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Turning wine into newater

Loyal

Temasek's net portfolio value grew to S$164 billion, crossing the US$100 billion mark.
Total shareholder return (TSR) by market value for the year was a healthy 27%.
TSR by shareholder funds was a solid 25%, reflecting the sound underlying performance of its portfolio companies and its investments.

Barely 6 months from the stellar reports, Temasek reported a drop of 31% in their portfolio (http://specials.ft.com/vtf_pdf/110209_FRONT2_ASI.pdf)

How did it happen?

That

Wine has turned into Newater?