We track our total returns to our shareholder over various periods.
Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes capital injections from our shareholder. We track our TSR over short, medium, and long time periods.
As at 31 March 2016, our Singapore dollar one-year TSR was negative 9.02%. Our three-year TSR was 3.25% and our 10-year TSR was 6%. Our 20-year TSR was 6%, versus the Singapore 20-year annualised core inflation of under 2%; 40-year TSR was 15%.
Our TSR is measured against our risk-adjusted hurdle rate, which is derived using a capital asset pricing model. The hurdle rate is built bottom-up, and aggregated over all our investments.
(as at 31 March 2016)