Portfolio Performance

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.

Temasek Net Portfolio Value since Inception

(in S$ billion)

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.




Net Portfolio Value
Up S$205 billion over the last decade  

Net Portfolio Value (S$b)

(as at 31 March)


Invested during the year
Invested S$315 billion over the last decade

Investments & Divestments (S$b)

(for year ended 31 March)




Exposure to Asia
Singapore exposure up S$50 billion over the last 10 years

Portfolio by Geography1 (%)
Net portfolio value (S$b)

(as at 31 March)
Distribution based on underlying assets.
2004-2010 restated on a comparative basis.

What is Total Shareholder Return


Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes investments made by our shareholder in Temasek’s shares. Our TSR over different time periods are a snapshot of our performance, with the longer time periods being more representative of our performance as a long term investor.

As at 31 March 2022, our Singapore dollar1 one-year TSR was 5.81%. Our three-year TSR was 8.79% and our 10-year TSR was 7%.

Our 20-year TSR was 8%, versus the Singapore 20-year annualised core inflation2 of 1.5%. Longer term 40-year TSR was 12%.

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.

1 TSR in US$ terms was 5%, 9%, 6%, 10%, 12%, 13% and 16% for 1, 3, 10, 20, 30, 40 and since inception periods respectively.
2 As of the year ended March 2022, annualised core inflation in Singapore was 1.5%, 1.2% and 1.5% for 1, 10 and 20-year periods respectively (Source: Monetary Authority of Singapore).



One-year return to shareholder 
Total shareholder return of 14% since inception

S$ Total Shareholder Return (%)
Period in years (as at 31 March 2022)

Total Shareholder Return in US$ terms was 5%, 6%, 10%, 12%, 13% and 16% for 1, 10, 20, 30, 40-year and since inception periods respectively.



20-year return to shareholder

Rolling S$ Total Shareholder Return (%)
One-year returns of -9% to 25% during the last decade


(as at 31 March)

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