Temasek Holdings Pte. logo during a press conference in Singapore.
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Singapore’s state-owned investment company Temasek Holdings has increased its net portfolio value to S$518 billion ($401 billion) in the year ended March 31, setting a new annual record for the second consecutive year.
Temasek recorded a total shareholder return of 10.5% for the financial year, which the company said was driven by the strong performance of its Singapore holdings and gains from sales.
of Straits Times Index It rose more than 23% from April 2025 to March 2026 on the back of the stock market development program announced by the country’s financial authorities to unlock greater value in stocks.
Returns would have been better had it not been for the Iran war that erupted on February 28 and wiped out the portfolio’s value by about 2%. Temasek told a press conference that the stronger Singapore dollar also reduced total shareholder return for the year by about 2 percentage points.
Singapore companies in which the investor holds shares include: DBS Bankthe largest bank in Southeast Asia, singapore airlinescommunications company singtel.
Temasek reportedly made S$31 billion in sales during the period, including the sale of S$8.18 billion in shares in Schneider Electric India in June 2025.
Temasek said the five-year total shareholder return was 4.6%, falling from 2021 to 2024 due to headwinds in the Chinese market. Corporate portfolio exposure to China has been reduced in recent years, from 24% in 2016 to 17% in 2026.
But Temasek said it “remains committed” to China, noting that China’s exposure to the world’s second-largest economy has increased by S$10 billion in absolute terms over the past year.
The 10-year total shareholder return was 7.1% in Singapore dollars.
AI, infrastructure and private credit
Temasek said it sees opportunities in three areas of what it calls “core-plus” infrastructure, including artificial intelligence, private credit, renewable and nuclear energy, energy storage and decarbonization technologies. Mr Temasek said this “core plus” area would increase to 5% over the next five years.
The company intends to increase AI-related exposure in its portfolio from the current 6% to 15% by 2031.
Current investments include Anthropic and OpenAI in the US, but Temasek said it intends to deploy capital across areas of the value chain, including cloud service providers, underlying models and AI applications.
“(We) see the rapid advancement of AI as a pivotal stage that will create vast new opportunities.”
Temasek also aims to more than double the value of its private credit portfolio to 5% by 2031 from the current 2%.
The company intends to focus on senior collateral structures that provide downside protection and enhance diversification, such as corporate loans, asset-backed loans and real estate credits.
