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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Growing its net portfolio value to S$434 billion. The firm is actively rebalancing assets into global AI infrastructure and sustainable energy while preparing to navigate a more fractured, high-tariff global trade environment."
Temasek Holdings announced a net portfolio value of S$434 billion (S$469 billion mark-to-market) as of 31 March 2025, representing a S$45 billion increase from the prior year. One-year Total Shareholder Return (TSR) stood at 11.8%, while longer-term 10-year and 20-year returns were 5% and 7% respectively. Temasek actively rebalanced its portfolio during the fiscal year, investing S$52 billion and divesting S$42 billion. The firm is deeply committed to its four structural trends, with major investments in AI infrastructure (Alphabet, Amazon, Microsoft, Nvidia) and S$4 billion deployed into Sustainable Living initiatives. Geopolitical fragmentation, US trade tariffs, and climate change are identified as key macro risks. Furthermore, Lim Boon Heng announced his retirement as Chairman, with Teo Chee Hean slated to succeed him on 9 October 2025.
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