We are owners of our portfolio, working to deliver sustainable value over the long term to our stakeholders.
Value since Inception
In our earlier years, we grew with our portfolio companies as Singapore transformed.
We began in 1974 with a portfolio that reflected an industrialising Singapore. Some of these companies, and others added since, have grown into iconic Singapore brands such as Singapore Airlines and the Singapore Zoo. Companies like DBS, Singtel and Keppel have transformed into international businesses, alongside the country’s rapid development.
Since 2002, we have actively invested in the transformation of Asia and beyond.
We continue to seed and grow the next generation of companies, even as we invest into new emerging sectors such as cyber security and sustainable technologies.
As at 31 March 2017, our net portfolio value was S$275 billion.
Net Portfolio Value
Up S$33 billion from last year
Net Portfolio Value (S$b)
(as at 31 March)
Invested during the year
Invested S$206 billion over the last decade
Investments & Divestments (S$b)
Exposure to Asia
Singapore exposure up S$18 billion over the last 10 years
Portfolio by Geography (%)1
Net portfolio value (S$b)
12004-2010 restated on a comparative basis.
What is Net Portfolio Value?
Total Shareholder Return
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.
One-year return to shareholder
S$ Total Shareholder Return (%)
Period in years (as at 31 March 2017)
Ten-year return to shareholder
Rolling S$ Total Shareholder Return (%)