Temasek Holdings (Private) Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Temasek Holdings (Private) Ltd reported 123 stock positions worth $24.8 billion. Its top holding was BlackRock (BLK) at 19.5% of the portfolio, followed by Visa Class A (V, 8.3%) and Mastercard Class A (MA, 6.1%). Compared with Q4 2024, it opened 19 new positions, sold out of 25, added to 48 and reduced 29. The biggest buy was a new position in JPMorgan Ultra-Short Income (JPST) and the biggest sale an exit from Invesco S&P 500 Equal Weight (RSP).
- Most Recent 13F
- Q2 2026
- Location
- SINGAPORE, U0
- CIK
- 0001021944
- Portfolio Value
- $24.8B (Q1 2025)
- SEC Filing
- 0001104659-25-049879 ↗ filed May 16, 2025
Holdings Value
Holdings 123 stocks · $24.8B
| BLK BlackRock Inc. | 19.46% | 5,092,825 | $4.8B | No change |
| V Visa Inc. Class A | 8.29% | 5,859,835 | $2.1B | Reduce -1.6% |
| MA Mastercard Inc. Class A | 6.09% | 2,752,810 | $1.5B | Reduce -0.7% |
| INTA Intapp Inc. | 4.04% | 17,146,805 | $1.0B | No change |
| AMZN Amazon.com Inc. | 3.58% | 4,667,130 | $888.0M | Reduce -20.6% |
| NVDA Nvidia Corp. | 3.47% | 7,932,441 | $859.7M | Reduce -22.1% |
| IBN Icici Bank Ltd.-Spon ADR | 3.45% | 27,084,196 | $853.7M | No change |
| JPST JPMorgan Ultra-Short Income | 3.40% | 16,643,400 | $842.7M | New |
| MSFT Microsoft Corp. | 3.12% | 2,059,589 | $773.1M | Reduce -4.4% |
| BABA Alibaba Group Holding-SP ADR | 2.94% | 5,510,348 | $728.6M | Add +23.4% |
| RBLX Roblox Corp. Class A | 2.72% | 11,554,446 | $673.5M | Reduce -8.2% |
| DASH DoorDash Inc. Class A | 2.69% | 3,649,598 | $667.0M | Reduce -25.0% |
| TMO Thermo Fisher Scientific Inc. | 2.53% | 1,258,117 | $626.0M | Add +19.0% |
| HDB HDFC Bank Ltd.-ADR | 2.39% | 8,895,662 | $591.0M | Add +4.0% |
| AVGO Broadcom Inc. | 2.14% | 3,163,542 | $529.7M | Add +7.2% |
| GOOGL Alphabet Inc. Class A | 2.03% | 3,254,209 | $503.2M | Reduce -13.5% |
| TPG TPG Inc. | 1.63% | 8,529,631 | $404.6M | Add +114.3% |
| SPGI S&P Global Inc. | 1.61% | 787,119 | $399.9M | Add +14.1% |
| SE Sea Ltd.-ADR | 1.30% | 2,475,226 | $323.0M | Reduce -32.2% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 1.09% | 993,752 | $270.5M | Reduce -34.9% |
| ABNB Airbnb Inc. Class A | 1.07% | 2,222,194 | $265.5M | No change |
| HTHT H World Group Ltd.-ADR | 1.02% | 6,856,300 | $253.8M | Add +66.5% |
| PULS Pgim Ultra Short Bond ETF | 1.01% | 5,037,200 | $250.5M | New |
| MSCI MSCI Inc. | 0.84% | 368,627 | $208.5M | Add +32.9% |
| ZTO Zto Express Cayman Inc.-ADR | 0.83% | 10,426,750 | $206.9M | No change |
| AAPL Apple Inc. | 0.83% | 923,152 | $205.1M | Add +127.7% |
