As at 31 March 2008, our net portfolio market value was about S$185 billion or US$134 billion.

The changes in market value of our portfolio over the years reflect both the performance of the underlying investments and the effects of external events. For example, the listing of SingTel in 1993 contributed to the biggest single-year rise in portfolio value, while the Dotcom Correction of 2000 caused a sharp fall in the global equities market, followed by another downturn from the 9/11 attack in the US.

Starting with an initial portfolio of S$354 million, or US$134 million, inherited from the Singapore government in 1974, we have seen additional asset injections particularly in the early 1990s when the government decided to liberalise the provision of basic services.

The book value of our portfolio increased steadily over the years to S$144 billion, driven by the strong earnings of our portfolio companies and returns from our investment activities.