Signage for Temasek Holdings is displayed during a press conference following the company’s annual review in Singapore on July 9, 2019.

Bryan van der Beek | Bloomberg | Getty Images

SINGAPORE – Singapore’s state-owned investment company Temasek said Tuesday that the net value of its portfolio hit a record high for the fiscal year ended March 31.

In its annual report, the investor said its portfolio had grown to 381 billion Singapore dollars (around 283 billion US dollars) at the end of March. That’s $ 306 billion a year ago when Temasek’s portfolio fell for the first time since 2016.

The portfolio expansion came when Temasek’s shareholder return rose to 24.53% in Singapore dollars for a year, the company said. Returns were 7% over 10 years and 8% over 20 years, she added. These returns took into account all dividends paid to the Temasek shareholder, minus any capital injections.

Temasek is owned by the Singapore government.

During the fiscal year, Temasek invested $ 49 billion and sold $ 39 billion – record numbers in both cases.

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Temasek is an active equity investor in both the public and private sectors. The company invested primarily in Singapore companies in its early days, but has grown into a significant global investor in recent years.

The company – a closely followed investor – has invested in large regional internet startups like Sea in Singapore and the Indonesian GoTo Group. It is also involved in the German biotech company BioNTech, which has developed a Covid-19 vaccine with the American pharmaceutical giant Pfizer.

Regulatory Risks in China

More than 60% of the assets held by Temasek’s portfolio companies are in Asia, with Singapore and China being the two largest markets in the region.

Temasek’s exposure to China includes stakes in tech giants Tencent and Alibaba, which recently underwent stricter regulatory scrutiny as Beijing seeks to curb monopoly business practices.

We remain very optimistic about China, we remain very optimistic about China’s growth prospects and technological opportunities.

Mukul Chawla

Joint head of telecommunications, media and technology at Temasek

Mukul Chawla, Temasek’s joint head of telecommunications, media and technology, told CNBC that regulatory risks don’t just apply to China.

We remain very optimistic about China, we remain very optimistic about China’s growth prospects and technology opportunities, “said Chawla, who is also the joint head for North America.

“The changing regulatory environment … is one of the risks that we have to consider. We are faced with regulations not only in China, but also in other parts of the world. So it does not change our attitude,” he said Sri CNBC’s Jegarajah after Temasek released his annual report.

Digitization is an important topic for Singapore’s state investor. Temasek said financial services remained the largest segment of its portfolio, but over the past decade its investments in this area have grown from primarily banking to fintech and payments.