Temasek posts $434b portfolio value

It is driven by strong market performance

Temasek reported a net portfolio value (NPV) of $434b for the financial year ended 31 March 2025, an increase of $45b from the previous year.

This growth was primarily driven by strong performance from Singapore-listed portfolio companies and direct investments in key markets such as China, the United States, and India.

On a mark-to-market basis, the portfolio would have been valued at $469b, reflecting a $35b uplift from unlisted assets.

The firm also ended the year in a net cash position, giving it the flexibility to act on market opportunities. Long-term returns remained stable, with 20-year and 10-year Total Shareholder Returns (TSRs) at 7% and 5%, respectively.

Temasek’s portfolio is broadly diversified across geographies and sectors, structured into three main segments: Singapore-based companies, which account for 41% of the portfolio; global direct investments, comprising 36%; and funds, partnerships, and asset management companies, making up the remaining 23%.

This structure reflects the firm's long-term strategy since 2002 to tap into new growth areas, reduce concentration risk, and build resilience. These segments remain central to Temasek’s T2030 goal of shaping a future-ready portfolio.

In the past year, Temasek invested $52b and divested $42b. Over the last ten years, it has invested $350b globally. Despite ongoing geopolitical tensions and macroeconomic uncertainty, the firm maintains a constructive outlook, with continued interest in the US market and a diversified presence in Europe, China, and India.

The company said it is focused on investing in companies that demonstrate strong cash flows, pricing power, and lower exposure to global trade disruptions. Recent investments include Haldiram Snacks Food, Neoen, The Progressive Corporation, and Yum China. The firm also continues to exit positions facing structural challenges, reinvesting capital into opportunities with stronger long-term return potential.

The firm is expanding into alternative assets such as private credit, hedge funds, and hybrid solutions to improve diversification and generate stable returns.

Core-plus infrastructure is another priority, driven by growing demand for electrification and AI data centers. Temasek is investing directly and through partnerships, working with infrastructure-focused companies like Keppel, PSA, Sembcorp, and SP Group.

Temasek is also investing across the AI value chain, including hyperscalers, enabling technologies, and early-stage innovators. Its multi-pronged approach includes direct investments, venture-building efforts like Aicadium and minden.ai, and participation in major fund platforms such as the AI Infrastructure Partnership led by BlackRock, Microsoft, and others.

In parallel, Temasek is supporting its Singapore-based portfolio companies—collectively generating nearly $200b in annual revenue—in accelerating AI adoption to future-proof their businesses.

Looking ahead, Temasek remains cautious about global risks but confident in its ability to capture long-term value.