Leong Sze Hian

I refer to the article “Temasek outdid key benchmarks” (ST, Jun 19).

In comparing Temasek’s returns with other benchmarks from March 1999 to March 2009, there was a footnote that for Temasek, “Assume March ’09 market value = Nov ’08 market value”.

Why is it that Temasek’s March 09 market value was not used in the comparison?

In the recent meltdown of the global equity markets, its worse point was in March 2009 (MSCI World).

Interestingly, the comparison did not compare Temasek with any other funds in its own category – Sovereign Wealth Funds (SWF) like Abu Dhabi’s.

The benchmarks compared to have also not been consistent.

For example, it was recently compared to Harvard’s Endowment, and now to Warren Buffett.

Also, the comparison is only for one time period.

Last month, the comparison was for six years, and now it is for 10 years.

In order for any comparison to be more meaningful, the returns should be for various time periods, like 1, 3, 5, 10, 15, 20, 30 years and from inception, and against the same benchmarks.

Finally, is this latest return adjusted for Government cash injections, state asset transfers and valuations, and state asset sales?

Notify of
Inline Feedbacks
View all comments
You May Also Like

遵循新加坡《政治捐赠法》 前进党驳斥“被渗透论”

新加坡前进党一名党员因制作视频,指控前进党已遭外国势力渗透,以及接受外国资金,而遭该党开除。 前进党也向本地媒体声明,有关视频内容并未指出该党已获得外国资金,该党也强调其资金来源,遵循新加坡的《政治捐赠法》(Political Donations Act)。 坊间流传一段视频,指控前进党已遭外国势力渗透,还点名十名党员,与外界两名非党员合作。其中本地网络媒体fathership.co还报导转载了有关视频。 该党党员Daniel Teo Weilong,向该党秘书长陈清木医生承认,有关视频是他制作的。 据了解,Daniel Teo告知《海峡时报星期刊》,今年二月他收到一名人士的消息后,制作有关视频,不过他未透露“有关人士”身份。 他声称自己仅传给一人,希望后者查证事实,但不料视频遭传开。 “我对党内的这种审查感到沮丧,我只希望这些指控能水清石出,如果没有证据,那么大家大可继续往前走。”…

Acquit Amos Yee, not over-extend scope of law: defence counsel

Interest in the trial of 16-year old blogger, Amos Yee, saw some…

#FaithInLupCheong exposés the exposé

Just when you thought the whole Xiaxue versus Gushcloud expose and retaliation…

NCMP scheme is a “ploy” to discourage voters from voting in opposition, said PSP’s Dr Tan Cheng Bock; he won’t take up the post if offered

Progress Singapore Party (PSP)’s Secretary General Dr Tan Cheng Bock called the…