Temasek Holdings Portfolio Value Reaches Record 518 Billion Singapore Dollars Despite Iran War and Stronger Dollar

Temasek Holdings reported a net portfolio value of 518 billion Singapore dollars, or $401 billion, for the financial year ended March 31. The figure marks the second consecutive annual record for the Singapore state investor. CNBC reported that the portfolio delivered a 10.5 percent total shareholder return over the period.

The return was supported by strong performance from Singapore holdings and gains from divestments, CNBC reported. The Straits Times Index rose more than 23 percent between April 2025 and March 2026 after Singapore's monetary authority launched the Equity Market Development Programme. Returns would have been higher without the Iran war that began on Feb.

28, which reduced portfolio value by about 2 percent, and a stronger Singapore dollar, which trimmed the one-year return by roughly 2 percentage points. Temasek made SG$31 billion of divestments during the year, including a reported S$8.18 billion stake sale in Schneider Electric India in June 2025. The investor holds positions in DBS Bank, Singapore Airlines, and Singtel.

Five-year total shareholder returns stood at 4.6 percent, while the 10-year return reached 7. Portfolio exposure to China fell to 17 percent in 2026 from 29 percent in 2020, though absolute exposure to the country rose by SG$10 billion over the past year. Temasek said it remains committed to China.

The firm plans to raise its allocation to core-plus infrastructure, including renewable and nuclear energy projects, to 5 percent over the next five years. Temasek intends to increase AI-related exposure to 15 percent of the portfolio by 2031 from the current 6 percent, with capital directed across cloud providers, foundation models, and applications.