The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Una Galani

HONG KONG, July 9 (Reuters Breakingviews) - A year after carving the $401 bln portfolio into Singapore, international and partnership buckets, CEO Dilhan Pillay is revealing each unit's returns. Such openness is rare for sovereign investors, and welcome. Yet the 10-year figures reflect old scars more than recent successes.

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Singapore state investor Temasek on July 8 reported a net portfolio value of S$518 billion ($401.3 billion) for the financial year to the end of March, the first year of fully transitioning its financial reporting to a mark-to-market basis. Temasek's 10-year total return rose by 2.1 percentage points to 7.1%.

The prior year Temasek reported a net portfolio value of S$434 billion. It said at the time that marking its unlisted portfolio to market would have brought the net portfolio value to S$469 billion.