Temasek Reports $45b Increase in Net Portfolio Value to Record $434b

Rise mainly due to Singapore-based portfolio firms, investments in China, US and India

- Timothy Goh and Sue-Ann Tan

Singapore investment company Temasek's net portfolio value came in at $434 billion for the financial year ended March 31, 2025, up $45 billion from a year ago.

The increase was mainly due to the strong performance of listed Singapore-based Temasek portfolio companies and direct investments in China, the United States and India, the company said on July 9, adding that the $434 billion net portfolio value is a record high.

Net portfolio value represents the total market value of listed assets and the book value of unlisted assets in an investment portfolio minus any liabilities. It provides a clear picture of the actual worth of the portfolio at a given point in time.

In a measure of Temasek's long-term portfolio performance, the 20-year total shareholder return (TSR) stayed at 7 per cent for a second year straight.

The one-year TSR, which is more volatile, came in at 11.8 per cent, up from the 1.6 per cent in financial year (FY) 2024, driven by robust performance from Temasek's Singapore-based portfolio companies, as well as strong returns in the US, China and India.

The 10-year TSR came in at 5 per cent, down slightly from 6 per cent the year earlier, as the strong returns from March 2015—a year of favourable market performance—dropped out of the measurement period.

When it comes to marking its unlisted assets to market, Temasek's net portfolio value hit $469 billion, an increase in value of $35 billion from a year ago.

Mark-to-market value is an accounting practice that involves recording the value of an asset according to its current market price, rather than its book value or original cost.

The investment company has been disclosing the mark-to-market value of its unlisted assets since 2022. Temasek's listed investments comprise 51 per cent of its investment portfolio.