Overview

• Net portfolio value rose 11.8% to S$434 billion for the year ended March 31, 2025 and reached S$469 billion mark-to-market including unlisted assets
• The firm deployed S$52 billion in new investments and divested S$42 billion, resulting in a net investment of S$10 billion
• Geographic allocations were rebalanced with the Americas rising to 24%, India to 8% and China’s share declining to 18%
• The sustainable living portfolio grew by S$2 billion to S$46 billion with S$4 billion of new investments and emission targets of 11 MtCO2e by 2030 and net zero by 2050
• Management judges U.S. tariff and immigration risks have peaked and continues to monitor geopolitical uncertainty while engaging high-emission assets, notably Singapore Airlines, on decarbonisation efforts