Temasek Holdings (Private) Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Temasek Holdings (Private) Ltd reported 129 stock positions worth $25.2 billion. Its top holding was BlackRock (BLK) at 20.7% of the portfolio, followed by Visa Class A (V, 7.5%) and Mastercard Class A (MA, 5.8%). Compared with Q3 2024, it opened 18 new positions, sold out of 10, added to 25 and reduced 59. The biggest buy was a new position in Invesco S&P 500 Equal Weight (RSP) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −52%).

Most Recent 13F
Q2 2026
Location
SINGAPORE, U0
CIK
0001021944
Portfolio Value
$25.2B (Q4 2024)
SEC Filing
0001104659-25-013359 ↗ filed Feb 14, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B Q1 2024: $18.1B Q1 2024 Q2 2024: $21.5B Q2 2024 Q3 2024: $24.7B Q3 2024 Q4 2024: $25.2B $25.2B Q4 2024 Q1 2025: $24.8B Q1 2025 Q2 2025: $25.8B Q2 2025 Q3 2025: $28.7B Q3 2025 Q4 2025: $31.0B Q4 2025 Q1 2026: $29.7B Q1 2026 Q2 2026: $36.5B Q2 2026

Holdings 129 stocks · $25.2B
BLK BlackRock Inc. 20.69% 5,092,825 $5.2B No change
V Visa Inc. Class A 7.46% 5,953,782 $1.9B Reduce -4.3%
MA Mastercard Inc. Class A 5.78% 2,771,574 $1.5B Reduce -1.2%
NVDA Nvidia Corp. 5.42% 10,180,421 $1.4B Add +9.5%
AMZN Amazon.com Inc. 5.11% 5,876,329 $1.3B Reduce -1.2%
INTA Intapp Inc. 4.36% 17,146,805 $1.1B No change
MSFT Microsoft Corp. 3.60% 2,154,264 $908.0M Reduce -6.3%
DASH DoorDash Inc. Class A 3.24% 4,866,131 $816.3M No change
IBN Icici Bank Ltd.-Spon ADR 3.21% 27,084,196 $808.7M Reduce -3.6%
RBLX Roblox Corp. Class A 2.89% 12,592,534 $728.6M Reduce -8.6%
RSP Invesco S&P 500 Equal Weight 2.86% 4,113,052 $720.7M New
GOOGL Alphabet Inc. Class A 2.82% 3,763,550 $712.4M Reduce -20.2%
AVGO Broadcom Inc. 2.71% 2,951,931 $684.4M Reduce -0.9%
TMO Thermo Fisher Scientific Inc. 2.18% 1,057,248 $550.0M Reduce -1.3%
HDB HDFC Bank Ltd.-ADR 2.17% 8,557,788 $546.5M Add +2.3%
SE Sea Ltd.-ADR 1.53% 3,648,767 $387.1M Reduce -25.2%
BABA Alibaba Group Holding-SP ADR 1.50% 4,464,559 $378.5M Reduce -51.5%
SPGI S&P Global Inc. 1.36% 690,128 $343.7M Reduce -9.2%
ABNB Airbnb Inc. Class A 1.16% 2,222,194 $292.0M Reduce -4.4%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 1.12% 1,525,329 $281.7M Reduce -36.1%
TPG TPG Inc. 0.99% 3,981,179 $250.2M No change
BILL Bill Holdings Inc. 0.92% 2,727,304 $231.0M Reduce -51.5%
BNTX Biontech SE-ADR 0.82% 1,807,232 $205.9M No change
ZTO Zto Express Cayman Inc.-ADR 0.81% 10,426,750 $203.8M No change
MRVL Marvell Technology Inc. 0.77% 1,764,058 $194.8M Reduce -21.3%
META Meta Platforms Inc. Class A 0.77% 332,559 $194.7M Reduce -41.4%
FLYW Flywire Corp.-Voting 0.71% 8,684,895 $179.1M No change
MSCI MSCI Inc. 0.66% 277,432 $166.5M No change
YUMC Yum China Holdings Inc. 0.65% 3,406,170 $164.1M Add +15.7%
JD Jd.com Inc.-ADR 0.64% 4,625,490 $160.4M Add +18.4%
