Temasek reported that its net portfolio value rose to a record S$518 billion as of March 31, 2026. The Singapore state investor said the figure represents a doubling of its portfolio over the past decade, according to CNBC.
The portfolio delivered a one-year total shareholder return of 10.5%. Temasek also reported longer-term returns of 7.1% over 10 years and 6.8% over 20 years, reflecting performance through market cycles and shocks.
Temasek is planning to increase its exposure to AI-focused investments to up to 15% of its portfolio by March 31, 2031. Its current AI exposure is about 6%, and the firm is targeting capital deployment across the AI value chain, including data centers, semiconductors, cloud services, foundation models, and software infrastructure.
The firm is also looking to expand exposure to private credit and core-plus infrastructure. Temasek said it is targeting up to 5% exposure to private credit and up to 5% exposure to core-plus infrastructure by 2031.
Temasek described private credit as a focused allocation with a clear limit, while core-plus infrastructure is expected to provide longer-dated and predictable cash flows. The strategy reflects the firm’s efforts to build a more resilient portfolio while maintaining exposure to structural growth areas.
The company said its one-year performance was driven largely by strong performance from listed Singapore-based portfolio companies and realized gains from key divestments. Temasek noted that market volatility and currency movements moderated its returns during the year.
Temasek’s portfolio is now roughly half listed and half unlisted, a balance the firm intends to maintain. The company said liquidity gives it flexibility to rebalance and deploy capital in a world with more frequent shocks.
The firm has also refreshed its organizational structure to sharpen focus and accountability across its portfolio. Temasek said the structure is intended to give each business entity greater clarity around strategy and support better long-term returns.
Temasek said AI will not only be an investment theme but also a broader operating priority across its portfolio. The firm said the rest of its portfolio must focus on AI adoption to remain competitive and capture value from the technology shift.
