“Our NPV (net portfolio value) would have been about 2 per cent higher if not for the impact of these events on public markets,” he said.
Mr Pillay noted that public market valuations bounced back in April and May.
“The vast majority of losses was recovered, which gives us confidence that our public markets strategies remain relevant for longer-term portfolio performance,” he said.
ACTIVE YEAR OF INVESTMENTS
More than 40 per cent of Temasek’s portfolio is made up of Singapore-based companies including DBS, Singtel and Singapore Airlines.
Key divestments by Temasek include the sale of Dutch company Axia Vegetable Seeds and Schneider Electric India.
It also divested its controlling stake in US-headquartered Global Health Exchange but has a continuing interest in the business.
The company invested S$51 billion and divested S$31 billion, making a net investment of S$20 billion.
In the near-term, the firm intends to increase its investments in artificial intelligence, core-plus infrastructure and private credit.
Core-plus infrastructure refers to investments in energy-transition assets and digital infrastructure that typically have slightly higher returns than traditional infrastructure projects.
Temasek’s one-year total shareholder return was 10.5 per cent in Singapore dollar terms, and 14.8 per cent in US dollar terms.
The strength of the Singapore dollar had reduced the one-year total shareholder return figure by around 2 percentage points, Temasek said.
The five-year shareholder return was 4.6 per cent, weighed down by headwinds in China’s capital markets from 2021 to 2024.
In the longer term, the 20-year total shareholder return was 6.8 per cent, down from 7.4 per cent in 2025, while the 10-year shareholder return was 7.1 per cent, up from 5.8 per cent last year.