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SINGAPORE: Singapore’s state fund Temasek Holdings reported a record net portfolio value of S$434 billion and gains of S$45 billion at the end of its financial year.
Its assets under management (AUM) grew from US$288 billion in 2024 to US$324 billion in 2025. When unlisted assets are marked to market, the total AUM grows to S$469 billion (US$346.45 billion). Mark-to-market accounting values assets at their current market prices rather than their book value or original cost.
FY2025 saw Temasek invest S$52 billion while divesting S$33 billion. The one-year total shareholder return reached 11.8%, a notable increase from the previous year’s 1.6% (CORRECT?), driven by the strong performance of Singapore-based companies and returns from the US, China and India. Total shareholder return (TSR) over 20 years remained at 7% while the 10-year TSR came in at 5%, down from 6% last year.
Temasek’s portfolio is divided between Singapore-based companies (41%), global direct investments (36%) and partnerships and asset management firms (23%). Investments in global direct investments are stakes in established or emerging market leaders aligned with structural trends of digitalisation, sustainable living, future consumption and longevity.
Its Singapore portfolio includes stakes in major companies like Singtel, Singapore Airlines and DBS. The city-state remains Temasek’s biggest market, accounting for just over a quarter of underlying assets in FY 2025. In fact, 52% of Temasek’s portfolio companies are also headquartered in Singapore.
Temasek’s deputy chief executive Chia Song Hwee noted that the firm’s Singapore-based portfolio companies saw strong performance. He commented: “It affirms our ongoing active engagements with them to strengthen their business foundations, pivot and de-risk where necessary, and drive value creation.
“We have been sharpening our investment discipline through more active portfolio management and will maintain this rigorous approach to enhance our returns over the long term,” he added
While strongly focused on Asia, 66% of its investments are in developed economies. Its investments are distributed as follows: Singapore (27%), the Americas (24%), China (18%), Europe, the Middle East, and Africa (12%), and India (8%). Sustainability-themed investments account for 31% of its portfolio, an increase from 12% in 2024.
Temasek also continues to explore new sectors, particularly artificial intelligence (AI) and infrastructure. This comes with a focus on “fundamentally strong, market-leading businesses”.
Mapletree Investments’ European push
Temasek-backed Mapletree Investments is also aggressively expanding, making a push into data centres, logistics, and student housing. These are three of its four core sectors, the fourth being offices.
The firm’s emphasis on data centres is notable, and it plans to enter Europe’s growing market. Projections show a 43% increase in data centre capacity, reaching 937 megawatts by 2025. This is fuelled by rising demand for computing power and infrastructure for artificial intelligence.
“Investor appetite in this asset class will remain strong,” said Hiew Yoon Khong, Mapletree’s group chief executive. He highlights the strategic importance of emerging markets such as Milan, Madrid, Japan, and Korea.
The logistics sector plays a vital role in Temasek’s strategy. It accounts for 42% of total assets managed by Mapletree, valued at S$33.7 billion. Mapletree is actively increasing its footprint, planning a major logistics development in New Jersey and continuing land acquisitions in the United States.
Student housing is another sector where Mapletree plans to grow, with plans for exploring new markets that include Spain and Australia, which suffer from low supply and growing demand. It also plans to establish a fund focused on student housing, targeting at least £500 million in UK assets.
