Temasek's portfolio is built around substantial ownership in businesses: DBS, Singtel and PSA together represented about 22% of its value at 31 March 2026. Half the portfolio was in unlisted assets and funds. Its holdings combine an established base of Singapore companies with global investments in finance, technology, consumer businesses, healthcare and other sectors.
Key takeaways
- Temasek's portfolio is built around substantial ownership in businesses, with DBS, Singtel and PSA together representing about 22% of its value at 31 March 2026. Temasek's three largest single-name exposures were DBS at 9%, Singtel at 8% and PSA at 5% of total portfolio value, which makes the success or failure of individual businesses consequential.
- Temasek's large company stakes support active ownership that cannot be reproduced by copying its listed names. Temasek works with portfolio companies on transformation, capital discipline, governance and management incentives, while a small investment in DBS or Singtel does not reproduce that ownership position or its unlisted investments.
- Where Temasek's companies are headquartered differs from where its underlying economic exposure sits. At 31 March 2026, 52% of Temasek's portfolio was in Singapore-headquartered companies, but Singapore accounted for 27% of underlying country exposure.
- Temasek's listed/unlisted split is not a complete measure of how quickly its positions can be turned into cash. At March 2026, Temasek classified 50% as liquid and listed assets and 50% as unlisted assets and funds, and about 25% of the entire portfolio was in listed companies where it held stakes above 20%.
What does Temasek actually own?
The Temasek Review 2026 reports exposure by underlying sector as well as by company and geography. Transport and industrials, telecoms and technology, and financial services account for the largest sector allocations.
Underlying sector exposure at 31 March 2026: transportation and industrials 24%; telecommunications, media and technology 23%; financial services 20%; consumer and real estate 11%; multi-sector funds 7%; life sciences and agri-food 6%; other, including credit, 9%. Source: Temasek Review 2026, portfolio by sector; chart data (CSV). Transportation and industrials includes energy and resources. These categories look through to underlying assets; they are not equity-versus-bond allocations.
Temasek also reports three investment segments: 43% Singapore-based portfolio companies, 38% global direct investments, and 19% partnerships, funds and asset-management companies. That is a different view of the same portfolio, describing how investments are organised. It must not be added to the sector weights.
How concentrated are the largest positions?
At March 2026, the three largest single-name exposures were DBS at 9%, Singtel at 8% and PSA at 5% of total portfolio value (credit profile). These holdings give Temasek substantial exposure to banking, telecommunications and ports.
DBS 9%; Singtel 8%; PSA 5% of Temasek's total portfolio at 31 March 2026. The combined 22% is approximate because the source reports rounded weights. Source: Temasek Review 2026; chart data (CSV). These are shares of Temasek's portfolio, not percentages of the companies that Temasek owns.
Large positions make the success or failure of individual businesses consequential. A banking downturn, telecom investment cycle or disruption to global trade can affect different parts of the portfolio through those holdings. Sector variety does not remove the significance of their size.
Why hold such large company stakes?
Temasek's strategy review describes working with portfolio companies on transformation, capital discipline, governance and management incentives. Where appropriate, it seeks board representation. A substantial shareholder can participate in decisions and support changes that a small investor cannot easily influence.
The return therefore depends partly on what happens inside a business over years: investment projects, operating improvements and how capital is used. Those opportunities come with concentration risk and do not guarantee successful outcomes.
This also limits what can be learned by copying the listed names. A small investment in DBS or Singtel does not reproduce Temasek's ownership position, its unlisted investments or the rest of its balance sheet. The listed stock still needs to make sense at its current price and within the buyer's own portfolio.
How global is the portfolio?
At 31 March 2026, 52% of Temasek's portfolio was in Singapore-headquartered companies, but Singapore accounted for 27% of underlying country exposure (geographic disclosure). The difference reflects companies that operate beyond their home country.
The remaining underlying country exposure was Americas 26%, China 17%, other Asia Pacific 11%, Europe/Middle East/Africa 12% and India 7%. Together with Singapore, these figures describe where the underlying economic exposure sits. They are not a measure of listing location or portfolio currency.
Temasek says it has been increasing exposure to the US, Europe and India while continuing to invest selectively in China. The portfolio remains meaningfully different from GIC's, where the Americas represent 53% and investment generally takes place outside Singapore. Their regional reporting categories also differ, so a precise like-for-like country comparison needs more detail.
What is inside the global investments?
The global direct-investment portfolio includes financial businesses such as BlackRock, Mastercard, Stripe and Visa, and consumer or digital businesses including DoorDash, Internet Brands and Roblox (portfolio review). These examples show that the global portfolio extends beyond Singapore's established banks and infrastructure companies.
Temasek also invests through partnerships, funds and asset-management businesses. That provides access to managers and private investments alongside its directly owned companies. The resulting portfolio combines different ownership structures and degrees of control.
The review identifies AI, core-plus infrastructure and private credit as areas for further investment. Its 2031 ambitions are future plans, not current allocation weights. The current holdings described here should be assessed separately from those targets.
How liquid is Temasek's portfolio?
At March 2026, Temasek classified 50% as liquid and listed assets and 50% as unlisted assets and funds (liquidity disclosure). About 25% of the entire portfolio was invested in listed companies where it held stakes above 20%. That represents almost half the listed portfolio.
A large listed stake is different from a small trade in the same security. Selling it may involve market impact, transaction planning and a change in the ownership relationship. The listed/unlisted split is useful, but it is not a complete measure of how quickly every position can be turned into cash.
Temasek receives dividends and fund distributions, and generates cash through divestments. Its funding and liquidity planning allow it to hold long-term positions while meeting obligations and making new investments. An individual with unpredictable cash needs should assess that constraint before adopting a concentrated or illiquid approach.
What can an individual investor learn from Temasek?
Temasek makes the consequences of position sizing clear. Its largest holdings, geographic exposures and ownership rights matter more than a generic label such as “global equities”. A company based at home may earn much of its income overseas, while several different companies may depend on the same economy or industry.
Review large positions by their share of your total wealth, underlying business exposure and ease of sale. If you already hold a company through a fund, include that indirect exposure before buying more shares directly. Compare Norway's much broader listed portfolio, or return to all five portfolios compared.
FAQ
What are Temasek’s largest holdings?
At 31 March 2026, DBS represented 9% of Temasek’s overall portfolio, Singtel 8% and PSA 5%. Their combined weight was approximately 22%, adding the rounded reported figures. These are portfolio weights, not Temasek’s ownership percentages in each company.
How much of Temasek’s portfolio is unlisted?
At 31 March 2026, Temasek reported 50% in unlisted assets and funds, and 50% in liquid and listed assets. Around 25% of its entire portfolio was in listed companies where it held stakes above 20%.
How exposed is Temasek to Singapore?
At 31 March 2026, Singapore represented 27% of Temasek’s underlying country exposure, while Singapore-headquartered companies represented 52%. Companies based in Singapore can operate internationally, which explains why these measures differ.
