As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

Currently; it about 54% to destination!

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Tuesday, 11 July 2017

Temasek delivers 13% return for the year; Record net portfolio value of S$275 billion; Up S$111 billion over the decade

CW8888's Well known investors CAGR Table

Temasek : 44 years (1974 to Mar 2017) is 15%
Temasek : 20 years (1998 to Mar 2017) is 6%
Temasek : 10 years (2008 to Mar 2017) is 4%

One-year return to shareholder of 13%

10- and 20-year return to shareholder of 4% and 6%, respectively

15% return to shareholder, compounded annually since inception in 1974

Dividend income of S$7 billion, or about 19 times our interest expense for the year

Invested S$16 billion and divested S$18 billion, resulting in net divestment

Singapore, Tuesday 11 July 2017 – Singapore-headquartered investment company Temasek today published its annual Temasek Review, reporting a record net portfolio value of S$275 billion1, and closing the year in a net cash position on 31 March 2017.

Temasek’s one-year Total Shareholder Return (TSR) was 13%.

Longer term 10-year and 20-year TSRs were 4% and 6% respectively. TSR compounded annually since our inception in 1974 was 15%.

Dividend income from our portfolio was S$7 billion for the year ended 31 March 2017. This was about 19 times our interest expense for the year.

Temasek Chairman, Mr Lim Boon Heng, commented:

“While the global recovery is gaining momentum, there are still uncertainties, both in the medium as well as longer term. We have maintained an investment stance that is disciplined but nimble, and built a balance sheet that enables us to capitalise on opportunities and withstand shocks.

We have continued to rebalance our holdings towards longer term macro opportunities such as the transforming economies, as well as emerging new trends such as the digital enablers for new businesses. The strength of our balance sheet also enables us to undertake large projects which may have longer gestation periods, such as the Mandai rejuvenation.”


  1. Temasek : 44 years (1974 to Mar 2017) is 15%
    Temasek : 20 years (1974 to Mar 2017) is 6%
    Temasek : 10 years (1974 to Mar 2017) is 4%

    wrong date for 10 & 20 yr

  2. Quick calculation using Excel, it implies that Temasek's first 24 years' annualized return(1974-1997)is ~22%. Master league. Probably due to SG economy growth faster that period, and Fund size is relatively smaller.

    1. (1 + r)^24 * (1.06)^20 = (1.15)^44
      r = 23.08%

      Besides Temasek's assets (e.g. SIA, S'pore Technologies, Singtel, Singpost, Keppel, SembCorp, PSA, NOL, etc) starting from a very low base ...... they were also initially VERY conservatively valued ... way below their intrinsic values.

      As Temasek sold tranches to institutions & secondary markets, investors very quickly marked up their valuations to reflect more optimistic projections.

  3. Hoho Uncle8888!!

    Congrats again for beating BOTH Temasek & GIC .... Kekekeke!!!!

    Oh BTW in your 1st sentence ... should be "Up S$89 billion over the decade"

    $275 - [$275 / (1.04)^10] = $89

  4. It shows that it getting very difficult to have extraordinary investment return since the world info and news flow is well connected. Even Buffet also facing the same performance issue

  5. How to beat the gurus --- Invest in IPOs!!! Hahahaha!!!

    Singapore's Top Performing IPO This Year Surged 158%

    From Apr to Jul ... PE now 60 ...

    I'm now waiting for news to report millennials quitting their jobs to day trade ... maybe another 6 more months...


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