Temasek is a global investment company headquartered in Singapore. We are a generational investor, seeking to make a difference always with tomorrow in mind.
Unless otherwise stated, all financial information is presented in Singapore dollars. Portfolio figures from the financial year ended 31 March 2016 onwards have been restated to value our unlisted investments on a mark-to-market basis. Our prior reporting basis valued our unlisted investments at book value. The valuation basis is unchanged for listed investments that are valued at market prices, and unlisted funds and co-investments that are already marked to market.
Built to Endure
As part of our T2030 strategy, we aim to build a resilient and forward-looking portfolio — one that can withstand exogenous shocks and perform through market cycles, while capitalising on growth opportunities with the potential for good sustainable returns above our risk-adjusted cost of capital over the long term.
A Diversified and Balanced Portfolio
Our diversified and balanced portfolio is anchored by three segments with distinct attributes and strengths: Singapore-based Temasek Portfolio Companies (TPCs), Global Direct Investments (GDIs), and Partnerships, Funds, and Asset Management Companies (PFAs).
Resilient Through Market Cycles
Our long-term returns remained resilient with 20-year Total Shareholder Return (TSR) at 6.8% and 10-year TSR at 7.1%, demonstrating our portfolio’s ability to perform through market cycles.
Total Shareholder Return1 (TSR, %)
1 TSR has been restated to reflect the move to mark-to-market (MTM) reporting, except for periods prior to 31 March 2016.
2 Unlisted investments valued at book value, which refers to Temasek’s cost of investment plus our share of the investee company’s profits or losses, changes in other equity reserves, minus write-downs (if any).
3 From the financial year ended 31 March 2026 onwards, the 1, 5, and 10-year portfolio performance will be reported on an MTM basis. Due to historical data constraints, MTM valuation prior to 31 March 2016 is not available. Hence, the 20-year MTM TSR includes a one-time NPV uplift in March 2016 due to the transition in valuation of unlisted investments from a book value basis to an MTM basis.
Community Stewardship
As a global investor, our social licence to operate depends on our ability to create value for all stakeholders, including our communities. We believe in seeding social capital to foster a more inclusive and resilient world, so every generation prospers.
Since 2003, we have been setting aside a portion of our net positive returns above our risk-adjusted cost of capital for community gifts. Approved by the Temasek Board, these gifts are donated largely to Temasek Trust (TT) to achieve our community objectives of Connecting People, Uplifting Communities, Protecting Our Planet, and Advancing Capabilities (CUPA).
Temasek’s primary community stewardship arm is the Temasek Trust Collective (TTC), an ecosystem of organisations united by a shared purpose of building better for every generation. The TTC mirrors Temasek’s CUPA objectives through their four strategic priorities of Planet, People, Peace, and Progress. By harnessing the TTC’s diverse capabilities, TT builds capacity, convenes partnerships, mobilises capital, and catalyses solutions for lasting impact.
To date, Temasek’s gifts to TT have impacted about 5 million lives across Singapore and beyond.
Beyond the TTC, we also give directly to our partners across the Public, Private, and People sectors to maximise the impact of our capital, network, and insights.
