When Temasek Holdings announced its results early last month, there was no hiding the stark fact that Singapore’s state investment firm was feeling the full effects of the ongoing US-China trade war.Shareholder returns plunged to 1.49 per cent, down from 12 per cent year on year, and its portfolio value in Singapore dollar terms rose to S$313 billion (US$230.1 billion) as it made divestments of S$28 billion, compared with new investments of S$24 billion.Beyond these top-line figures, however,…