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The evolution of sovereign wealth funds: Singapore's Temasek Holdings

机译:主权财富基金的演变:新加坡淡马锡控股

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Purpose – Where there has been little in-depth understanding of sovereign wealth funds, the purpose of this paper is to describe the complex nature of one of the world's largest sovereign wealth funds, Temasek Holdings (“Temasek”), whose “active” investment strategy has been emulated by a number of other funds. Design/methodology/approach – The paper draws mainly on public data in developing a case history of Temasek. Findings – Based on this data, the paper suggests how the firm's underlying strategy seems to be about pursuing the national interests of its sovereign shareholder in both a commercial and non-commercial manner. Research limitations/implications – Consistent with a case-based approach, the paper presents a single example of a sovereign wealth fund. Practical implications – The aggressive manner in which Temasek has built up its international portfolio coupled with the mixed impact of its “active” investment strategy raise a number of issues about the nature of an important sovereign wealth fund. Originality/value – The value of the paper is in its cogent, insightful picture of the development of a sovereign wealth fund that was a pioneer of this phenomenon.
机译:目的–在对主权财富基金缺乏深入了解的地方,本文的目的是描述世界上最大的主权财富基金之一淡马锡控股(“淡马锡”)的复杂性质,淡马锡控股(“淡马锡”)的“活跃”投资其他一些基金也模仿了这一策略。设计/方法/方法–本文主要是在制定淡马锡案例历史时借鉴了公共数据。调查结果–基于这些数据,本文提出了公司的基本战略似乎是如何以商业和非商业方式追求其主权股东的国家利益。研究的局限性/意义–与基于案例的方法一致,本文提供了主权财富基金的一个示例。实际影响–淡马锡以激进的方式建立其国际投资组合,再加上其“积极”投资策略的混合影响,引发了一系列有关重要主权财富基金性质的问题。原创性/价值–本文的价值在于其对作为这一现象的先驱者的主权财富基金的发展的深刻而有洞察力的描述。

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