Founded in 1974, Temasek Holdings is a global investment company wholly owned by the Singapore government, managing a portfolio with a net value of S$518 billion as of 31 March 2026. Operating as a commercial investment company, Temasek manages a diversified portfolio across public and private markets, with a long-term focus on delivering sustainable returns and creating lasting value. Amid intensifying market competition, growing geopolitical uncertainties, and the rapid rise of artificial intelligence, the annual Temasek Review provides an opportunity for the company’s executives to discuss Temasek’s financial performance, investment strategy, portfolio allocation, and outlook on the global economy. The review offers valuable insights into how Temasek is positioning its portfolio to capture emerging opportunities while managing evolving risks. Here are eight things I learned from Temasek Review 2026.

1. On a mark-to-market basis, Temasek’s net portfolio value (NPV) increased by S$49 billion, rising from S$469 billion to S$518 billion, reflecting the strong performance of its investment portfolio during the year. This growth was primarily driven

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