| MINT PIMCO Enhanced Short Maturit | 0.81% | 1,990,300 | $200.3M | New |
| JD Jd.com Inc.-ADR | 0.77% | 4,625,490 | $190.2M | No change |
| BILL Bill Holdings Inc. | 0.69% | 3,719,895 | $170.7M | Add +36.4% |
| BNTX Biontech SE-ADR | 0.66% | 1,807,232 | $164.6M | No change |
| YUMC Yum China Holdings Inc. | 0.60% | 2,853,670 | $148.6M | Reduce -16.2% |
| GEV GE Vernova Inc. | 0.56% | 451,909 | $138.0M | Add +137.3% |
| PDD PDD Holdings Inc. | 0.54% | 1,132,985 | $134.1M | Add +8.2% |
| NOW ServiceNow Inc. | 0.45% | 138,993 | $110.7M | Add +9.1% |
| BSX Boston Scientific Corp. | 0.44% | 1,085,411 | $109.5M | Add +167.0% |
| PAYO Payoneer Global Inc. | 0.41% | 13,748,577 | $100.5M | No change |
| ETN Eaton Corp. PLC | 0.37% | 340,376 | $92.5M | Add +112.5% |
| TECK Teck Resources Ltd.-CLS B | 0.36% | 2,479,555 | $90.3M | Add +125.8% |
| GLBE Global-E Online Ltd. | 0.36% | 2,491,323 | $88.8M | Reduce -6.2% |
| IJH iShares Core S&P Midcap ETF | 0.35% | 1,472,640 | $85.9M | New |
| FLYW Flywire Corp.-Voting | 0.33% | 8,684,895 | $82.5M | No change |
| GE General Electric filed as GE AEROSPACE | 0.33% | 406,126 | $81.3M | Add +34.3% |
| META Meta Platforms Inc. Class A | 0.32% | 137,610 | $79.3M | Reduce -58.6% |
| LLY Eli Lilly & Co. | 0.32% | 95,690 | $79.0M | Add +36.1% |
| MRVL Marvell Technology Inc. | 0.30% | 1,199,201 | $73.8M | Reduce -32.0% |
| LIN Linde PLC | 0.30% | 157,860 | $73.5M | Add +32.8% |
| DNLI Denali Therapeutics Inc. | 0.29% | 5,355,832 | $72.8M | No change |
| WFC Wells Fargo & Co. | 0.28% | 969,519 | $69.6M | New |
| ORCL Oracle Corp. | 0.27% | 474,812 | $66.4M | Add +90.0% |
| VRT Vertiv Holdings Co. Class A | 0.26% | 885,288 | $63.9M | Add +319.8% |
| KWEB Kranesh Csi China Internet | 0.26% | 1,813,708 | $63.3M | Add +93.9% |
| OS Onestream Inc. | 0.25% | 2,956,360 | $63.1M | Add +2206.9% |
| WMT Walmart Inc. | 0.25% | 715,626 | $62.8M | Add +23.0% |
| NTES Netease Inc.-ADR | 0.25% | 594,507 | $61.2M | Add +26.7% |
| ETWO E2OPEN Parent Holdings Inc. | 0.24% | 29,248,151 | $58.5M | No change |
| CCJ Cameco Corp. | 0.22% | 1,348,702 | $55.5M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.22% | 858,253 | $54.6M | New |
| KBWB Invesco KBW Bank ETF | 0.21% | 831,238 | $52.2M | New |
| INTU Intuit Inc. | 0.19% | 75,043 | $46.1M | New |
| NFLX Netflix Inc. | 0.18% | 48,563 | $45.3M | Add +113.2% |
| GH Guardant Health Inc. | 0.18% | 1,044,097 | $44.5M | Reduce -33.2% |
| FORGE GLOBAL HOLDINGS INC | 0.17% | 4,943,971 | $41.7M | No change |
| SCHP Schwab U.S. Tips ETF | 0.15% | 1,410,000 | $37.9M | No change |
