Temasek Holdings reported a 10.5% increase in net portfolio value to S$518 billion, driven by Singapore-listed companies and divestments, while navigating global volatility and shifting investment focus toward AI and infrastructure.
Temasek Holdings reported a 10.5% increase in its net portfolio value, reaching S$518 billion (US$401 billion) as of March 31, 2026. The growth was driven by strong performance from Singapore -based listed companies and gains from key divestments, though it was slower than the previous year's 11.9% rise due to global uncertainties, including geopolitical tensions and market volatility.
CEO Dilhan Pillay Sandrasegara described the current environment as a 'polycrisis world,' emphasizing resilience amid volatility. He noted rebounds in China and strong performance in India, though exchange rate fluctuations posed challenges. The net portfolio value would have been about 2% higher without the impact of public market events, but most losses were recovered, validating the firm's public markets strategy. Over 40% of the portfolio consists of Singapore companies like DBS, Singtel, and Singapore Airlines.
Temasek invested S$51 billion and divested S$31 billion, resulting in a net investment of S$20 billion. Key divestments included Dutch company Axia Vegetable Seeds, Schneider Electric India, and a controlling stake in Global Health Exchange, while maintaining a continuing interest in the latter. Looking ahead, the firm plans to boost investments in artificial intelligence, infrastructure, and private credit.
One-year total shareholder return was 10.5% in SGD terms and 14.8% in USD terms, with the strong Singapore dollar reducing the SGD return by about 2 percentage points. The five-year shareholder return was 4.6%, weighed down by headwinds in China's capital markets from 2021 to 2024. Over ten years, the return was 7.1%, up from 5.8% the prior year, while the 20-year return was 6.8%, down from 7.4% in 2025.
This marks the first full year Temasek uses mark-to-market valuation for unlisted investments, which would place the net portfolio value at S$486 billion on a book value basis. Temasek remains confident in Singapore's resilience despite global uncertainty and energy disruptions. The United States is the largest destination for global direct investments, with about 50% of annual capital allocated there, driven by innovation in AI and deep capital markets.
The Americas' share grew to 26% from 24%, while exposure to China dipped to 17% from 18% and India to 7% from 8%. Temasek acknowledged challenges in China's real estate sector and uneven domestic consumption, prompting a shift toward investments less dependent on consumer spending, such as biotech, robotics, AI, and advanced manufacturing. The firm emphasized its long-term commitment to China and India despite near-term volatility and energy pressures
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