Temasek Review 2023
Resilient & Forward Looking Portfolio

Total Shareholder Return

We track our total returns to our shareholder over various time periods.

Total Shareholder Return (TSR) is a compounded and annualised measure, which includes dividends paid to our shareholder and excludes investments made by our shareholder in Temasek’s shares. Our TSR over different time periods are a snapshot of our performance, with the longer time periods being more representative of our performance as a long term investor.

As at 31 March 2023, our Singapore dollar one-year TSR was -5.07%. Our three-year TSR was 7.74% and our 10‑year TSR was 6%.

Our 20-year TSR was 9%, versus the Singapore 20-year annualised core inflation of 1.8%. Longer term 40-year TSR was 12%.

For each investment we make, an individual risk-adjusted cost of capital (RACOC) is derived bottom-up using the capital asset pricing model. Investments in riskier sectors or markets have a higher cost of capital. We impute premiums for illiquidity and other risks.

We assess our performance by measuring our TSR against our overall RACOC, which is the weighted average RACOC across all our individual investments.