Temasek Holdings’ net portfolio value increased by 10.5 per cent from a year ago to hit S$518 billion (US$401 billion) as of Mar 31 this year, the state investor announced on Wednesday (Jul 8).
Amid global uncertainties arising from the Iran war, the 2026 growth was slower than the 11.9 per cent increase from 2024 to 2025. Its net portfolio value last year was S$469 billion on a mark-to-market basis.The growth was driven largely by the strong performance of Singapore-based listed companies in Temasek’s portfolio, as well as gains from divestments, despite ongoing volatility.
“We’re not simply in a VUCA (volatility, uncertainty, complexity and ambiguity) world, we are in a polycrisis world,” said Temasek Holdings chief executive officer Dilhan Pillay Sandrasegara in a video address.
The present environment is the most complex that Temasek has seen in five decades, but the company was able to continue the momentum that was built over the past few years, he said.
“We saw a rebound in China. India has done very well for us, although the last year has been challenging because of exchange rate volatility,” Mr Pillay said.
The conflict in the Middle East tempered the company’s performance, he added. Up to the end of February, returns in Temasek’s public markets’ portfolio were “very acceptable”, he said.
CNA
