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

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 Q4 2024 Q1 2025: $24.8B $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 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%
CMI Cummins Inc. 0.03% 27,359 $8.6M Reduce -14.5%
CARR Carrier Global Corp. 0.03% 131,078 $8.3M Reduce -6.0%
BKNG Booking Holdings Inc. 0.03% 1,800 $8.3M No change
CAT Caterpillar Inc. 0.03% 25,122 $8.3M Reduce -36.3%
ERO Ero Copper Corp. 0.03% 643,221 $7.8M Add +8.5%
COST Costco Wholesale Corp. 0.03% 8,202 $7.8M No change
HD Home Depot Inc. 0.03% 21,043 $7.7M No change
UNH Unitedhealth Group Inc. 0.03% 14,148 $7.4M No change
HUBB Hubbell Inc. 0.03% 21,881 $7.2M Reduce -11.0%
RACE Ferrari NV 0.03% 14,478 $6.2M No change
UPS United Parcel Service Class B 0.02% 52,248 $5.7M No change
TEAM Atlassian Corp. Class A 0.02% 26,305 $5.6M Reduce -46.2%
OKLO Oklo Inc. 0.02% 256,569 $5.5M No change
SNPS Synopsys Inc. 0.02% 11,562 $5.0M Reduce -83.0%
ADBE Adobe Inc. 0.02% 12,416 $4.8M Reduce -92.7%
KDP Keurig Dr Pepper Inc. 0.01% 99,805 $3.4M No change
EWY iShares MSCI South Korea ETF 0.01% 56,900 $3.1M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 243,170 $2.5M New
VRNA Verona Pharma Ltd. 0.01% 31,684 $2.0M New
PCOR Procore Technologies Inc. 0.01% 21,849 $1.4M Reduce -53.2%
OPEN Opendoor Technologies Inc. 0.00% 878,794 $896K Add +25.2%
CEG Constellation Energy 0.00% 2,507 $505K Reduce -9.3%
TEM Tempus AI Inc. Class A 0.00% 7,462 $360K New

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

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