Temasek’s portfolio up 1.8% as returns from US, India pick up

China investments, meanwhile, underperformed.

Temasek Holdings saw its net portfolio value (NPV) rise 1.8% YoY, reaching $389b for the financial year ended 31 March.

The Singapore state investor traced the increase to investment returns from the US and India markets, with the gains partially offset by the weak performance of China’s capital markets.

Its latest NPV grew by $7b from $382b in the financial year ended March 2023, but still below the $403b NPV it recorded in 2022.

Temasek booked a 7% 20-year total shareholder return (TSR) and a 6% return for 10-year TSR. Its one-year TSR stood at 1.6%.
The group invested a total of $26b in those 12 months, with capital deployed across a wide range of sectors such as technology, financial services, sustainability, consumer and healthcare.

It said the investments are underpinned by structure trends of digitisation, sustainable living, future of consumption and longer lifespans.

Outside Singapore, the US ranked as Temasek’s leading destination of capital, followed by India and Europe, while Japan saw increased investments.

Meanwhile, the group divested $33b during the financial year mainly to meet redemptions. Net divestment settled at $7b.

“In an era of unprecedented global challenges, the resilience of our portfolio remains our core strength,” Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek, said in a statement.

“We must continue to build for the future as we catalyse solutions that enable a more sustainable world, invest in growth sectors and business models, and encourage enterprises to transform and adapt through efforts in innovation,” Pillay added.

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