Temasek's portfolio value grows to S$518 billion in 2026, up S$49 billion from 2025

Singapore's state investment arm Temasek reported a Net Portfolio Value (NPV) of S$518 billion in 2026, up S$49 billion from 2025.

This also represents a doubling of their portfolio over the past decade.

Temasek closed its financial year on Mar. 31, 2026, and announced the results of its annual review on Jul. 8.

The growth was driven largely by strong performance of listed Singapore-based Temasek Portfolio Companies (TPCs) and realised gains from key divestments, the company said.

The financial year saw the company investing S$51 billion and divesting S$31 billion, resulting in a net investment of S$20 billion.

Long-term returns remain resilient

Meanwhile, Temasek’s long-term returns remained resilient, with 20-year Total Shareholder Return (TSR) at 6.8 per cent and 10-year TSR at 7.1 per cent.

However, the five-year TSR at 4.6 per cent was weighed down by headwinds in China's capital markets from 2021 to 2024.

The recent events in the Middle East have also impacted the global economy, resulting in a drawdown of 2 per cent on the NPV in the last month of the financial year.

Diversified portfolio

Temasek's portfolio comprises three segments: Singapore-based TPCs, Global Direct Investments (GDIs), and Partnerships, Funds, and Asset Management Companies (PFAs).

Since Apr. 1, 2026, Temasek has operated under a refreshed structure, establishing new wholly-owned entities — Temasek Singapore (TSG), Temasek Global Investments (TGI), and Temasek Partnership Solutions (TPS).

The move was intended to give each entity a clearer focus and allow it to build expertise in its own area.

The firm emphasised that it will continue to operate collectively as "OneTemasek".

Building resilient portfolios

In a more complex global environment, Temasek said it remains focused on building a “resilient and forward-looking portfolio”, providing returns with a narrower range of outcomes.

This means investing in domestic businesses with strong competitive advantages and global market leaders with strong pricing power.

In the near term, it sees compelling opportunities in three areas driven by strong secular trends and offering potential for good returns: Artificial Intelligence (AI), core-plus infrastructure, and private credit.

Harnessing Al

On the AI front, the company said that they have invested in companies benefiting from digitisation for over a decade and sees opportunities with the rapid advancement of AI.

Its Al-related exposure currently represents 6 per cent of portfolio value, which it aims to increase to up to 15 per cent by 2031.

Temasek said it has steadily developed a “disciplined and holistic strategy” to harness AI across its institution, portfolio, and wider ecosystem.

This includes AI-enabling Temasek, such as embedding AI into how the company invests and operates, and AI-proofing its portfolio.

Outlook

On the outlook for Singapore’s market, Temasek said it remains confident in the market's resilience.

While global uncertainty and energy-related disruptions continue to pose risks, Singapore remains well-positioned with strong fundamentals and policy flexibility, the firm said.

Temasek said its focus remains on actively stewarding its TPCs, strengthening their competitiveness and resilience for value creation over the long term.

Former Deputy Prime Minister Teo Chee Hean, who officially took over as the chairman of Temasek Holdings on Oct. 9, 2025, commented on the volatile global market.

“This calls for a carefully considered and more disciplined approach to investment that looks for sustained risk-adjusted returns that are resilient through short-term cycles. I am confident that the Temasek team will rise to the challenge by acting with clarity amidst complexity, harnessing our collective strengths to do well, do right, and do good—always acting today with tomorrow in mind, so every generation prospers."