 26% of the portfolio and Singapore at 27%. In addition, the United States was a key beneficiary of new investments for the fiscal year ended March 2018. Temasek also revealed that since 2002, in the aggregate, the entity’s unlisted assets have generated better returns than its listed investments. For the reported fiscal year, Temasek made US$ 22 billion in investments and US$ 12 billion in divestment. Some of Temasek’s larger divestments for the reported year are its positions in Dufry and Gaztransport & Technigaz. Furthermore, Temasek partially divested Celltrion Inc and Celltrion Healthcare, Industrial and Commercial Bank of China, Danamon and Burger King Brazil, while continuing to retain significant exposures in each of them.

Temasek is also pursuing investments in the synthetic biology sub-industry, making bets in firms like Perfect Day and Impossible Foods.

Temasek is betting on six trends when approaching investments.

These are:
1. Longer Lifespans
2. Rising Affluence
3. Sustainable Living
4. Smarter Systems
5. Sharing Economy
6. More Connected World

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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