GLBE Global-E Online Ltd. 0.57% 2,656,452 $144.9M Reduce -23.9%
EMXC iShares MSCI Emr MRK Ex Chna 0.57% 2,600,600 $144.2M No change
PAYO Payoneer Global Inc. 0.55% 13,748,577 $138.0M Reduce -30.9%
HTHT H World Group Ltd.-ADR 0.54% 4,117,528 $136.0M Add +87.2%
NOW ServiceNow Inc. 0.54% 127,393 $135.1M Reduce -39.7%
DNLI Denali Therapeutics Inc. 0.43% 5,355,832 $109.2M No change
AAPL Apple Inc. 0.40% 405,474 $101.5M Reduce -26.0%
PDD PDD Holdings Inc. 0.40% 1,046,802 $101.5M Add +842.5%
XLF SS Financial Select Sector 0.32% 1,689,020 $81.6M New
ETWO E2OPEN Parent Holdings Inc. 0.31% 29,248,151 $77.8M No change
ADBE Adobe Inc. 0.30% 169,241 $75.3M Reduce -8.8%
SES Ses AI Corp. 0.27% 30,675,757 $67.2M No change
GEV GE Vernova Inc. 0.25% 190,447 $62.6M Reduce -23.8%
LLY Eli Lilly & Co. 0.22% 70,300 $54.3M No change
HOOD Robinhood Markets Inc. Class A 0.21% 1,444,759 $53.8M New
ETN Eaton Corp. PLC 0.21% 160,143 $53.1M Add +21.7%
QQQ Invesco QQQ Trust Series 1 0.21% 102,925 $52.6M No change
WMT Walmart Inc. 0.21% 581,781 $52.6M No change
GE General Electric filed as GE AEROSPACE 0.20% 302,326 $50.4M Add +32.1%
LIN Linde PLC 0.20% 118,860 $49.8M Reduce -33.0%
GH Guardant Health Inc. 0.19% 1,561,979 $47.7M Reduce -25.2%
IWM iShares Russell 2000 ETF 0.18% 206,500 $45.6M No change
BEAM Beam Therapeutics Inc. 0.18% 1,812,972 $45.0M No change
TECK Teck Resources Ltd.-CLS B 0.18% 1,098,200 $44.5M Add +15.0%
NTES Netease Inc.-ADR 0.17% 469,138 $41.9M Reduce -14.8%
ORCL Oracle Corp. 0.17% 249,939 $41.6M Add +137.7%
SCHP Schwab U.S. Tips ETF 0.14% 1,410,000 $36.4M No change
BSX Boston Scientific Corp. 0.14% 406,494 $36.3M New
TSLA Tesla Inc. 0.14% 89,190 $36.0M No change
INDA iShares MSCI India ETF 0.14% 681,508 $35.9M New
ESTC Elastic NV 0.14% 359,283 $35.6M New
SCCO Southern Copper Corp. 0.13% 364,416 $33.2M Add +7.6%
SNPS Synopsys Inc. 0.13% 67,914 $33.0M Reduce -38.4%
FCX Freeport-McMoran Inc. 0.12% 805,528 $30.7M Add +7.5%
KWEB Kranesh Csi China Internet 0.11% 935,590 $27.4M Reduce -66.5%
VRT Vertiv Holdings Co. Class A 0.09% 210,881 $24.0M Reduce -62.9%
DELL Dell Technologies -C 0.09% 206,637 $23.8M Add +10.9%
PINS Pinterest Inc. Class A 0.09% 818,269 $23.7M New
DT Dynatrace Inc. 0.08% 392,365 $21.3M Reduce -54.2%
JPM JPMorgan Chase & Co. 0.08% 87,431 $21.0M No change
NFLX Netflix Inc. 0.08% 22,782 $20.3M Reduce -50.6%
NKE Nike Inc. Class B 0.08% 263,251 $19.9M New
MU Micron Technology Inc. 0.07% 208,245 $17.5M No change
AA Alcoa Corp. 0.07% 438,819 $16.6M Add +25.6%
LOW Lowe's Cos Inc. 0.07% 66,780 $16.5M Reduce -21.9%
HBM Hudbay Minerals Inc. 0.06% 1,917,271 $15.5M Add +6.3%
CAT Caterpillar Inc. 0.06% 39,447 $14.3M Reduce -27.6%
TEAM Atlassian Corp. Class A 0.05% 48,905 $11.9M New
EMR Emerson Electric Co. 0.05% 94,213 $11.7M Add +206.5%
CMI Cummins Inc. 0.04% 32,010 $11.2M Add +212.8%
PWR Quanta Services Inc. 0.04% 34,095 $10.8M Add +210.8%
