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. We track our TSR over short, medium, and long time periods.

As at 31 March 2016, our Singapore dollarone - year TSR was negative 9.02%. Our three - year TSR was 3.25% and our 10 - year TSR was 6%. Our 20 - year TSR was 6%, versus the Singapore 20 - year annualised core inflation2 of under 2%; 40 - year TSR was 15%.

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

 

Total Shareholder Return and Risk-adjusted Hurdle Rate (%)

(as at 31 March 2016)

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

 

 

 

Footnotes:
TSR in US$ terms was (7%), 0.5%, 8%, 6%, 16%, 16%, and 17% for 1, 3, 10, 20, 30, 40, and 42-year periods respectively.
As of the year ended March 2016, annualised core inflation in Singapore was 0.3%, 1.9%, 1.5% for 1, 10, and 20-year periods respectively (Source: Monetary Authority of Singapore).

Temasek Review 2016

Investment Themes

Guided broadly by our investment themes, we seek to build a portfolio that delivers sustainable long term returns.

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