The net portfolio value of Singapore’s global investment company Temasek reached S$518 billion ($400.3 billion) as at March 31, 2026, representing a doubling of its portfolio over the past decade.

In a performance review released on Wednesday, Temasek said it delivered one-year total shareholder return of 10.5 percent despite a challenging global environment marked by trade tensions, geopolitical conflicts, and the rapid emergence of generative AI.

The S$518 billion figure reflects Temasek’s full transition to mark-to-market valuation for its unlisted direct investments, which account for approximately 25 percent of the portfolio, aligning its reporting methodology with global peers. Net portfolio value increased by S$49 billion over the previous financial year, driven largely by strong performance of listed Singapore-based portfolio companies and realized gains from key divestments.

Long-term returns remained resilient, with 20-year total shareholder return at 6.8 percent and 10-year return at 7.1 percent. Five-year return was lower at 4.6 percent, weighed down by headwinds in China’s capital markets from 2021 to 2024. Temasek said it has taken deliberate steps since January 2024 to recalibrate its portfolio and strengthen execution, which have contributed to stronger returns for two consecutive years.

However, events in the Middle East resulted in a 2 percent drawdown on net portfolio value in the last month of the financial year, reversing a significant part of earlier gains in the global direct investments portfolio. The relative strength of the Singapore dollar against major foreign currency exposures also negatively impacted returns by approximately two percentage points.

During the financial year ended March 31, 2026, Temasek invested S$51 billion and divested S$31 billion, resulting in a net investment of S$20 billion.

About 52 percent of Temasek’s portfolio comprises Singapore-headquartered companies, with 27 percent of the portfolio’s underlying exposure to Singapore, including listed and unlisted companies held for long-term value creation and several operating critical infrastructure or providing key services.

Temasek said its performance should be assessed over a longer-term horizon rather than on a year-to-year basis, and that over the long term, the fundamentals of its portfolio remain resilient.

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