Temasek sold 9.2 million shares of the Houston-based company directly or through its units in the second quarter, valuing the stake at $257 million, according to a filing yesterday with the U.S. Securities and Exchange Commission.
Shares in the U.S. energy company gained as much as 200 percent by the end of the second quarter after Temasek announced in May 2012 that it would spend about $468 million on an equity investment in Cheniere together with RRJ Capital.
“The shares had a decent run over the past year,” said Enrico Soddu, an analyst at the London-based Institutional Investor’s Sovereign Wealth Center. “Temasek just seized the opportunity to make a solid profit.”
Tan Yong Meng, a Temasek spokesman, confirmed the filing and declined to comment further.
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
Temasek bought 15.5 million shares in Cheniere during the second quarter of 2012 for $228 million, according to previous SEC filings. The company increased its holdings to 18.3 million shares in the third quarter and halved its position during the first quarter this year.
Investments in energy and resources made up 6 percent of the Southeast Asian investment company’s portfolio on March 31, unchanged from the previous year, according to its latest annual report published last month.
Temasek also bought 180,547 shares in Mosaic Co. (MOS), the second-largest North American potash producer, maintaining its position as its biggest shareholder with a stake of 6.6 percent, according to data compiled by Bloomberg. The investment firm also acquired 867,727 stocks in Monsanto Co. (MON), the world’s largest seed company, increasing its holdings to 0.3 percent, according to the data.
Temasek, wholly owned by Singapore’s Ministry of Finance, is the 10th-biggest state investment company, according to the Sovereign Wealth Fund Institute website. The world’s biggest is Norway’s Government Pension Fund Global, while Singapore’s state fund GIC Pte is the eighth-biggest, according to the institute estimates.
The share of assets denominated in U.S. dollars in Temasek’s portfolio declined to 6 percent as of March 31 from 7 percent in the previous year, according to last month’s report.
The city-state’s asset manager also made a new investment in semiconductor company Qualcomm Inc. (QCOM), according to the filing. Temasek bought 5.6 million shares, equivalent to a stake of 0.33 percent, according to data compiled by Bloomberg.
Temasek reduced its holdings in Apple Inc. (AAPL) by about two thirds to 11,800 shares and kept its stake in Facebook Inc. (FB), owner of the world’s most popular social-networking service, unchanged at 4.3 million shares, according to the SEC filing.
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