SINGAPORE, July 9 Reuters Singapore state investor Temasek said on Tuesday its net portfolio value had swung back to growth with a 1.8 gain, adding that profits from investments in the United States and India helped cushion the impact of underperformance in China.

Significantly, Temasek39;s TEM.UL exposure to the Americas surpassed China for the first time in a decade, accounting for 22 of its portfolio versus China39;s 19 during the year ended March.

Temasek said it is taking a cautious approach to China and would continue to monitor the country39;s government policies this year. Aside from Singapore its biggest market accounting for 27 of its portfolio, the U.S. would continue to be a leading destination for its capital, followed by India and Europe.

The firm added it plans to step up investments in Japan and Southeast Asia. Temasek is also considering building its presence in the Middle East, Deputy CEO Chia Song Hwee told Reuters in an interview.

The economies in the Middle East are going through transformation and opening up and also the policy directions are more investor friendly as well as marketdriven, he said.

So we are clearly seeing the change and we are beginning to spend time looking at opportunities and evaluating.

The rise in the value of Temasek39;s portfolio to S389 billion 288.5 billion compares with last year39;s 5.2 drop which had marked the first decline since 2020 amid global economic uncertainties and a higher interest rate environment….