Exessive exposure?

In portfolio management, it is important to spread the investments and avoid having large stakes in certain investment. This is called concentration risk.

A stake of more than 5% is considered high. A better level should be not more than 3%.

I am somewhat surprised to read a report in Bloomberg about the following investments:

> GIC invested $18 billion in UBS and Citibank, representing 6% of its portfolio of $300 billion
> Temasek invested $5 billion in Merill Lynch, represented 5% of its portfolio of $100 billion.

Perhaps the total portfolio managed by GIC and Temasek is more than the amounts indicated. If not, the above investments would be considered as excessive.