Established in 1974, Temasek Holdings is a global investment company wholly owned by the Singapore government. As a generational investor, Temasek aims to deliver sustainable value over the long term, guided by its view of long-term structural trends. Temasek Review is an annual event where Temasek provides an overview of its financial performance, investment activities, and strategic initiatives for the past financial year (as of 31st March). It also serves as an opportunity for the media to seek clarifications and ask hard-hitting questions surrounding Temasek’s operations and activity. For example, in the past financial year, Temasek had written down a loss of S$377 million due to its failed investment in FTX. This was one of the hot topics at Temasek Review 2023’s panel discussion. Here are 10 things I learned from Temasek Review 2023.

1. Temasek’s net portfolio value shrank from S$403 billion in 2022 to S$382 billion in 2023. The 5% drop in one-

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