Like many companies around the world, Temasek Holdings was not spared from the impact brought by the Covid-19 pandemic. It recorded a preliminary total shareholder return (TSR) of –2.3% for the financial year ended March 31, compared to 1.5% last year. Its preliminary net portfolio value (NPV) also fell 2.2% y-o-y to $306 billion from $313 billion a year ago.

However, the Singapore state-owned investment company’s weak performance was not entirely disappointing. Temasek says it ended the year in a net cash position with a strong balance sheet. It also points out that its preliminary TSR was still comparatively better against certain benchmarks that saw a “sharp market correction” in the quarter ended March 31.

In particular, the MSCI Singapore Index and MSCI AC Asia ex-Japan Index declined 18.3% and 9.0%, respectively, during the year. Globally, the MSCI World Index declined 5.8%. This is despite the investment company’s emphasis that it does not benchmark against public market indices or the returns of other companies.

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