JCI Johnson Controls Internation 0.04% 135,988 $10.7M Add +216.1%
BZ Kanzhun Ltd. - ADR 0.04% 771,527 $10.6M New
HUBB Hubbell Inc. 0.04% 24,596 $10.3M Add +221.1%
NVT Nvent Electric PLC 0.04% 150,383 $10.3M Add +224.2%
TT Trane Technologies PLC 0.04% 27,297 $10.1M Add +223.7%
CARR Carrier Global Corp. 0.04% 139,437 $9.5M Add +243.3%
BKNG Booking Holdings Inc. 0.04% 1,800 $8.9M Reduce -81.8%
ADP Automatic Data Processing 0.03% 29,788 $8.7M Reduce -81.8%
HD Home Depot Inc. 0.03% 21,043 $8.2M Reduce -81.6%
ERO Ero Copper Corp. 0.03% 592,821 $8.0M Add +9.3%
CSCO Cisco Systems Inc. 0.03% 127,594 $7.6M No change
ABBV Abbvie Inc. 0.03% 42,473 $7.5M Reduce -81.8%
COST Costco Wholesale Corp. 0.03% 8,202 $7.5M Reduce -81.9%
UNH Unitedhealth Group Inc. 0.03% 14,148 $7.2M Reduce -91.3%
CMG Chipotle Mexican Grill Inc. 0.03% 114,802 $6.9M Reduce -82.1%
CDNS Cadence Design SYS Inc. 0.03% 22,251 $6.7M Reduce -81.9%
UPS United Parcel Service Class B 0.03% 52,248 $6.6M Reduce -81.7%
RACE Ferrari NV 0.02% 14,478 $6.2M Reduce -84.5%
BE Bloom Energy Corp. Class A 0.02% 276,678 $6.1M Reduce -10.1%
OKLO Oklo Inc. 0.02% 256,569 $5.4M New
FORGE GLOBAL HOLDINGS INC 0.02% 4,943,971 $4.6M Reduce -35.7%
PANW Palo Alto Networks Inc. 0.02% 24,850 $4.5M New
OS Onestream Inc. 0.01% 128,151 $3.7M Reduce -88.3%
PCOR Procore Technologies Inc. 0.01% 46,702 $3.5M New
NTLA Intellia Therapeutics Inc. 0.01% 279,693 $3.3M No change
KDP Keurig Dr Pepper Inc. 0.01% 99,805 $3.2M No change
EWY iShares MSCI South Korea ETF 0.01% 56,900 $2.9M Reduce -86.6%
GTLB Gitlab Inc. Class A 0.01% 40,374 $2.3M New
DDOG Datadog Inc. Class A 0.01% 15,888 $2.3M New
VST Vistra Corp. 0.01% 14,104 $1.9M Reduce -50.4%
FLEX Flex Ltd. 0.01% 45,509 $1.7M Reduce -54.3%
TLN Talen Energy Corp. 0.01% 8,060 $1.6M Reduce -54.7%
S Sentinelone Inc. Class A 0.01% 72,826 $1.6M New
APH Amphenol Corp. Class A 0.01% 21,245 $1.5M Reduce -57.3%
EME Emcor Group Inc. 0.01% 3,123 $1.4M Reduce -58.4%
MTZ Mastec Inc. 0.01% 10,289 $1.4M Reduce -60.7%
GNRC Generac Holdings Inc. 0.01% 8,974 $1.4M Reduce -58.9%
IOT Samsara Inc. Class A 0.01% 30,148 $1.3M Reduce -4.9%
BOLT PROJS HLDGS INC 0.00% 2,471,861 $1.2M No change
OPEN Opendoor Technologies Inc. 0.00% 701,711 $1.1M Add +33.4%
QTTB Q32 Bio Inc. 0.00% 313,943 $1.1M No change
SNOW Snowflake Inc. 0.00% 5,310 $820K New
SO The Southern Co. 0.00% 8,960 $738K Reduce -75.3%
CEG Constellation Energy 0.00% 2,765 $619K Reduce -78.1%
NEE Nextera Energy Inc. 0.00% 7,169 $514K Reduce -81.5%
RENT Rent the Runway Inc. Class A 0.00% 36,482 $310K No change
CART Maplebear Inc. 0.00% 5,804 $240K New
FSLR First Solar Inc. 0.00% 1,292 $228K Reduce -90.3%

Options reported separately and not counted above: MSFT puts ($33.4M), NVDA puts ($26.1M), MRVL puts ($23.0M), AMZN calls ($16.5M), ESTC calls ($13.9M), ADBE puts ($8.7M).

