Temasek cut stake in Alibaba in Q4, filing shows

Temasek Holdings reduced its stake in Alibaba for a second consecutive quarter.
Temasek Holdings reduced its stake in Alibaba for a second consecutive quarter. PHOTO: REUTERS

SINGAPORE (BLOOMBERG) - Temasek Holdings pared its investment in Alibaba Group Holding for a second consecutive quarter while emerging as a shareholder of oil and gas producer Antero Resources.

The firm sold 4.1 million American depository receipts in the Jack Ma-run company, leaving it with 35.5 million at the end of December, according to a filing with the US Securities and Exchange Commission on Tuesday. Alibaba is now the second largest holding in Temasek's US stocks portfolio, comprising 25 per cent.

Temasek, which was one of the early investors in Alibaba, had sold 14.5 million ADRs in the online giant in the third quarter ended September, an earlier filing showed.

The state investor also emerged as a shareholder in Antero Resources, owning 9.8 million shares as of December. The firm also bought 1.7 million shares in coatings maker, PPG Industries and 12.2 million ADRs of ZTO Express (Cayman), a Chinese delivery service that gets the bulk of its business from Alibaba. Temasek also bought 1.5 million shares of Visa in the period.

Money managers who oversee more than US$100 million (S$141.9 million) in equities must file a Form 13F with the SEC within 45 days of the end of each quarter to show their US-listed stocks, options and convertible bonds. The filings don't disclose non-US securities or how much cash the firms hold.

Temasek in July reported the first decline in its portfolio in seven years. The value of assets fell 9 percent to S$242 billion in the fiscal year ended March 31, according to the firm's annual review.