In FY2026, Temasek’s one-year total shareholder return (TSR) was 10.5%. TSR would be 12.9% on a constant currency basis, once you remove the effect a stronger Singapore dollar had on Temasek’s foreign investments.
People may dispute how well Singapore state investor Temasek has performed relative to its peers, but one thing they cannot deny is the consistent growth in the value of its portfolio.
Between 2016 and 2026, Temasek’s net portfolio value (NPV) has nearly doubled from $262 billion to $518 billion, on a mark-to-market basis. There were some dull periods, such as from 2022 to 2023, when the value fell from $438 billion to $411 billion, but overall, it has managed to grow.