Portfolio Sells Q3 2024 → Q4 2024
BABA Alibaba Group Holding-SP ADR Reduce -51.5% 1.50% −2.46
ONC Beone Medicines Ltd.-ADR Reduce -36.1% 1.12% −1.06
META Meta Platforms Inc. Class A Reduce -41.4% 0.77% −0.54
TMO Thermo Fisher Scientific Inc. Reduce -1.3% 2.18% −0.50
MSFT Microsoft Corp. Reduce -6.3% 3.60% −0.41
UNH Unitedhealth Group Inc. Reduce -91.3% 0.03% −0.35
GOOGL Alphabet Inc. Class A Reduce -20.2% 2.82% −0.34
SE Sea Ltd.-ADR Reduce -25.2% 1.53% −0.33
BILL Bill Holdings Inc. Reduce -51.5% 0.92% −0.29
KWEB Kranesh Csi China Internet Reduce -66.5% 0.11% −0.28
EWT iShares MSCI Taiwan ETF Sold out 0.00% −0.25
NOW ServiceNow Inc. Reduce -39.7% 0.54% −0.23
SPGI S&P Global Inc. Reduce -9.2% 1.36% −0.23
JPST JPMorgan Ultra-Short Income Sold out 0.00% −0.20
PULS Pgim Ultra Short Bond ETF Sold out 0.00% −0.20
IBN Icici Bank Ltd.-Spon ADR Reduce -3.6% 3.21% −0.19
ABBV Abbvie Inc. Reduce -81.8% 0.03% −0.16
HD Home Depot Inc. Reduce -81.6% 0.03% −0.16
RACE Ferrari NV Reduce -84.5% 0.02% −0.15
ADP Automatic Data Processing Reduce -81.8% 0.03% −0.15
LIN Linde PLC Reduce -33.0% 0.20% −0.15
OS Onestream Inc. Reduce -88.3% 0.01% −0.14
VRT Vertiv Holdings Co. Class A Reduce -62.9% 0.09% −0.13
BKNG Booking Holdings Inc. Reduce -81.8% 0.04% −0.13
COST Costco Wholesale Corp. Reduce -81.9% 0.03% −0.13
UPS United Parcel Service Class B Reduce -81.7% 0.03% −0.13
CMG Chipotle Mexican Grill Inc. Reduce -82.1% 0.03% −0.12
GPN Global Payments Inc. Sold out 0.00% −0.12
AAPL Apple Inc. Reduce -26.0% 0.40% −0.11
CDNS Cadence Design SYS Inc. Reduce -81.9% 0.03% −0.11
CRM Salesforce Inc. Sold out 0.00% −0.11
DT Dynatrace Inc. Reduce -54.2% 0.08% −0.10
EWY iShares MSCI South Korea ETF Reduce -86.6% 0.01% −0.10
SNPS Synopsys Inc. Reduce -38.4% 0.13% −0.10
ADBE Adobe Inc. Reduce -8.8% 0.30% −0.09
PAYO Payoneer Global Inc. Reduce -30.9% 0.55% −0.06
NFLX Netflix Inc. Reduce -50.6% 0.08% −0.05
NTES Netease Inc.-ADR Reduce -14.8% 0.17% −0.04
ABNB Airbnb Inc. Class A Reduce -4.4% 1.16% −0.04
CAT Caterpillar Inc. Reduce -27.6% 0.06% −0.03
LOW Lowe's Cos Inc. Reduce -21.9% 0.07% −0.03
FORGE GLOBAL HOLDINGS INC Reduce -35.7% 0.02% −0.02
AES AES Corp. Sold out 0.00% −0.01
FSLR First Solar Inc. Reduce -90.3% 0.00% −0.01
NEE Nextera Energy Inc. Reduce -81.5% 0.00% −0.01
CEG Constellation Energy Reduce -78.1% 0.00% −0.01
SO The Southern Co. Reduce -75.3% 0.00% −0.01
GEV GE Vernova Inc. Reduce -23.8% 0.25% −0.01
GGR Gogoro Inc. Sold out 0.00% −0.01
GNRC Generac Holdings Inc. Reduce -58.9% 0.01% −0.01

Portfolio Buys Q3 2024 → Q4 2024
RSP Invesco S&P 500 Equal Weight New 2.86% +2.86
NVDA Nvidia Corp. Add +9.5% 5.42% +0.84
