SINGAPORE -- Singapore's state-run investment company Temasek Holdings will invest more in unlisted businesses including tech startups, as it looks to shield itself against further negative impacts of the U.S.-China trade war. In its annual performance report released Tuesday, Temasek said the asset ratio of unlisted businesses -- which includes both startups and established companies -- in its portfolio grew to 42% as of March 31, from 39% a year ago. Nearly half of all new investments made during the year to March went to unlisted assets, said Dilhan Pillay Sandrasegara, CEO of the group's core investment company Temasek International.