Our Portfolio
We are owners of our portfolio, working to deliver sustainable returns over the long term and making a difference in what we do.
Portfolio Highlights
As at 31 March 2025, our net portfolio value was S$434 billion.
Anchored in Asia, we have 66% underlying exposure to developed economies.
(as at 31 March)
(as at 31 March)
1 Distribution based on underlying assets.
(as at 31 March)
1 Distribution based on underlying assets.
2 The Transportation & Industrials sector includes investments in Energy & Resources.
(as at 31 March)
1 Mainly cash and cash equivalents, and sub-20% listed assets.
(as at 31 March)
1 Distribution based on currency of denomination.
(as at 31 March)
1 The increase in our Sustainable Living exposure is mainly due to a reclassification of selected portfolio companies as at 31 March 2024, to better reflect their alignment with the trend.
2 Less than 1%.
Sources:
1. Financials for the companies are based on their respective annual filings or latest available financial information.
2. Market relevant information is sourced from Bloomberg, Stock Exchanges, and public filings by companies.
| Logo | Name |
Shareholding1 (%)
as at 31 March 2025 |
Market Capitalisation or Shareholder Equity2 for 2025 (S$ billion) |
Sector | Headquarters |
|---|---|---|---|---|---|
|
Adyen N.V. | 5 | 64.3 | Financial Services | Netherlands |
|
AIA Group Limited | 3 | 108.1 | Financial Services | Hong Kong SAR |
|
Alibaba Group Holding Limited | < 1 | 419.7 | Telecommunications, Media & Technology |
China |
|
Amazon.com, Inc. | <1 | 2,706.4 | Telecommunications, Media & Technology |
US |
|
AS Watson Holdings Limited | 25 | 4.6 | Consumer & Real Estate |
Hong Kong SAR |
|
Axis Bank Limited | 2 | 53.6 | Financial Services | India |
|
BlackRock, Inc. | 3 | 197.2 | Financial Services | US |
|
CapitaLand Group Pte. Ltd. | 100# | 13.5 | Consumer & Real Estate |
Singapore |
|
Celltrion, Inc. | 3 | 34.5 | Life Sciences & Agri-Food |
South Korea |
|
DBS Group Holdings Ltd | 28 | 132.2 | Financial Services | Singapore |
|
EM Topco Limited (Element Materials Technology)3 | 88 | 4.6 | Transportation & Industrials4 | UK |
|
Eternal Limited5 | 3 | 30.6 | Telecommunications, Media & Technology |
India |
|
Global Healthcare Exchange, LLC | 71## | NA6 | Telecommunications, Media & Technology |
US |
|
HDFC Bank Limited | < 1 | 219.6 | Financial Services | India |
|
ICICI Bank Limited | 2 | 149.6 | Financial Services | India |
|
Intapp, Inc. | 22 | 6.2 | Telecommunications, Media & Technology |
US |
|
Keppel Ltd. | 20 | 12.5 | Transportation & Industrials4 | Singapore |
|
M+S Pte. Ltd. | 40 | NA7 | Consumer & Real Estate |
Singapore |
|
Mandai Park Holdings Pte. Ltd. | 100 | 1.4 | Consumer & Real Estate |
Singapore |
|
Manipal Health Enterprises Private Limited | 33 | 0.9 | Life Sciences & Agri-Food |
India |
|
Mapletree Investments Pte Ltd | 100 | 18.7 | Consumer & Real Estate |
Singapore |
|
Mastercard Incorporated | < 1 | 670.8 | Financial Services | US |
|
Meituan | <1 | 164.3 | Telecommunications, Media &Technology |
China |
|
Neoen | 14## | 3.9 | Transportation & Industrials4 | France |
|
NSE India Limited | 5 | 4.8 | Financial Services | India |
|
NVIDIA Corporation | <1 | 3,549.5 | Telecommunications, Media & Technology |
US |
|
Olam Group Limited | 52 | 3.7 | Life Sciences & Agri-Food |
Singapore |
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|
Ping An Insurance (Group) Company of China, Ltd. | <1 | 162.3 | Financial Services | China |
|
PSA International Pte Ltd | 100 | 15.9 | Transportation & Industrials4 | Singapore |
|
SATS Ltd. | 40 | 4.6 | Transportation & Industrials4 | Singapore |
|
Schneider Electric India Pvt. Ltd. | 35 | 2.2 | Transportation & Industrials4 | India |
|
Seatrium Limited | 36 | 7.1 | Transportation & Industrials4 | Singapore |
|
Sembcorp Industries Ltd | 50 | 11.3 | Transportation & Industrials4 | Singapore |
|
Singapore Airlines Limited | 53 | 20.2 | Transportation & Industrials4 | Singapore |
|
Singapore Power Limited | 100 | 12.6 | Transportation & Industrials4 | Singapore |
|
Singapore Technologies Engineering Ltd | 51 | 21.2 | Transportation & Industrials4 | Singapore |
|
Singapore Technologies Telemedia Pte Ltd | 100 | 4.6 | Telecommunications, Media & Technology |
Singapore |
|
Singapore Telecommunications Limited | 51 | 56.6 | Telecommunications, Media & Technology |
Singapore |
|
SMRT Corporation Ltd | 100 | 1.0 | Transportation & Industrials4 | Singapore |
|
Standard Chartered PLC | 17 | 47.2 | Financial Services | UK |
|
Tencent Holdings Limited | <1 | 789.1 | Telecommunications, Media & Technology |
China |
|
VFS Global AG | 19## | 2.2 | Telecommunications, Media & Technology |
Switzerland & UAE |
|
Visa Inc. | <1 | 921.58 | Financial Services | US |
- For year ended June 2024.
- For year ended September 2024.
- For year ended December 2024.
- For year ended January 2025.
- For year ended March 2025.
1 Percentages rounded to the nearest whole number.
2 For listed companies, market capitalisation refers to market value as at 31 March 2025. For unlisted companies, shareholder equity is based on the respective companies' annual filings or latest available financial information as at 31 March 2025 or 31 December 2024, in accordance with their respective financial year ends. Figures for the respective companies were converted to S$ based on foreign exchange rates as at 31 March 2025.
3 EM Topco Limited is the holding company for Element Materials Technology Group Limited.
4 The Transportation & Industrials sector includes investments in Energy & Resources.
5 Eternal Limited was formerly known as Zomato Limited.
6 Information not disclosed due to confidentiality obligations.
7 Joint venture with Khazanah Nasional Berhad. Information not disclosed due to confidentiality obligations.
8 Based on number of shares of class A common stock on an as-converted basis.
# Held through CLA Real Estate Holdings Pte. Ltd. (“CLA”), a wholly-owned subsidiary of TJ Holdings (III) Pte. Ltd.
## Comprises stakes held through various holding companies.
