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Singapore’s Temasek stock bets shrink by US$5.6 billion, the most in 17 years, amid Fed hikes and recession fears
- The firm’s bets on US-listed stocks shrank last quarter by the most since the final quarter of 2004, SEC filings show
- US rate hikes stoked recession fears, slamming its bets including BlackRock and Amazon, while holdings in Chinese stocks were largely unchanged
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Temasek Holdings’ stock bets shrank by the most in more than 17 years after taking some cash off the table and incurring steep paper losses on BlackRock, Amazon, PayPal and Airbnb. It retained most of its stakes in Alibaba Group Holding and other Chinese stocks.
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The Singapore state investment firm held 97 stocks valued at US$18.33 billion on June 30, according to its 13F regulatory filing with the Securities and Exchange Commission late on Monday. It listed 96 stocks worth US$23.97 billion on March 31.
The US$5.6 billion drop is the biggest in the firm’s 13F quarterly filings going back to the final three months of 2004, according to SEC data. The total value of its equity investments in US-listed securities is the lowest since 2020 when it was US$16.7 billion. The investments formed part of its S$403 billion (US$297 billion) of assets.
Temasek declined to comment on its latest filing.
Global stocks slumped last quarter as the risk of recession escalated, fanned by the most aggressive policy tightening in the US since 1994. While the 25-basis point rate lift-off in March was gentle, the Federal Reserve was forced to boost its target fed funds rate by another 200 basis points in three subsequent policy meetings.
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