A reversal has occurred. As of the end of FY2025 ended March 31, the proportion of TPCs has increased to 41% of Temasek’s NPV versus 36% that of GDIs. The growth in the value of TPCs was driven by steady gains they each made in the local stock market, which has reached a new record after more than 16 years.
When Temasek began to actively invest overseas starting from the early 2000s, its Singapore-based portfolio companies accounted for more than 90% of its net portfolio value, or NPV.
Temasek-linked companies, or TLCs as they were called, dominate the local stock market and they continue to figure prominently. However, the NPV proportion of Temasek Portfolio Companies, or TPCs as they are now called, dropped to as low as 38% in FY2021. So-called Global Direct Investments, or GDIs, accounted for the biggest share at 42%.
