The Asian Financial Crisis marked a period of heightened market volatility and economic uncertainty across the region. During this time, we maintained a long-term investment approach and worked closely with our portfolio companies to navigate the challenging environment. The experience reinforced the importance of financial discipline, resilience, and a focus on sustainable value creation.

Our net portfolio value climbed to a then-record S$104 billion during the Dotcom boom, before declining in its subsequent bust.

While the Dotcom bust was not the sole trigger, it was one of several market disruptions — including the Asian Financial Crisis — that shaped our thinking around portfolio construction, risk management, and long-term positioning. The lessons learned during this time laid the groundwork for a more structured and forward-looking strategy, which would later take shape as T2010.

Our investment activity slowed during 2003, partly due to the SARS crisis which impacted Asian economies, more significantly in the transport and tourism/leisure industries. Investment levels between 2003 and 2004 dipped, with just S$3.3 billion invested in 35 companies. However, by 2005, new investments — mostly in Asia — had jumped to almost S$13 billion.

The Global Financial Crisis from 2007 to 2008 led to Temasek’s net portfolio value dropping by over S$50 billion to S$130 billion in the financial year ending March 2009. As markets recovered in 2010, our net portfolio value rebounded to S$186 billion in the financial year ending March 2010.

We experienced a decline in our net portfolio value in 2016, marking the first drop since the Global Financial Crisis in 2008. The 2010s-2020s saw major challenges such as European debt crisis, China stock market sell-off, US-China trade tensions, and COVID-19 which led to signficant market disruption.

We continued to reshape and rebalance our portfolio towards longer term trends and maintained an investment stance that is disciplined but nimble to capitalise on opportunities and withstand shocks.

The COVID-19 pandemic triggered another wave of global disruption. Temasek’s portfolio experienced a dip in value as markets reacted to uncertainty and lockdowns. Despite the volatility, Temasek entered the crisis in a strong net cash position and responded swiftly — supporting portfolio companies in maintaining operations, protecting jobs, and adapting to new realities.

We also accelerated investments in long-term structural trends that have shaped our investment focus — particularly Digitisation and Sustainable Living. These trends, along with Future of Consumption and Longer Lifespans, continue to guide our portfolio construction. We invested in companies developing innovative solutions to address global challenges and growing societal needs, deepening our exposure to the technology, financial services, industrials, and energy sectors.

We bounced back with strength in 2021, achieving a record net portfolio value of S$381 billion — a S$75 billion increase over the previous year, reflecting our resilient portfolio and commitment to long-term impact.