(July 7): Temasek Holdings’ portfolio declined for the first time in seven years as its holdings, a quarter of which are in Chinese equities, were battered by last year’s market rout.

The value of Temasek’s stakes decreased 9% to $242 billion in its fiscal year ended March 31, according to the Singapore state investment firm’s annual review released Thursday. Assets fell from a record $266 billion in the prior fiscal year and dropped for the first time since the 12 months ended March 2009.

As global growth has slowed and the markets have been whipsawed by volatility, Temasek is reshaping its portfolio and tempering expectations for future returns. The state investment firm is cutting its exposure to banks while adding to holdings in media, telecommunications, and technology companies, with the latter group overtaking financial firms as Temasek’s biggest industry sector.

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