| CMG Chipotle Mexican Grill Inc. | 0.15% | 744,065 | $37.4M | Add +548.1% |
| SCCO Southern Copper Corp. | 0.15% | 390,949 | $36.5M | Add +7.3% |
| BEAM Beam Therapeutics Inc. | 0.14% | 1,812,972 | $35.4M | No change |
| FCX Freeport-McMoran Inc. | 0.13% | 861,628 | $32.6M | Add +7.0% |
| TSLA Tesla Inc. | 0.11% | 109,890 | $28.5M | Add +23.2% |
| INDA iShares MSCI India ETF | 0.11% | 538,508 | $27.7M | Reduce -21.0% |
| PEP Pepsico Inc. | 0.11% | 182,631 | $27.4M | New |
| CDNS Cadence Design SYS Inc. | 0.11% | 104,616 | $26.6M | Add +370.2% |
| JPM JPMorgan Chase & Co. | 0.11% | 107,731 | $26.4M | Add +23.2% |
| PWR Quanta Services Inc. | 0.09% | 91,977 | $23.4M | Add +169.8% |
| NVT Nvent Electric PLC | 0.09% | 416,931 | $21.9M | Add +177.3% |
| KKR KKR & Co. Inc. | 0.09% | 183,228 | $21.2M | New |
| AA Alcoa Corp. | 0.08% | 641,420 | $19.6M | Add +46.2% |
| DT Dynatrace Inc. | 0.08% | 398,754 | $18.8M | Add +1.6% |
| TWLO Twilio Inc. Class A | 0.07% | 187,543 | $18.4M | New |
| BZ Kanzhun Ltd. - ADR | 0.07% | 947,865 | $18.2M | Add +22.9% |
| MU Micron Technology Inc. | 0.07% | 208,245 | $18.1M | No change |
| APH Amphenol Corp. Class A | 0.07% | 249,944 | $16.4M | Add +1076.5% |
| TLN Talen Energy Corp. | 0.06% | 79,183 | $15.8M | Add +882.4% |
| HBM Hudbay Minerals Inc. | 0.06% | 2,030,771 | $15.4M | Add +5.9% |
| MTZ Mastec Inc. | 0.06% | 131,810 | $15.4M | Add +1181.1% |
| BOLT PROJS HLDGS INC | 0.06% | 2,471,861 | $15.2M | No change |
| EME Emcor Group Inc. | 0.06% | 41,036 | $15.2M | Add +1214.0% |
| FSLR First Solar Inc. | 0.06% | 119,032 | $15.0M | Add +9113.0% |
| VST Vistra Corp. | 0.06% | 128,027 | $15.0M | Add +807.7% |
| SES Ses AI Corp. | 0.06% | 28,069,319 | $14.6M | Reduce -8.5% |
| GNRC Generac Holdings Inc. | 0.06% | 113,247 | $14.3M | Add +1162.0% |
| DHR Danaher Corp. | 0.05% | 65,000 | $13.3M | New |
| PFE Pfizer Inc. | 0.05% | 520,900 | $13.2M | New |
| BZAI Blaize Holdings Inc. | 0.05% | 6,353,023 | $12.8M | New |
| DDOG Datadog Inc. Class A | 0.04% | 108,827 | $10.8M | Add +585.0% |
| AS Amer Sports Inc. | 0.04% | 377,136 | $10.1M | New |
| JCI Johnson Controls Internation | 0.04% | 118,794 | $9.5M | Reduce -12.6% |
| EMR Emerson Electric Co. | 0.04% | 84,952 | $9.3M | Reduce -9.8% |
| ADP Automatic Data Processing | 0.04% | 29,788 | $9.1M | No change |
| ABBV Abbvie Inc. | 0.04% | 42,473 | $8.9M | No change |
| TT Trane Technologies PLC | 0.04% | 26,381 | $8.9M | Reduce -3.4% |
Options reported separately and not counted above: VRT puts ($27.7M), NVDA puts ($18.4M), GEV calls ($8.0M), AMZN calls ($8.0M), VRT calls ($6.4M).
