| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Temasek ended FY2025 with a net portfolio value of S$434 billion, up S$45 billion from the previous year, driven by strong performance of Singapore-based portfolio companies and direct investments in China, the US, and India. The firm invested S$52 billion and divested S$42 billion during the year, actively rebalancing the portfolio in light of changing macroeconomic conditions. With 10-year and 20-year Total Shareholder Returns of 5% and 7% respectively, Temasek maintained its focus on building portfolio resilience through diversification across geographies and sectors. The investment strategy centered on four structural trends including Digitisation, with significant investments in AI infrastructure companies like Alphabet, Amazon, Microsoft, and Nvidia. Temasek also invested S$4 billion in Sustainable Living opportunities despite global energy transition complexities. Looking ahead, the firm emphasizes adapting to geopolitical tensions and trade uncertainties while leveraging networks and partnerships to capitalize on long-term opportunities, particularly in Asia where demographic trends and technological advancement continue to drive growth potential.
Temasek aims to construct a resilient and forward-looking portfolio to deliver sustainable returns over the long term by staying anchored to four structural trends while adapting nimbly to global challenges and seeking to thrive amidst uncertainty.
Temasek expects to continue adapting and retooling to seize opportunities in the evolving investment landscape while staying anchored to long-term trends with the aim of delivering sustainable returns. The firm believes in building networks and partnerships as the path forward in an era of transactionalism, holding steadfast to the belief that by staying united and harnessing collective strengths, they can build a better and more sustainable world.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 1 2025 | 2025 Q2 | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | - | Temasek delivered solid performance with S$434 billion portfolio value, up S$45 billion year-over-year, while actively rebalancing through S$52 billion investments and S$42 billion divestments. The firm maintained strategic focus on AI infrastructure and sustainable living opportunities, positioning for long-term growth despite geopolitical headwinds and trade uncertainties across key Asian markets. |
| Dec 31 2024 | 2024 Q4 | - | Asia, Energy Transition, long-term, portfolio, Resilience, sustainability | - | Temasek Holdings marks 50 years with S$389 billion portfolio, delivering 14% annualized returns since inception. The Asia-anchored global investor focuses on resilient portfolio construction through four structural trends while maintaining sustainability at the core. Despite geopolitical tensions and inflation risks, the firm remains committed to long-term sustainable returns and building an inclusive future. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
AITemasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. |
Artificial Intelligence Technology Infrastructure Digital Transformation Innovation |
Energy TransitionDespite increasing complexity in the global energy transition due to rising costs and geopolitical headwinds, Temasek invested S$4 billion in Sustainable Living trend-aligned opportunities. This included investments in renewable energy companies like Neoen and clean energy solutions providers. |
Renewable Energy Clean Technology Sustainability Climate Decarbonization | |
AsiaTemasek maintained its anchor in Asia with 66% underlying exposure to the region, continuing to invest across China, India, and Southeast Asia. The firm sees Asia as hosting more than half of the world's population and contributing more than half of global carbon emissions, requiring new technologies for decarbonization. |
Regional Focus Emerging Markets Growth Demographics Investment Opportunity | |
ResilienceTemasek focused on building a resilient and forward-looking portfolio to withstand exogenous shocks and perform through market cycles. The firm emphasized portfolio resilience built on a strong balance sheet and core holdings as a key strength in navigating uncertainty. |
Risk Management Portfolio Construction Diversification Stability Long-term | |
| 2024 Q4 |
Energy TransitionTemasek focuses on investing to support the transition towards a low-carbon economy, including solutions that seek to accelerate energy transition and decarbonisation across key sectors. The firm has raised its internal carbon price from US$50 to US$65 per tCO2e since April 2024, expecting to progressively increase this to US$100 per tCO2e by 2030. Their target is to reduce net carbon emissions attributable to their portfolio to half of 2010 levels by 2030, with the ambition to achieve net zero by 2050. |
Decarbonisation Carbon Climate Renewable Transition |
SustainabilitySustainability is at the core of everything Temasek does, from their mandate to deliver sustainable returns over the long term to their strategy of how they operate as an institution. As at 31 March 2024, their investments aligned with the Sustainable Living trend represented 12% of net portfolio value. This comprises sustainability-focused investments and climate transition investments, covering key focus areas such as food, water, waste, energy, materials, clean transportation, and the built environment. |
ESG Sustainable Climate Environment Governance | |
ResilienceAs part of their T2030 strategy, Temasek focuses on constructing a resilient and forward-looking portfolio to guide their construction of a portfolio that is resilient to shocks and relevant for the future. Their investment activities are aligned to four structural trends including digitisation, sustainable living, future of consumption, and longer lifespans. The firm emphasizes building resilience in an era of competition and conflict with geopolitical tensions, persistent inflation, and higher rates for longer. |
Risk Shocks Structural Forward-looking Strategy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| AMZN | Amazon, an e-commerce and cloud infrastructure company |
| 3690.HK | We continued to rebalance our portfolio with investments in innovative companies aligned to the structural trends of the Future of Consumption and Sustainable Living: Meituan, an online-to-offline local services platform |
| NVDA | Nvidia, a provider of graphic processing units and AI infrastructure |
| 0700.HK | Tencent, a social media, gaming, and fintech company |
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