Temasek Holdings has increased its net portfolio value from $242 billion (US$180 billion) to $275 billion (US$197 billion). This means Temasek’s Total Shareholder Return is 13.4% this year, a bounce upwards from a 9% decline from a dismal performance last year.

Over the long term, Temasek’s annualized Total Shareholder Return was 4%.

During this financial year, Temasek invested $16 billion and divested $18 billion of its portfolio, citing high market pricing as a reason to exit some of its positions.

Executive director and CEO of Temasek International, Lee Theng Kiat, said it would continue to invest in long term opportunities in techology, life sciences, agribusiness, non-bank financial services, consumer and energy & resources.

Investments in these new focus areas made up 24 per cent of its portfolio last year, up from 8 per cent six years ago, and delivered better returns than its average return from the overall portfolio.

Temasek’s main investments remain in the telecommunications, media & technology, transportation and industrials, life sciences and agribusiness. The majority of its investments are based in the US.

It’s main exits include positions in Synchrony Financial, Bharti Airtel, Lafarge Holcim and Evonik Industries. It also exited some holdings via acquisitions by third parties, including divestments of its stakes in Neptune Orient Lines and B/E Aerospace.

Since 1974, Temasek has returned a compounded Total Shareholder Return of 14%.

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