| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Temasek delivered 10.5% one-year TSR for the financial year ended 31 March 2026, with net portfolio value reaching S$518 billion, representing a doubling over the past decade. Long-term returns remained resilient at 7.1% over 10 years and 6.8% over 20 years, demonstrating portfolio resilience through cycles. The firm restructured into three focused entities effective 1 April 2026 to sharpen accountability across Singapore-based portfolio companies (43% of portfolio), global direct investments (38%), and partnerships/funds (19%). Key strategic priorities include scaling AI exposure from 6% to 10-15% by 2031, growing core-plus infrastructure and private credit allocations, and accelerating portfolio company transformation. Despite geopolitical complexity and a 2% portfolio drawdown in March 2026 from Middle East events, Temasek maintained disciplined deployment with S$51 billion invested and S$31 billion divested. The firm strengthened active stewardship of Singapore companies through strategic reviews and transformational M&A, including the successful Seatrium merger. Portfolio positioning balances near-term resilience with long-term conviction in structural trends spanning digitisation, sustainable living, future of consumption, and longer lifespans.
Temasek is a generational investor building a resilient and forward-looking portfolio to deliver good sustainable returns over the long term through market cycles, anchored by three distinct portfolio segments and guided by enduring structural trends.
Temasek's investment stance remains anchored in long-term structural trends with sharper emphasis on resilience, strategic relevance, and disciplined deployment. The firm sees compelling opportunities in AI across the value chain, core-plus infrastructure driven by electrification and data center growth, and private credit for stable cash yields. Despite near-term geopolitical complexity and market volatility, Temasek is confident in its strategy to build a resilient and forward-looking portfolio. The firm will stay watchful of valuations and risks while remaining ready to invest through dislocations when opportunities are compelling. The tone is cautiously optimistic, acknowledging significant challenges while expressing conviction in the long-term strategy and ability to navigate complexity with clarity.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 16 2026 | 2026 Q2 | 0700.HK, 5GI.SI, BLK, C31.SI, C6L.SI, D05.SI, NVDA, S51.SI, S58.SI, S63.SI, Z74.SI | Active Stewardship, geopolitics, Long-Term Returns, Portfolio Transformation, Singapore, Structural Trends, sustainability | - | Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. |
| 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 |
|---|---|---|
| 2026 Q2 |
AITemasek has made AI a central strategic pillar, investing across the entire value chain from energy infrastructure and semiconductors to foundation models and applications. The firm aims to grow AI-related exposure from 6% to 10-15% of portfolio by 2031. Key investments include Anthropic, OpenAI, xAI/SpaceX, and increased stakes in NVIDIA, ASML, Broadcom, and Lam Research. Temasek is also embedding AI across its own operations and actively engaging portfolio companies to accelerate AI adoption and transformation. |
Foundation Models Semiconductors Data Centers AI Infrastructure Generative AI |
Energy TransitionTemasek continues to invest in the energy transition through a systems approach, deploying capital into cleaner energy generation, storage, and grid infrastructure. Investments include Luminace (distributed solar and storage), CleanMax (India renewables), NARI Technology (smart grid), and Amperesand (solid-state transformers). The firm maintains its 2050 net zero ambition despite acknowledging it is unlikely to meet its interim 2030 target due to headwinds in global climate action and portfolio exposure to hard-to-abate sectors. |
Renewables Grid Upgrade Energy Storage Decarbonization Net Zero | |
Private CreditTemasek has consolidated private credit activities into Aranda Principal Strategies with an initial S$10 billion portfolio that has grown to over S$13 billion. The firm aims to increase private credit exposure from 2% to 5% of portfolio by 2031. The strategy focuses on underwriting cash flows of fundamentally sound businesses, with senior secured structures providing downside protection. Private credit provides recurring cash yield, diversifies the predominantly equity portfolio, and offers insights for equity investments. |
Direct Lending Asset-Backed Financing Cash Yield Credit Markets Alternative Assets | |
InfrastructureInfrastructure continues to be an area of active deployment, with Temasek targeting core-plus infrastructure opportunities. The firm acquired approximately 50% of Luminace (distributed energy platform) and took a minority stake in Patrick Terminals (Australia container terminal operator). Temasek aims to grow core-plus infrastructure exposure from 1% to 5% of portfolio by 2031, focusing on ageing infrastructure, grid modernization, renewable and nuclear energy, and energy storage driven by electrification and AI data center growth. |
Core-Plus Grid Modernization Ports Power Infrastructure Data Centers | |
ChinaTemasek maintains conviction in China's long-term growth despite structural transition and weaker macro environment. The firm has rebalanced between public and private markets, increasing allocation to domestic leaders in tech-enabled businesses and life sciences. Key activities include leading investment in ANE (express freight network take-private), investing in Insta360 IPO, and post-period investment in TeraHop. Financial services and consumer platforms like Alibaba and Tencent have performed well, though overall China portfolio faced headwinds from 2021-2024. |