Portfolio Sells Q4 2024 → Q1 2025
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −2.86 |
| NVDA Nvidia Corp. | Reduce -22.1% | 3.47% | −1.95 |
| AMZN Amazon.com Inc. | Reduce -20.6% | 3.58% | −1.53 |
| GOOGL Alphabet Inc. Class A | Reduce -13.5% | 2.03% | −0.79 |
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −0.57 |
| DASH DoorDash Inc. Class A | Reduce -25.0% | 2.69% | −0.54 |
| MSFT Microsoft Corp. | Reduce -4.4% | 3.12% | −0.48 |
| MRVL Marvell Technology Inc. | Reduce -32.0% | 0.30% | −0.47 |
| META Meta Platforms Inc. Class A | Reduce -58.6% | 0.32% | −0.45 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.32 |
| ADBE Adobe Inc. | Reduce -92.7% | 0.02% | −0.28 |
| SE Sea Ltd.-ADR | Reduce -32.2% | 1.30% | −0.23 |
| GLBE Global-E Online Ltd. | Reduce -6.2% | 0.36% | −0.22 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −0.21 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.21 |
| SES Ses AI Corp. | Reduce -8.5% | 0.06% | −0.21 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.18 |
| RBLX Roblox Corp. Class A | Reduce -8.2% | 2.72% | −0.17 |
| ESTC Elastic NV | Sold out | 0.00% | −0.14 |
| SNPS Synopsys Inc. | Reduce -83.0% | 0.02% | −0.11 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.09 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.09 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.08 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.07 |
| YUMC Yum China Holdings Inc. | Reduce -16.2% | 0.60% | −0.05 |
| INDA iShares MSCI India ETF | Reduce -21.0% | 0.11% | −0.03 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.03 |
| ONC Beone Medicines Ltd.-ADR | Reduce -34.9% | 1.09% | −0.02 |
| TEAM Atlassian Corp. Class A | Reduce -46.2% | 0.02% | −0.02 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.02 |
| CAT Caterpillar Inc. | Reduce -36.3% | 0.03% | −0.02 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.02 |
| NTLA Intellia Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| HUBB Hubbell Inc. | Reduce -11.0% | 0.03% | −0.01 |
| CMI Cummins Inc. | Reduce -14.5% | 0.03% | −0.01 |
| GH Guardant Health Inc. | Reduce -33.2% | 0.18% | −0.01 |
| GTLB Gitlab Inc. Class A | Sold out | 0.00% | −0.01 |
| EMR Emerson Electric Co. | Reduce -9.8% | 0.04% | −0.01 |
| PCOR Procore Technologies Inc. | Reduce -53.2% | 0.01% | −0.01 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.01 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.01 |
| IOT Samsara Inc. Class A | Sold out | 0.00% | −0.01 |
| QTTB Q32 Bio Inc. | Sold out | 0.00% | −0.00 |
| CARR Carrier Global Corp. | Reduce -6.0% | 0.03% | −0.00 |
| JCI Johnson Controls Internation | Reduce -12.6% | 0.04% | −0.00 |
| TT Trane Technologies PLC | Reduce -3.4% | 0.04% | −0.00 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.00 |
| SO The Southern Co. | Sold out | 0.00% | −0.00 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.00 |
| RENT Rent the Runway Inc. Class A | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| JPST JPMorgan Ultra-Short Income | New | 3.40% | +3.40 |
| BABA Alibaba Group Holding-SP ADR | Add +23.4% | 2.94% | +1.44 |
| PULS Pgim Ultra Short Bond ETF | New | 1.01% | +1.01 |
| MINT PIMCO Enhanced Short Maturit | New | 0.81% | +0.81 |
| TPG TPG Inc. | Add +114.3% | 1.63% | +0.64 |
| HTHT H World Group Ltd.-ADR | Add +66.5% | 1.02% | +0.49 |
| AAPL Apple Inc. | Add +127.7% | 0.83% | +0.43 |
| TMO Thermo Fisher Scientific Inc. | Add +19.0% | 2.53% | +0.35 |
