美元“疲软”成外资心病 淡马锡CEO：对冲成本已成“不能承受之重”

Core Insights - Temasek Holdings is facing increased hedging costs due to a weakening US dollar, which poses significant challenges for overseas investors [1] - The company is shifting towards natural hedging by seeking investments that can provide sufficiently high net expected returns to justify the risks taken [1] - Despite the dollar's decline, the US remains a primary investment destination for many large institutions and asset managers [4] Investment Strategy - As of March 31, Temasek's investment portfolio in the Americas accounted for nearly one-quarter of its total S$434 billion (approximately US$333 billion) [4] - The company has committed to investing US$30 billion in the US over the next five years, indicating a strong focus on American markets [4] - Temasek achieved an annual total shareholder return of 11.8% for the last fiscal year, with a ten-year return rate of 5% [4] Market Dynamics - The media's US dollar index has decreased by nearly 7% this year, and the dollar has depreciated about 5% against the Singapore dollar, affecting returns for non-dollar-based investors [1] - The CEO highlighted that markets like India and China lack the capacity to absorb the large amounts of capital that may flow out of the US [4] - Many alternative asset classes, from commodities to infrastructure, are predominantly dollar-denominated, complicating the capital shift [4]