Temasek Holdings reported a net portfolio value of S$242 billion (US$180 billion) as of end-March 2016, a drop of S$24 billion from S$266 billion a year ago.
The Singapore-based investment company posted one-year Total Shareholder Return of -9.02 per cent for the year - the first decline since 2009, and compared to 19 per cent in 2015.
Temasek says the decrease reflects share price declines of its listed investments, which was offset by the performance of unlisted assets.
Over a longer term 10-year period, annualised Total Shareholder Return was 6 per cent.
Temasek invested S$30 billion and divested a record S$28 billion of its portfolio last year. The previous record for divestments was S$19 billion in 2015.