| IJH iShares Core S&P Midcap ETF | New | 0.35% | +0.35 |
| GEV GE Vernova Inc. | Add +137.3% | 0.56% | +0.31 |
| BSX Boston Scientific Corp. | Add +167.0% | 0.44% | +0.30 |
| WFC Wells Fargo & Co. | New | 0.28% | +0.28 |
| SPGI S&P Global Inc. | Add +14.1% | 1.61% | +0.25 |
| OS Onestream Inc. | Add +2206.9% | 0.25% | +0.24 |
| CCJ Cameco Corp. | New | 0.22% | +0.22 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.22% | +0.22 |
| HDB HDFC Bank Ltd.-ADR | Add +4.0% | 2.39% | +0.22 |
| KBWB Invesco KBW Bank ETF | New | 0.21% | +0.21 |
| TECK Teck Resources Ltd.-CLS B | Add +125.8% | 0.36% | +0.19 |
| INTU Intuit Inc. | New | 0.19% | +0.19 |
| MSCI MSCI Inc. | Add +32.9% | 0.84% | +0.18 |
| VRT Vertiv Holdings Co. Class A | Add +319.8% | 0.26% | +0.16 |
| ETN Eaton Corp. PLC | Add +112.5% | 0.37% | +0.16 |
| KWEB Kranesh Csi China Internet | Add +93.9% | 0.26% | +0.15 |
| PDD PDD Holdings Inc. | Add +8.2% | 0.54% | +0.14 |
| GE General Electric | Add +34.3% | 0.33% | +0.13 |
| CMG Chipotle Mexican Grill Inc. | Add +548.1% | 0.15% | +0.12 |
| PEP Pepsico Inc. | New | 0.11% | +0.11 |
| LLY Eli Lilly & Co. | Add +36.1% | 0.32% | +0.10 |
| ORCL Oracle Corp. | Add +90.0% | 0.27% | +0.10 |
| NFLX Netflix Inc. | Add +113.2% | 0.18% | +0.10 |
| LIN Linde PLC | Add +32.8% | 0.30% | +0.10 |
| KKR KKR & Co. Inc. | New | 0.09% | +0.09 |
| NTES Netease Inc.-ADR | Add +26.7% | 0.25% | +0.08 |
| CDNS Cadence Design SYS Inc. | Add +370.2% | 0.11% | +0.08 |
| TWLO Twilio Inc. Class A | New | 0.07% | +0.07 |
| APH Amphenol Corp. Class A | Add +1076.5% | 0.07% | +0.06 |
| FSLR First Solar Inc. | Add +9113.0% | 0.06% | +0.06 |
| TLN Talen Energy Corp. | Add +882.4% | 0.06% | +0.06 |
| MTZ Mastec Inc. | Add +1181.1% | 0.06% | +0.06 |
| EME Emcor Group Inc. | Add +1214.0% | 0.06% | +0.06 |
| DHR Danaher Corp. | New | 0.05% | +0.05 |
| PFE Pfizer Inc. | New | 0.05% | +0.05 |
| VST Vistra Corp. | Add +807.7% | 0.06% | +0.05 |
| GNRC Generac Holdings Inc. | Add +1162.0% | 0.06% | +0.05 |
| BZAI Blaize Holdings Inc. | New | 0.05% | +0.05 |
| PWR Quanta Services Inc. | Add +169.8% | 0.09% | +0.05 |
| NVT Nvent Electric PLC | Add +177.3% | 0.09% | +0.05 |
| WMT Walmart Inc. | Add +23.0% | 0.25% | +0.05 |
| AS Amer Sports Inc. | New | 0.04% | +0.04 |
Options Activity Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | put | Sold out | 79,300 | $33.4Mbefore exit |
| VRT Vertiv Holdings Co. Class A | put | New | 384,000 | $27.7M |
| MRVL Marvell Technology Inc. | put | Sold out | 208,100 | $23.0Mbefore exit |
| NVDA Nvidia Corp. | put | Reduce -12.7% | 169,900 | $18.4M |
| ESTC Elastic NV | call | Sold out | 140,000 | $13.9Mbefore exit |
| ADBE Adobe Inc. | put | Sold out | 19,600 | $8.7Mbefore exit |
| GEV GE Vernova Inc. | call | New | 26,300 | $8.0M |
| AMZN Amazon.com Inc. | call | Reduce -44.1% | 42,000 | $8.0M |
| VRT Vertiv Holdings Co. Class A | call | New | 89,300 | $6.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 176 | $36.5B | BLK, GOOGL, V, NVDA, SPCX |
| Q1 2026 | 132 | $29.7B | BLK, V, MA, NVDA, GOOGL |
| Q4 2025 | 129 | $31.0B | BLK, V, NVDA, MA, GOOGL |
| Q3 2025 | 117 | $28.7B | BLK, V, MA, NVDA, RBLX |
| Q2 2025 | 120 | $25.8B | BLK, V, MA, NVDA, RBLX |
| Q1 2025 | 123 | $24.8B | BLK, V, MA, INTA, AMZN |
| Q4 2024 | 129 | $25.2B | BLK, V, MA, NVDA, AMZN |
| Q3 2024 | 121 | $24.7B | BLK, V, MA, NVDA, AMZN |
| Q2 2024Amended | 91 | $21.5B | BLK, V, MA, NVDA, AMZN |
| Q1 2024Amended | 102 | $18.1B | BLK, V, MA, IBN, DASH |