Temasek’s net portfolio value grows 10.5% to S$518 billion; Mideast conflict dampens gains

This is the first year that Temasek has fully transitioned to mark-to-market valuation of its unlisted investments, which means that the value these investments are adjusted to the current market value. On a book value basis, its net portfolio value would be S$486 billion.

GLOBAL OUTLOOK

Looking ahead, Temasek said it remains confident in Singapore’s resilience despite global uncertainty and energy-related disruptions.

The country is well positioned with strong fundamentals and policy flexibility, said Temasek.

The US remains the largest destination of capital for the company’s global direct investments.

“We see attractive opportunities given its leadership in innovation, particularly across the AI value chain, supported by deep public and private capital markets,” the company said, adding that it will continue to be disciplined on valuations and risk.

Asked about the weakening of the US dollar, Temasek International chief investment officer Rohit Sipahimalani acknowledged the issues, but said that if company earnings are growing and the economy is growing, reasonable returns can be expected.

He told reporters during a media briefing that there is “very strong momentum” in earnings growth, and the US remains an important market.

“We’ve been allocating about 50 per cent of our capital there every year, and you can see it’s been inching up as a share of our total portfolio,” he said.

Temasek’s share of investments that are in the Americas grew to 26 per cent this year, up from 24 per cent last year. Its exposure to China dipped from 18 per cent in 2025 to 17 per cent in 2026, while India investments also decreased from 8 per cent to 7 per cent.