How We Grew

Our initial portfolio in 1974 reflected Singapore's early stages of industrialisation. Some of these companies, and others added since, have grown into iconic Singapore brands, such as DBS and the Singapore Zoo. Others, like Singtel, Singapore Airlines and PSA, have transformed into regional and global champions.

In recent years, we have been investing in several trends driven by social progress, demographic shifts and changing consumption patterns, enabled by technological advances.

We continue to seek innovative companies at the forefront of developing new, sometimes disruptive, solutions that create new opportunities, while addressing the growing needs of the world's population.

As at 31 March 2020, our net portfolio value was S$306 billion.

Relation between Net Portfolio Value and Total Shareholder Return

Our Total Shareholder Return (TSR) measures the returns that we deliver to our shareholder. It reflects the change in our net portfolio value over a specific timeframe. This includes dividends paid to our shareholder and excludes capital injections from our shareholder.

The market values of our portfolio over the years reflect the performance of our underlying investments, which could be affected by external events such as the Global Financial Crisis in 2008.

The listing of Singtel in the financial year ended 31 March 1994, which the market then valued at 43 times its earnings, contributed to a significant and noticeable rise in our portfolio value that year. By way of comparison, Singtel has been valued by the market at between 10 and 18 times its earnings over the last 10 years. The reference to the last 10 years is to illustrate that the range of Singtel’s market value to earnings ratio has changed considerably since it first listed.

• One-year Rolling
• 10-year Rolling
• 20-year Rolling

Rolling S$ Total Shareholder Return (%)

(From 2003 to 2020)

For year ended 31 March
One-year Rolling TSR (%)
Market Value (S$b)

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
(19)	46	16	25	27	7	(30)	43	5	1	9	2	19	(9)	13	12	1	(2)
61	90	103	129	164	185	130	186	193	198	215	223	266	242	275	308	313	306

Rolling S$ Total Shareholder Return (%)

(From 2003 to 2020)

For year ended 31 March
10-year Rolling TSR (%)
Market Value (S$b)

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
16	3	5	6	8	10	6	6	9	10	13	9	9	6	4	5	9	5
61	90	103	129	164	185	130	186	193	198	215	223	266	242	275	308	313	306

Rolling S$ Total Shareholder Return (%)

(From 2003 to 2020)

For year ended 31 March
20-year Rolling TSR (%)
Market Value (S$b)

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
16	20	18	16	18	17	13	16	15	15	14	6	7	6	6	7	7	6
61	90	103	129	164	185	130	186	193	198	215	223	266	242	275	308	313	306