The global market rally had added S$42 billion ($29.7 billion) to the market value of Temasek’s investment portfolio since the end of March, Singapore’s state investment company said, according to media reports.

The institution holds shares in a number of banking groups with wealth management operations, including UBS and Standard Chartered. It has, meanwhile, sold stakes in banks such as Barclays and Bank of America, reports said.

The mark-to-market value of the Temasek portfolio fell to S$130 billion at the end of the financial year in March, but recovered to S$172 billion by the end of July.