Incorporated on 25 June 1974 as a Commercial Investment Company,[1][3] Temasek owns and manages a net portfolio of $313 billion[4] (as of 31 March 2019), with S$28 billion divested and S$24 billion invested during the year, and 66% exposure to Asia – 26% Singapore and 40% Asia ex-Singapore.[4] It is an active shareholder and investor, and its investments are guided by four key themes – transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. Its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrials, life sciences and agribusiness, consumer and real estate, energy and resources, as well as multi-sector funds. Headquartered in Singapore, Temasek has a multinational team of 800 people, in 11 global offices[5] including two offices in Beijing, and one office in each of Shanghai, Mumbai, Hanoi, London, New York, San Francisco, Mexico City, Washington, D.C., and Sao Paulo.[6]