Portfolio Performance

We track our total returns to our shareholder over various periods.

Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes capital injections from our shareholder. Our TSR over short, medium, and long time periods are a snapshot of our performance.

As at 31 March 2017, our Singapore dollar one‑year TSR was 13.37%. Our three‑year TSR was 7.13% and our 10‑year TSR was 4%.

Our 20‑year TSR was 6%, versus the Singapore 20‑year annualised core inflation of under 2%. Longer term 40‑year TSR was 15%.

Our TSR is measured against our risk‑adjusted cost of capital, which is derived using a capital asset pricing model. The risk‑adjusted cost of capital is built bottom‑up, and aggregated over all our investments. 

S$ Total Shareholder Return and Risk-adjusted Cost of Capital (%)

(as at 31 March 2017)

Rolling S$ Total Shareholder Return (%)
(as at 31 March)








TSR in US$ terms was 9%, 3%, 5%, 7%, 14%, 16% and 17% for 1, 3, 10, 20, 30, 40 and 43‑year periods respectively.
As of the year ended March 2017, annualised core inflation in Singapore was 1.1%, 1.9% and 1.5% for 1, 10 and 20‑year periods respectively (Source: Monetary Authority of Singapore).



Investment Themes

Investment Themes

Our investment activities continue to be guided by four investment themes and the long term trends they represent.

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