Stable 20-year Total Shareholder Return at 7%; 10-year TSR at 6%
FinTech BizNews Service
Mumbai, July 8, 2024: Temasek reported a Net Portfolio Value (NPV) of S$389 billion for the
financial year ended 31 March 2024, up S$7 billion from a year ago. Marking our unlisted portfolio to market
would provide S$31 billion of value uplift and bring our Mark to Market (MTM) NPV to S$420 billion, up S$9
billion from last year’s MTM NPV. The increase was mainly due to our investment returns from the US and
India, offset by the underperformance of China’s capital markets.
Panelists for briefing in Singapore included Alpin MEHTA, PNG Chin Yee, CHIA Song Hwee and Connie CHAN.
Temasek said its unlisted portfolio has grown steadily from 20% in 2004 to 52% as at 31 March 2024. With this increase
in exposure, reporting our unlisted assets at mark to market value would be more in line with our peers.
Hence, we have aligned our approach this year to market practice, and have presented the MTM NPV for
FY22 and FY23 on a similar basis for consistency.
Our 20-year and 10-year Total Shareholder Return (TSR) remained stable at 7% and 6%, respectively.
Metrics such as our NPV and longer-term 20-year and 10-year TSRs are more indicative of our performance,
and are aligned with Temasek’s mandate to generate sustainable returns over the long term. Longer-term
TSRs are dependent on the starting year and ending year. Our 20-year TSR this year excludes our post-
SARS recovery of 2004, which explains the drop in our 20-year TSR from 9% last year to 7% this year. One-
year TSR was 1.60%.
Building a Resilient and Forward-Looking Portfolio
Temasek maintained a cautious but steady investment pace amidst global economic uncertainties. Temasek
invested S$26 billion into opportunities in sectors such as technology, financial services, sustainability, consumer, and
healthcare, aligned with the four structural trends of Digitisation, Sustainable Living, Future of Consumption,
and Longer Lifespans. Excluding Singapore, the US continued to be the leading destination for our capital,
followed by India and Europe. We also stepped up our investment activities in Japan.
We divested S$33 billion for the year. Of this, about S$10 billion was due to the redemption of capital by
Singapore Airlines and Pavilion Energy for their mandatory convertible bonds and preferential shares
respectively. Overall, we had a net divestment of S$7 billion, compared to a net investment of S$4 billion a
year ago.
We continued to maintain a high level of liquidity, ending the year in a net cash position.
