The Temasek Holdings Pte. brand throughout a information convention in Singapore.
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Singapore state investor Temasek Holdings noticed its internet portfolio worth climb to 518 billion Singapore {dollars} ($401 billion) for the yr ended March 31, a second straight annual report.
Temasek recorded a ten.5% complete shareholder return within the monetary yr, which it stated was pushed by the sturdy efficiency of its Singapore holdings in addition to features from divestments.
The Straits Times Index rose greater than 23% from April 2025 to March 2026, powered by the Equity Market Development Programme introduced by the nation’s financial authority to unlock larger worth in shares.
Returns would have been higher if not for the Iran conflict that broke out on Feb. 28, which dragged down portfolio worth by about 2%. A stronger Singapore greenback additionally lowered the one-year complete shareholder return by about 2 share factors, Temasek stated in a media briefing.
Singaporean corporations that the investor holds stakes in embrace DBS Bank, Southeast Asia’s largest financial institution, Singapore Airlines, and telecommunications agency Singtel.
Temasek made SG$31 billion of divestments within the interval, amongst them a reported S$8.18 billion stake sale in Schneider Electrical India in June 2025.
5-year complete shareholder returns had been 4.6%, depressed by headwinds in China’s markets from 2021 to 2024, Temasek stated. The agency portfolio publicity to China has been pared down lately, from 29% in 2020 to 2026’s determine of 17%.
Nevertheless, Temasek stated it “stays dedicated” to China, stating that in absolute phrases, its publicity to the world’s second-largest financial system elevated by SG$10 billion over the previous yr.
On a 10-year foundation, complete shareholder returns stood at 7.1% in Singapore greenback phrases.
AI, infrastructure and personal credit score
Temasek stated it sees alternatives in three areas: synthetic intelligence, non-public credit score, and what it calls “core-plus” infrastructure equivalent to renewable and nuclear power, power storage, and decarbonization applied sciences. This “core-plus” space will probably be elevated to five% within the subsequent 5 years, Temasek stated.
The agency intends to spice up AI-related publicity in its portfolio to fifteen% by 2031, up from the present 6%.
Whereas present investments embrace Anthropic and OpenAI within the U.S., Temasek stated it intends to deploy capital throughout areas of the worth chain together with cloud service suppliers, basis fashions, and AI purposes.
“[We] see the fast development of AI as a pivotal part that can create huge new alternatives.”
Temasek additionally goals to greater than double its portfolio worth for personal credit score to five% by 2031, from the two% at present.
The agency intends to deal with senior secured constructions that can present draw back safety and strengthen diversification equivalent to company lending, asset backed financing and actual property credit score.