As of the end of the last fiscal year, Temasek’s net asset portfolio value soared to S$518 billion, marking a new all-time high for the second consecutive year. When measured in Singapore dollars, the asset size experienced a 10.5% year-on-year increase, while in US dollars, it surged by 14.8%. Net investment reached S$20 billion during this period. The 10-year and 20-year annualized returns stood at 7.1% and 6.8%, respectively. Temasek has declared its intention to ramp up investment in the AI sector, raising its allocation from 6% to 15% over the next five years, with a focus on five key technology domains. Concurrently, it aims to leverage the remaining 85% of its investment portfolio to expedite the adoption of AI technology and digital transformation. To maintain a balanced investment approach, Temasek plans to elevate its private credit investment allocation from 2% to 5% and its ‘core-plus’ infrastructure investment allocation from 1% to 5% by 2031. Presently, against the backdrop of a complex and volatile global investment landscape, Temasek’s assets contracted by 2% at the fiscal year-end. Market fluctuations in China in prior years also exerted an influence on its 5-year return rate. Nevertheless, recent rebounds in Chinese asset valuations have resulted in a S$10 billion increase in Temasek’s exposure to China this year. In the last fiscal year, Temasek not only bolstered its stakes in AI companies but also made investments in consumer retail brands, underscoring the robustness of its investment portfolio.