. >> temasek holdings was out today with its annual review. adam has just rushed back from the press room with the details. >> still sweating from rushing back, mauer are. glistening. >> there's good and bad in this report, as you know. 2008 to 2009 was a bleak year for the equity markets. as you can imagine, for any investment firm, they saw deep, deep losses across the board. temasek managed to make money in terms of profits for the previous financial year. a net profit of $4.2 billion, less than a year ago. in terms of the bad part about it want naturally all the contributions from its major corporations and also a lot of foreign firms lifted offshore, they contributed a significant amount less this year and also from its investment activity, temasek did lose quite a bit of money from those investments, including bank of america. in terms of its portfolio, it shrank down 0%. as you know, in the last few months, we saw a swift and fast rebound of the equity markets. so a lot of those losses have patched back and their equity portfolio is rig

sovereign wealth funds, which i think loss more than $250 billion taking probably a bigger hit that temasek glc did. there's a question about the sort of political backlash against the sovereign wealth funds. recrisis, they weren't very welcome during the crisis. i think there's openings for investment are fairly limited. >> some say they did step up, they took substantial holdings in many of the western banks that needed it and in other companies that were reluctant to get direct government bailouts. they benefited from these government funds that -- >> you're talking about barclay's. that is a case where middle east money really did make a very big profit out of that. i think over $1 billion out of a quick turn around. i think that was about six months. >> but did that change the perception of these fund? precredit crisis, they were viewed with suspicion by many countries, and now since they did step in, some would say now perhaps companies will be more open to stakes being held by sovereign wealth funds. >> i don't know. the sovereign wealth fund is always tricky. i think they might be s