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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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