You have to hand it to Temasek.  Since its inception in 1974, Temasek has grown its investment portfolio’s net portfolio value from S$354 million to S$313 billion as of 31 Mar 2019. We are using this number as the release of Temasek’s annual report this year has been postponed to September. For the uninitiated, Temasek Holdings (Private) Limited is a global investment company based in Singapore. The Minister for Finance, a body corporate under the Singapore Minister for Finance (Incorporation) Act (Chapter 183), holds 100% of Temasek, However, it is managed like a commercial company and aims to and deliver sustainable long-term value for its stakeholders. Like a commercial company, Temasek owns the assets it manages in its portfolio, is required to pay taxes, issues international bonds and is credited rated with Moody’s Investors Service (Moody’s) rates Temasek at Aaa while the S&P Global Ratings (S&P) rates them at AAA.  As...