As the world moves closer to the end of the credit crisis, sovereign wealth funds around the world are experiencing mixed fortunes.

Good news comes from Singapore’s SWF Temasek, which springs back into gains with its portfolio climbing 32 percent between April to end-July after a 30 percent loss in the year to end-March.

Announcing its annual performance report (which should please the country’s taxidrivers), Temasek said it is open to investing in financials and resources in the long term and it has bought stakes in South Korea’s ENK, cylinder suppliers, and Brazil’s oilfield services firm San Antonio.

Moving towards the Middle East, Dubai World, a state-owned holding company, is struggling to restructure its subsidiaries.

It has moved several executives to its Istithmar unit, which owns struggling high-end retailer Barney’s New York, from its real estate unit Nakheel, which is trying to refinance $3.52 bln Islamic bonds maturing in December.