Temasek reports its highest-ever net portfolio value of S$518 billion (about US$400 billion), driven by gains in Singapore-based listed companies and proceeds from selected divestments. Channel NewsAsia says the portfolio increases by 10.5% and notes that conflicts in the Middle East weigh on market sentiment, dampening some gains. Free Malaysia Today also attributes the higher value to performance of listed holdings and asset sales. Temasek’s chief investment officer says the firm keeps 25% of its portfolio in liquid assets to help it manage potential shocks in financial markets, while maintaining flexibility to seize investment opportunities and emerging trends. Taken together, the reports describe a record valuation supported by operating and investment performance, alongside caution from broader geopolitical and market risks that affect returns and pricing.