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Temasek's Net Portfolio Value Grows to S$518 Billion, Up S$49 Billion from Last Year

Published July 8, 2026 at 6:51 PM UTC

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Temasek Holdings, Singapore's state investment firm, reported a net portfolio value (NPV) of S$518 billion as of March 31, 2026, marking a S$49 billion increase from the previous year. This growth was primarily driven by the strong performance of listed Singapore-based Temasek Portfolio Companies (TPCs) and realized gains from key divestments. However, the final month of the financial year saw a 2% NPV drawdown due to events in the Middle East, which reversed a significant portion of earlier gains in the Global Direct Investments (GDIs) portfolio. The NPV stood at 10.5%, with a 20-year Total Shareholder Return (TSR) of 6.8% and a 10-year TSR of 7.1%. Despite challenges in China's capital markets from 2021 to 2024, the portfolio's long-term performance remains robust. Temasek plans to increase its investments from 6% to up to 15% by 2031, focusing on areas such as data centers, semiconductors, cloud services, foundation models, and AI applications. The company continues to focus on building a resilient and forward-looking portfolio, emphasizing investments in domestic businesses with strong competitive advantages and global market leaders with strong pricing power. Despite global uncertainties, including the Middle East conflict, Temasek remains confident in Singapore's market resilience, citing strong fundamentals and policy flexibility. The company is committed to actively stewarding its TPCs, strengthening their competitiveness and resilience for long-term value creation. Overall, Temasek's performance in 2026 underscores its strategic focus on high-performing assets and its ability to navigate complex global challenges.