Temasek must expand more outside Asia

AT first glance, Temasek Holdings' announcement of its portfolio results for the year ended March 31 seems disappointing. One-year total shareholder return was 1.5 per cent, underperforming its internal risk-adjusted hurdle rate of 8 per cent by a wide margin. It also underperformed common equity indices: the S&P 500 returned 21 per cent, and the MSCI All Country Asia index chalked up a 3 …