Singapore
AS stock markets climbed a wall of worry over the last year, Temasek Holdings has been spending less on new investments around the world, while extracting more value from its existing portfolio at home.
Direct equity investments by Temasek peaked at US$6.13 billion in the second quarter last year, boosted by a three billion euro (S$4.8 billion) injection into Bayer, going by estimates by the Sovereign Wealth Center (SWC) in London.
Daniel Brett, who heads research at the SWC, told The Business Times last week: "Since then, we have observed a steady downward trend in total direct-investment deal value, which hit a low point of US$0.75 billion in the first quarter this year."
At his last...