Singapore sovereign investor Temasek Holdings reported a record net portfolio value of S$434 billion (about US$340 billion) for the financial year ended 31 March 2025, an 11.6% increase from a year earlier. The gain was driven by stronger share-price performance of listed Singapore portfolio companies and direct investments in the United States, China and India. On a mark-to-market basis, the portfolio would have been worth S$469 billion. Temasek deployed S$52 billion and divested S$42 billion during the year, the largest divestment tally in more than two decades, as it reshaped the portfolio for what it calls a more resilient macro-environment. Exposure by underlying assets now stands at Singapore 27%, the Americas 24% (up from 22%), China 18%, and India 8% (up from 7%). Management said concerns over U.S. immigration, tariff and fiscal-tightening policies appear to have peaked, and cited world-class U.S. capabilities in artificial intelligence as a reason for increasing American holdings. The fund also allocated S$4 billion to sustainability-linked assets and is investing across the AI value chain, including data-centre infrastructure and early-stage ventures. While warning that geopolitical frictions could hold back global growth, Temasek remains "constructively optimistic," viewing India as a standout opportunity thanks to resilient domestic demand and ongoing supply-chain shifts. The fund delivered total shareholder returns of 7% over 20 years and 5% over 10 years and said it will continue to rebalance toward companies with stable cash flows and exposure to large domestic markets.