Two of the world’s largest sovereign wealth funds have adjusted their stakes in Chinese equities, trimming their exposure to technology stocks while going long on consumer companies as they mirrored Bridgewater Associates in reacting to volatile markets and rising US-China tensions.
The tweaks shrank the value of Temasek’s portfolio of 12 US-traded Chinese stocks by more than a third, or US$699.3 million, to US$1.32 billion at the end of June, based on the Post’s calculations. The value of the Singapore sovereign fund’s equity portfolio of 131 stocks grew 4.4 per cent to US$26 billion in June, from the previous quarter.
Temasek was not alone in selling the shares of Alibaba, which owns this newspaper. Saudi Arabia’s Public Investment Fund (PIF) sold all 1.61 million Alibaba shares that it owns in one of China’s largest technology companies at the end of June for US$212 million, according to its 13F disclosure.
