AsianFin -- Singapore’s state investor Temasek reported on Wednesday that its net portfolio value surged 11.6% year-on-year to a record S$434 billion ($340 billion), buoyed by gains across tech, financials, and consumer sectors.
Temasek also said it believes risks tied to U.S. policy—specifically around immigration, tariffs, and fiscal tightening—have likely peaked, signaling a potentially more stable macro outlook moving forward.
The comments come as U.S. President Donald Trump escalated trade tensions earlier this week, announcing that a wide range of countries—from key suppliers like Japan and South Korea to smaller exporters such as Malaysia—will face higher tariffs starting August 1. The move marks a new phase in the administration’s combative trade agenda.
Temasek has been gradually shifting its portfolio toward sectors positioned for long-term structural growth, including AI, energy transition, and digital infrastructure. While the firm maintains significant exposure to U.S. assets, it has also increased its allocation to India and Southeast Asia in recent years.
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