How Temasek Doubled Its Portfolio From $262 Billion To $518 Billion In 10 Years

This year’s annual Temasek Review demonstrates how the global investment company has navigated one of the most volatile decades in modern markets. Against the backdrop of pandemic disruptions, geopolitical conflicts, and shifting capital flows, Temasek has doubled its net portfolio value from $262 billion in 2016 to $518 billion in 2026.

The report underscores Temasek’s identity as a long-term institutional investor, building resilience not through speculation, but through patience, discipline, and stewardship.

Temasek Review 2026 marks the full transition to portfolio and performance reporting on a mark-to-market (MTM) basis. Approximately 25% of Temasek’s portfolio – its unlisted direct investments – was previously reported at book value. The remaining 75% was already valued on an MTM basis. Temasek has disclosed the value uplift from marking the remaining 25% to market. It was first reported in Temasek Review 2024, with values disclosed since 2022.

For Temasek, MTM reporting enhances risk management, performance measurement, and investment decision-making, and aligns them with international standards. This is because MTM reporting is more representative of the portfolio’s current value and better reflects its risk and volatility.

Delivering Resilient Returns

Temasek’s long-term performance underscores the strength of its strategy. Its 10-year Total Shareholder Return (TSR) is 7.1%, and its 20-year TSR is 6.8%.

Even though Middle East conflicts in the last month of Temasek’s financial year weighed on portfolio value, Temasek delivered a 10.5% 1-year TSR in 2026 in S$ terms and 14.8% in US dollar terms. Despite the volatile exchange rates over the past year, Temasek also posted a 1-year TSR of 12.9% on a constant-currency basis.

These figures highlight the resilience of its portfolio and the effectiveness of its long-term discipline.

Read Also: Why Is Temasek Focused On Building A Resilient Portfolio For The Long Term?

Based In Singapore, Global In Reach

Temasek remains anchored in Singapore through stalwarts like Singtel, PSA, DBS, SATS, and Singapore Airlines. These companies, referred to as Temasek Portfolio Companies (TPCs) are part of the Temasek Singapore portfolio, which focuses on building globally competitive enterprises that continue to underpin the domestic economy.

At the same time, through their Global Direct Investments under the banner of Temasek Global Investments, Temasek has deliberately expanded abroad, with about 38% of Temasek’s portfolio underlying exposure outside Asia. This global reach allows it to capture opportunities intechnology, healthcare, and renewable energy, while reducing reliance on any single market.

A Decade Of Patient Growth

Temasek’s doubling of its portfolio is the result of a carefully executed strategy that balances risk and opportunity.

Over these ten years, Temasek has consistently recycled capital, diversified across geographies, and aligned investments with structural trends that will shape the global economy for decades to come.

For example, as a major shareholder of Sembcorp Industries and Keppel, Temasek supported the restructuring of Sembcorp Marine and Keppel Offshore & Marine in 2023 to form Seatrium. Collectively, the market capitalisation of Sembcorp Industries, Keppel, and Seatrium have increased from about $14 billion in 2020 to over $40 billion by March 2026.

Through active stewardship, Temasek enabled the emergence of a stronger, more competitive entity capable of navigating the global energy transition.

Read Also: What’s The Difference Between Singapore’s Investment Funds Temasek & GIC?

Riding Structural Trends

Temasek’s investment framework is guided by four enduring themes: Digitisation, Sustainable Living, Future of Consumption, and Longer Lifespans. These are structural shifts that will define economies for decades.

By aligning capital with these themes, Temasek has positioned itself to benefit from artificial intelligence (AI), decarbonisation, evolving consumer habits, and healthcare innovations. This thematic approach reflects the foresight of an institutional investor that looks beyond cycles to structural change.

Temasek’s AI Strategy Takes The Lead In Swift And Responsible AI Adoption

Temasek Review 2026 outlines a bold new AI strategy that reflects the investor’s long-term institutional mindset.

First and foremost, Temasek is ensuring its digital transformation is human-led, and that human judgment remains central to every decision, even as individuals and teams are empowered to adopt AI.

The Singapore-based Temasek Portfolio Companies (TPCs), which make up about 40% of Temasek’s portfolio, are actively engaged on their AI adoption journeys. For such companies, Temasek builds networks and ecosystems to provide access to specialist expertise and capabilities that can support their AI transformation initiatives.

Temasek plans to scale its direct AI exposure from about 6% today to between 10% and 15% of its portfolio by 2031. This expansion spans the full technology stack, from energy and data centres to semiconductors, cloud services, foundation models, and applied AI software, ensuring Temasek is well-positioned for the future.

A Model For Institutional Investing

The doubling of Temasek’s portfolio over the past decade is a blueprint for how disciplined, long-term institutional investing can create sustainable wealth. They emphasise Temasek’s role and purpose: to help every generation thrive, invest in human potential, and grow for the future.

Temasek achieves this by anchoring its portfolio in resilient assets, diversifying globally, aligning with structural trends, recycling capital wisely, and always keeping the long view in mind. The story of the past 10 years shows that patient, prudent institutional investing can deliver both financial strength and social impact, even in an increasingly uncertain and volatile world.

Read Also: How Temasek Has Transformed Its Portfolio Over The Past 20 Years