Singapore state investor Temasek has reported a record net portfolio value of S$518 billion ($401 billion), up S$49 billion ($38 billion) from a year earlier, driven by strong gains in listed Singapore companies and higher valuations across its global investment portfolio.
The 10.5% increase marks the second consecutive year of record portfolio growth and doubles Temasek’s net portfolio value over the past decade. The investment company also delivered a one-year total shareholder return of 10.5%, while maintaining long-term annualised returns of 7.1% over 10 years and 6.8% over 20 years, demonstrating resilience through multiple market cycles.
Temasek invested S$51 billion ($39.5 billion) during the financial year ended March 31, 2026, while divesting S$31 billion ($24 billion) worth of assets, resulting in net investments of S$20 billion ($15.5 billion). The firm’s strongest contributors included listed Singapore portfolio companies and gains from strategic divestments, although geopolitical tensions in the Middle East weighed on performance toward the end of the reporting period.
The results come as Temasek sharpens its focus on artificial intelligence, announcing plans to increase AI-related investments from 6% of its portfolio to as much as 15% over the next five years. The sovereign investor said it sees AI as a transformative technology with opportunities spanning semiconductors, cloud infrastructure, data centres, foundation models and enterprise software.
Alongside artificial intelligence, Temasek intends to expand its exposure to private credit and core infrastructure as part of a broader strategy to build a more balanced portfolio capable of generating stable long-term returns. Private credit holdings are expected to increase from 2% to 5% of the portfolio by 2031, while infrastructure investments will also rise to about 5%.
Chief Executive Officer Dilhan Pillay said the investment environment remains shaped by geopolitical uncertainty, trade tensions and rapid technological change, requiring a disciplined approach to capital allocation. Despite those challenges, he said structural trends such as artificial intelligence, digitalisation and the energy transition continue to present attractive long-term investment opportunities.
Temasek’s portfolio remains globally diversified, with significant exposure to Singapore, the United States, China, India and Europe. In recent years, the firm has steadily increased investments in developed markets while maintaining selective exposure to Asia’s fastest-growing economies and sectors expected to benefit from long-term structural change.
The latest results reinforce Temasek’s position as one of the world’s largest state-owned investment firms. As it expands investments in artificial intelligence and alternative assets, the company is positioning its portfolio to capture future growth while preserving resilience against economic volatility and shifting geopolitical risks.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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