Portfolio Performance
We are owners of our portfolio, working to deliver sustainable value over the long term to our stakeholders.
Value since Inception
We grew with Singapore in our early years. In 2002, we stepped out to grow with a transforming Asia. Since 2011, we have been investing worldwide for a better, smarter and more connected world.
Our initial portfolio in 1974 reflected a newly industrialising Singapore. Some of these companies, and others added since, have grown into iconic Singapore brands such as Singapore Airlines and the Singapore Zoo. Others like DBS, Singtel and PSA have spread their wings further afield.
We continue to seed new solutions enabled by science, automation and the sharing economy, to support a growing population that is also living longer.
The chart below shows the growth of our net portfolio value since its inception in 1974.
The blue area reflects our portfolio valued on a mark to market basis, which is subject to greater volatility caused by external events.
For more information on how our Net Portfolio Value relates to our Total Shareholder Return, click here.

What is Net Portfolio Value?
How do we value our portfolio?
Temasek’s portfolio is made up of listed and unlisted investments, other assets and liabilities. We derive our portfolio value1 based on share prices2 as at our financial year end every 31 March for listed investments and book values3 for unlisted investments.
1 Audited as part of statutory audit.
2 For listed investments, other valuation basis will be used if share prices are not representative, e.g. insufficient trading frequency or volume.
3 Cost of investment plus share of investee company’s profits or losses, minus dividends received and write down (if any).
4 Current value of the projected future cash flows of the investee company.

S$403b
Net Portfolio Value
Up S$205 billion over the last decade
Net Portfolio Value (S$b)
(as at 31 March)

S$61b
Invested during the year
Invested S$315 billion over the last decade
Investments & Divestments (S$b)
(for year ended 31 March)

63%
Exposure to Asia
Singapore exposure up S$50 billion over the last 10 years
Portfolio by Geography1 (%)
Net portfolio value (S$b)