Domestic Champions Innovation Consumer Platforms Life Sciences Tech-Enabled | |
IndiaIndia stands out as one of the fastest-growing major economies and has been a strong performer in Temasek's portfolio over the past decade. The firm has meaningfully increased exposure, with investments spanning financial services (banks, insurance, NSE), industrials (Schneider Electric India, sold for S$8.2 billion), technology (UST, Eternal, CarTrade), and healthcare (Manipal Health majority stake, Dr. Agarwal's, Cloudnine). The portfolio has outperformed other geographies despite 30% rupee depreciation. |
Growth Market Financial Services Healthcare Consumption Industrialization | |
Singapore Portfolio CompaniesSingapore-based Temasek Portfolio Companies (TPCs) represent 43% of portfolio and delivered 8.1% annualized returns over 10 years. Temasek has stepped up active stewardship through strategic reviews, capital structure optimization, and transformational M&A. Key activities include Seatrium creation (Sembcorp Marine + Keppel O&M merger), SATS rights issue for WFS acquisition, and SIA capital raising during COVID. TPCs employ 400,000+ globally with S$200 billion aggregate revenue. Focus areas include AI transformation, operational excellence, and sustainability integration. |
Active Stewardship Value Creation Strategic Review Transformation Governance | |
Geopolitical RiskThe document extensively discusses the challenging global environment marked by rising populism, nationalism, protectionism, and fragmentation. Trade tensions, tariffs, and ongoing conflicts in Europe and Middle East are contributing to inflationary pressures and straining the global trading system. The multilateral system supporting decades of growth is being challenged. Recent Middle East events resulted in a 2% portfolio drawdown in the last month of the financial year, reversing significant earlier gains in Global Direct Investments. |
Fragmentation Trade Tensions Conflicts Multilateralism Uncertainty | |
| 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 |
|---|---|
| D05.SI | DBS has grown to become the largest company listed on the Singapore Exchange by market capitalisation. As at 31 March 2026, the top three single name holdings in our overall portfolio were DBS Group Holdings Ltd (9%), Singapore Telecommunications Limited (8%), and PSA International Private Limited (5%). |
| Z74.SI | Singapore Telecommunications Limited represents 8% of the overall portfolio as at 31 March 2026. Singtel provides nationwide telecommunications infrastructure as one of the essential services companies in Singapore. |
| S63.SI | ST Engineering has more than tripled its market capitalisation over the decade, reflecting strong operational performance of our Singapore-based Temasek Portfolio Companies. |
| C6L.SI | We participated in capital raising by SIA during the COVID-19 pandemic in 2020 to strengthen its balance sheet, renew its fleet, and position it for reopening. Singapore Airlines is a major global carrier and one of our core Singapore-based portfolio companies. |
| S51.SI | Sembcorp Industries contributed to the restructuring that led to Seatrium's creation. In 2020, we supported the demerger of Sembcorp Marine, which enabled Sembcorp Industries to focus on renewable energy growth and its strategy to become a leading utilities and urban development player in Asia. Sembcorp Industries (SCI) accounts for a significant portion of Total Portfolio Emissions. |
| 5GI.SI | In 2023, leading offshore and marine (O&M) engineering company Seatrium was formed through the combination of Sembcorp Marine and Keppel Offshore & Marine (KOM). Post-merger, Seatrium has been executing its long-term strategy and has strengthened its balance sheet, delivering net profitability since 2024. Collectively, the market capitalisation of Sembcorp Industries, Keppel, and Seatrium increased from about S$14 billion pre-restructuring to over S$40 billion by the end of March 2026. |
| S58.SI | We participated in SATS' S$0.8 billion rights issue to partially finance the acquisition of Worldwide Flight Services in 2023. This transformed SATS from an Asia-centric ground handling and catering provider into the world's largest air cargo handler. |
| BLK | Since Temasek's US$2.5 billion (S$3.5 billion) investment in BlackRock in 2020, the relationship has grown into a broad-based strategic partnership spanning joint ventures, fund investments, and co-investment initiatives. As at 31 March 2026, Temasek holds a 3.4% stake in BlackRock, valued at approximately S$6.6 billion. Key collaborations include Decarbonization Partners, a 50:50 joint venture, and the AI Infrastructure Partnership. We also partnered with Global Infrastructure Partners' flagship Fund V focused on core-plus infrastructure opportunities. |
| NVDA | We increased our stakes in semiconductor companies such as ASML, Broadcom, Nvidia, and invested in Lam Research Corporation as part of our AI strategy. These investments build on our experience in making investments aligned to the structural trend of digitisation since the mid-2010s. |
| 0700.HK | Our investments in tech-enabled, consumer-focused companies have performed well, driven by evolving consumption patterns and digital adoption trends. These make up a meaningful portion of our China portfolio, and include leading platforms such as Alibaba and Tencent, which benefit from scale, strong user ecosystems, and continued innovation. |
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