Temasek's top holdings plunged $34.24b in three months: report

Singtel is the biggest source of the decline as Temasek’s stake in it slumped $10.78b.

Temasek Holdings Pte’s biggest equity shareholdings and those of its subsidiaries have plunged almost $34.24b (US$24b) since January as the spreading coronavirus sends markets into spasms.

Singapore’s state investor owns or controls multibillion-dollar stakes in companies that straddle the world, from Chinese e-commerce giant Alibaba Group to Singapore Airlines. A Bloomberg analysis of the top 12 holdings of Temasek and companies it controls as of 20 March shows a decline in market value of around one-third.

The plunge comes at a critical time for Singapore, whose financial strength is partly linked to Temasek, sovereign wealth fund GIC, and the Monetary Authority of Singapore. The government uses a formula that includes the expected long-term returns of all three entities to calculate the net investment return contribution, which helps fund the budget each year. In fiscal 2020, that contribution is expected to be $18.6b (US$12.8b).

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