Temasek Review 2023
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Overview

Performance Overview

We ended the year with a net portfolio value of S$382 billion.

(as at 31 March)

S$382b

Net portfolio value

Up S$167 billion over the last decade

Net Portfolio Value (S$b)
Net Portfolio Value

S$31b

Invested during the year

Invested S$326 billion over the last decade

Investments & Divestments (S$b)
Investments & Divestments
  • Investments
  • Divestments

63%

Exposure to Asia

Singapore exposure up S$42 billion over the last 10 years

Portfolio by Geography (%)
Net portfolio value (S$b)
90 103 129 164 185 130 186 193 198 215 223 266 242 275 308 313 306 381 403 382
Portfolio by Geography
Chart Notes
  • Singapore
  • Asia ex-Singapore
  • Rest of world

53%

Exposure to unlisted assets

Unlisted exposure up from 27% to 53% over the last 10 years

Portfolio by Liquidity (%)
Net portfolio value (S$b)
215 223 266 242 275 308 313 306 381 403 382
Portfolio by Liquidity
  • Liquid & sub-20% listed assets
  • Listed large blocs (20% and <50% share)
  • Listed large blocs (50% share)
  • Unlisted assets

-5.07%

One-year return to shareholder

Total shareholder return of 14% since inception

S$ Total Shareholder Return (%)
Period in years
Total Shareholder Return
Period in years

9%

20-year return to shareholder

One-year returns of -9% to 25% during the last decade

Rolling S$ Total Shareholder Return (%)
Total Shareholder Return
  • One-year
  • 10-year
  • 20-year

S$11b

Dividend income

Average annual dividend income of S$9 billion over the last decade

Dividend Income (S$b)
Dividend Income