PDD PDD Holdings Inc. Add +842.5% 0.40% +0.34
XLF SS Financial Select Sector New 0.32% +0.32
HOOD Robinhood Markets Inc. Class A New 0.21% +0.21
HTHT H World Group Ltd.-ADR Add +87.2% 0.54% +0.21
BSX Boston Scientific Corp. New 0.14% +0.14
INDA iShares MSCI India ETF New 0.14% +0.14
ESTC Elastic NV New 0.14% +0.14
YUMC Yum China Holdings Inc. Add +15.7% 0.65% +0.11
PINS Pinterest Inc. Class A New 0.09% +0.09
ORCL Oracle Corp. Add +137.7% 0.17% +0.09
NKE Nike Inc. Class B New 0.08% +0.08
TEAM Atlassian Corp. Class A New 0.05% +0.05
HDB HDFC Bank Ltd.-ADR Add +2.3% 2.17% +0.05
BZ Kanzhun Ltd. - ADR New 0.04% +0.04
ETN Eaton Corp. PLC Add +21.7% 0.21% +0.03
EMR Emerson Electric Co. Add +206.5% 0.05% +0.03
CMI Cummins Inc. Add +212.8% 0.04% +0.03
PWR Quanta Services Inc. Add +210.8% 0.04% +0.03
JCI Johnson Controls Internation Add +216.1% 0.04% +0.03
HUBB Hubbell Inc. Add +221.1% 0.04% +0.03
NVT Nvent Electric PLC Add +224.2% 0.04% +0.03
TT Trane Technologies PLC Add +223.7% 0.04% +0.03
GE General Electric Add +32.1% 0.20% +0.03
CARR Carrier Global Corp. Add +243.3% 0.04% +0.02
OKLO Oklo Inc. New 0.02% +0.02
PANW Palo Alto Networks Inc. New 0.02% +0.02
PCOR Procore Technologies Inc. New 0.01% +0.01
AA Alcoa Corp. Add +25.6% 0.07% +0.01
DDOG Datadog Inc. Class A New 0.01% +0.01
GTLB Gitlab Inc. Class A New 0.01% +0.01
S Sentinelone Inc. Class A New 0.01% +0.01
DELL Dell Technologies -C Add +10.9% 0.09% +0.00
SNOW Snowflake Inc. New 0.00% +0.00
JD Jd.com Inc.-ADR Add +18.4% 0.64% +0.00
CART Maplebear Inc. New 0.00% +0.00
OPEN Opendoor Technologies Inc. Add +33.4% 0.00% +0.00
HBM Hudbay Minerals Inc. Add +6.3% 0.06% −0.01
ERO Ero Copper Corp. Add +9.3% 0.03% −0.02
TECK Teck Resources Ltd.-CLS B Add +15.0% 0.18% −0.03
SCCO Southern Copper Corp. Add +7.6% 0.13% −0.03
FCX Freeport-McMoran Inc. Add +7.5% 0.12% −0.03

Options Activity Q3 2024 → Q4 2024
MSFT Microsoft Corp. put New 79,300 $33.4M
NVDA Nvidia Corp. put New 194,600 $26.1M
MRVL Marvell Technology Inc. put New 208,100 $23.0M
AMZN Amazon.com Inc. call New 75,200 $16.5M
ESTC Elastic NV call New 140,000 $13.9M
ADBE Adobe Inc. put New 19,600 $8.7M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 176$36.5BBLK, GOOGL, V, NVDA, SPCX
Q1 2026 132$29.7BBLK, V, MA, NVDA, GOOGL
Q4 2025 129$31.0BBLK, V, NVDA, MA, GOOGL
Q3 2025 117$28.7BBLK, V, MA, NVDA, RBLX
Q2 2025 120$25.8BBLK, V, MA, NVDA, RBLX
Q1 2025 123$24.8BBLK, V, MA, INTA, AMZN
Q4 2024 129$25.2BBLK, V, MA, NVDA, AMZN
Q3 2024 121$24.7BBLK, V, MA, NVDA, AMZN
Q2 2024Amended 91$21.5BBLK, V, MA, NVDA, AMZN
Q1 2024Amended 102$18.1BBLK, V, MA, IBN, DASH