Intern Reporter Zhou Zhuorui
The giants in the currency circle collapsed, and the chain reaction caused was still spreading. After well-known institutions such as Sequoia Capital , Paradigm, SoftBank Group , and Ontario Retired Teachers Association of Canada announced the write-off of all FTX investments, Singapore's state-owned investment group Temasek also officially announced that it had "stepped on the mine".
At the same time, Temasek also released the U.S. stock holdings report as of the end of the third quarter of 2022. The overall holdings market value reached US$16.746 billion (approximately RMB 117.2 billion). Data shows that Temasek still prefers financial stocks, and BlackRock once again became the largest holding stock; and in the third quarter, Temasek quickly increased its holdings in with nearly 4 million shares in Pfizer with floating profits that have exceeded US$100 million.
has sharply increased Pfizer, making a profit of over one billion
BlackRock is still the first heavy-weight stock
13F file shows that as of September 30, 2022, Temasek's total market value of US stock holdings at the end of the third quarter of this year was US$16.746 billion, and the total market value at the end of the second quarter was US$18.331 billion, and the holding scale shrank by 8.65% month-on-month.
According to Whalewisdom statistics, Temasek increased its holdings of html by 315 US stock targets in in the second quarter and reduced its holdings by 13 targets; at the same time, 6 new targets were added, and 21 cleared their holdings were cleared. Among them, the top ten holdings account for 53.38% of the total market value.
From the perspective of holding preferences, of the two stocks in finance, IT and health care html ranked among the top three, accounting for 41.98%, 19.41% and 13.16% of the total holdings, respectively.
Judging from the top ten heavily held stocks, BlackRock once again ranked first, holding about 5.09 million shares, with a market value of about US$2.802 billion, accounting for 16.90% of the investment portfolio, and the number of holdings in the previous quarter has not changed.
Visa(V.US) ranks second. During the period, Temasek reduced its holdings by 174,600 shares, and now holds approximately 5.75 million shares, with a market value of approximately US$1.021 billion, accounting for 6.16% of the investment portfolio.
Paypal ranked third, holding approximately 9.5 million shares, with a total market value of approximately US$818 million, accounting for approximately 4.93% of the investment portfolio, and the number of holdings remained unchanged from the previous quarter.
Bill.com ranks fourth, holding approximately 5.63 million shares, with a market value of approximately US$745 million, accounting for 4.49% of the investment portfolio, and the number of holdings in the previous quarter was not changed.
Alibaba fell from third place in the last quarter to fifth place. During the period, Temasek increased its holdings of Alibaba by 127,000 shares, and now holds about 9.21 million shares, with a market value of approximately US$737 million, accounting for 4.44% of the investment portfolio.
Mastercard, Pfizer, S&P Global , Thermo Fisher, and Weirrell ranked sixth to tenth respectively.
From the perspective of changes in holding ratio, the top five buying targets are: Pfizer, Yum China , iShares US 0-5-year anti-inflation Treasury bond index ETF, Snowman Shares and Blackstone Group ; the top five selling targets are: Thermo Fisher, Lumen Technology, Mastercard, US anti-inflation ETF, and SPGI S&P Global.
It is worth mentioning that in the third quarter, Temasek bought 3.84 million shares of Pfizer, and the proportion of holdings increased from 0.44% to 3.56%. According to the estimated position building price of US$126.54 per share calculated by whalewisdom, Temasek's increase in position has made a floating profit of US$148 million.
Investment in FTX hit a mine of US$275 million
On November 17, Temasek announced that no matter what the result of the cryptocurrency exchange parent company FTX Group filed for bankruptcy restructuring, Temasek will write down all investments in total US$275 million on FTX.
Temasek said in the announcement that it had previously invested US$210 million in FTX International, acquired 1% of the company's equity , and spent US$65 million to acquire about 1.5% of the minority stake in FTX United States; the above transaction was invested in FTX Group's two rounds of financing from October 2021 to January 2022. Temasek also emphasized that the cost of investing in FTX is only 0.09% of its net portfolio value of approximately US$300 billion.
Temasek said: "Although this write-down investment in FTX will not have a significant impact on our overall performance, we take any investment losses seriously and will learn from it."
. Regarding market rumors that Temasek's investment in FTX is a direct investment in cryptocurrency, Temasek responded: "We have no direct exposure to cryptocurrency in our current portfolio."
Temasek also elaborated in detail on its investment strategy, risk-return framework and due diligence process in blockchain.
Temasek said: "We conducted extensive due diligence on FTX." From February to October 2021, we reviewed FTX's audited financial statements when the statement showed it was profitable. In addition, our due diligence efforts focus on the relevant regulatory risks of cryptocurrency financial market service providers, especially licensing and regulatory compliance (i.e. financial regulations, licensing, anti-money laundering (AML)/knowing customer (KYC), sanctions) and cybersecurity aspects. We solicited opinions from external legal and cybersecurity experts in major jurisdictions and conducted legal and regulatory reviews for investment. ”
In addition, Temasek also talked with people familiar with the company (including employees, industry participants and other investors) and collected qualitative feedback on FTX and the management team. After investing, Temasek continued to communicate with management at the business strategy level and supervise performance.
Temasek: Trust in the founder of FTX is wrong
As the currency circle giant FTX collapsed rapidly, its founder Sam Bankman-Fried (SBF) also changed from a currency circle myth to a public target in just a few days.
Image source: SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
According to Wall Street Journal , citing sources, FTX is suspected of abuse of customer assets. According to reports, Caroline, CEO of Alameda Research Fund, a subsidiary of FTX, reportedly Ellison acknowledged that FTX founder and former CEO SBF had secretly transferred $10 billion of client funds from FTX to Alameda to help Alameda repay debts.
The source also said that the FTX exchange had a total of $16 billion worth of client assets, which means that SBF illegally misappropriated more than half of the exchange's client funds to Alameda. Marketers believe that the illegal misappropriation of huge customer assets was also one of the reasons why this serious FTX run and eventually had to go bankrupt and reorganize.
In response, Temasek responded: "It can be seen from this investment that the trust we have created in his behavior, judgment and leadership through interactions with Sam Bankman-Fried and discussions with other relevant people seems to prove wrong. ”
Editor: Xiaomo
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