Temasek Holdings (Private) Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Temasek Holdings (Private) Ltd reported 120 stock positions worth $25.8 billion. Its top holding was BlackRock (BLK) at 20.7% of the portfolio, followed by Visa Class A (V, 8.1%) and Mastercard Class A (MA, 6.0%). Compared with Q1 2025, it opened 21 new positions, sold out of 24, added to 30 and reduced 44. The biggest buy was a new position in Progressive (PGR) and the biggest sale an exit from JPMorgan Ultra-Short Income (JPST).

Most Recent 13F
Q2 2026
Location
SINGAPORE, U0
CIK
0001021944
Portfolio Value
$25.8B (Q2 2025)
SEC Filing
0001104659-25-077958 ↗ filed Aug 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 Q4 2024 Q1 2025: $24.8B Q1 2025 Q2 2025: $25.8B $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 120 stocks · $25.8B
BLK BlackRock Inc. 20.72% 5,092,825 $5.3B No change
V Visa Inc. Class A 8.14% 5,911,111 $2.1B Add +0.9%
MA Mastercard Inc. Class A 6.01% 2,756,079 $1.5B Add +0.1%
NVDA Nvidia Corp. 4.80% 7,832,823 $1.2B Reduce -1.3%
RBLX Roblox Corp. Class A 4.36% 10,695,471 $1.1B Reduce -7.4%
MSFT Microsoft Corp. 3.86% 2,001,218 $995.4M Reduce -2.8%
AMZN Amazon.com Inc. 3.72% 4,377,655 $960.4M Reduce -6.2%
IBN Icici Bank Ltd.-Spon ADR 3.53% 27,084,196 $911.1M No change
INTA Intapp Inc. 3.43% 17,146,805 $885.1M No change
AVGO Broadcom Inc. 3.36% 3,141,051 $865.8M Reduce -0.7%
DASH DoorDash Inc. Class A 2.97% 3,102,158 $764.7M Reduce -15.0%
HDB HDFC Bank Ltd.-ADR 2.64% 8,895,662 $682.0M No change
GOOGL Alphabet Inc. Class A 2.35% 3,438,365 $605.9M Add +5.7%
TPG TPG Inc. 1.87% 9,202,634 $482.7M Add +7.9%
TMO Thermo Fisher Scientific Inc. 1.80% 1,143,487 $463.6M Reduce -9.1%
SPGI S&P Global Inc. 1.72% 839,404 $442.6M Add +6.6%
SE Sea Ltd.-ADR 1.54% 2,475,226 $395.9M No change
ABNB Airbnb Inc. Class A 1.18% 2,302,511 $304.7M Add +3.6%
GEV GE Vernova Inc. 0.96% 469,597 $248.5M Add +3.9%
ONC Beone Medicines Ltd.-ADR 0.95% 1,010,465 $244.6M Add +1.7%
MSCI MSCI Inc. 0.88% 392,047 $226.1M Add +6.3%
HTHT H World Group Ltd.-ADR 0.82% 6,240,710 $211.7M Reduce -9.0%
BABA Alibaba Group Holding-SP ADR 0.81% 1,850,754 $209.9M Reduce -66.4%
ZTO Zto Express Cayman Inc.-ADR 0.72% 10,426,750 $185.1M No change
YUMC Yum China Holdings Inc. 0.65% 3,721,858 $166.4M Add +30.4%
BNTX Biontech SE-ADR 0.62% 1,506,027 $160.3M Reduce -16.7%
PDD PDD Holdings Inc. 0.59% 1,451,954 $152.0M Add +28.1%
TECK Teck Resources Ltd.-CLS B 0.56% 3,567,379 $144.1M Add +43.9%
AAPL Apple Inc. 0.56% 700,544 $143.7M Reduce -24.1%
INTU Intuit Inc. 0.55% 180,357 $142.1M Add +140.3%
PGR Progressive Corp. 0.45% 438,647 $117.1M New
BSX Boston Scientific Corp. 0.45% 1,085,411 $116.6M No change
CCJ Cameco Corp. 0.44% 1,537,571 $114.1M Add +14.0%
KWEB Kranesh Csi China Internet 0.44% 3,273,592 $112.4M Add +80.5%
ZGN Ermenegildo Zegna NV 0.42% 12,699,981 $108.6M New
META Meta Platforms Inc. Class A 0.41% 142,475 $105.2M Add +3.5%
FLYW Flywire Corp.-Voting 0.39% 8,684,895 $101.6M No change
GE General Electric filed as GE AEROSPACE 0.38% 378,126 $97.3M Reduce -6.9%
ETWO E2OPEN Parent Holdings Inc. 0.37% 29,248,151 $94.5M No change
PAYO Payoneer Global Inc. 0.37% 13,748,577 $94.2M No change
NOW ServiceNow Inc. 0.36% 90,155 $92.7M Reduce -35.1%
DSGX The Descartes Systems Grp 0.35% 896,779 $91.2M New
MRVL Marvell Technology Inc. 0.35% 1,156,814 $89.5M Reduce -3.5%
WFC Wells Fargo & Co. 0.34% 1,085,923 $87.0M Add +12.0%
LLY Eli Lilly & Co. 0.33% 109,261 $85.2M Add +14.2%
OS Onestream Inc. 0.32% 2,956,360 $83.7M No change
GLBE Global-E Online Ltd. 0.32% 2,491,323 $83.6M No change
ETN Eaton Corp. PLC 0.30% 217,354 $77.6M Reduce -36.1%
XLP SS Consumer Staples Sel Sect 0.30% 942,195 $76.3M New
LIN Linde PLC 0.30% 162,356 $76.2M Add +2.9%
DNLI Denali Therapeutics Inc. 0.29% 5,355,832 $74.9M No change
ORCL Oracle Corp. 0.27% 319,305 $69.8M Reduce -32.8%
TCOM Trip.com Group Ltd.-ADR 0.22% 953,869 $55.9M Add +11.1%
GH Guardant Health Inc. 0.21% 1,044,097 $54.3M No change
EWY iShares MSCI South Korea ETF 0.20% 736,400 $52.9M Add +1194.2%
NTES Netease Inc.-ADR 0.19% 366,075 $49.3M Reduce -38.4%
DT Dynatrace Inc. 0.19% 883,590 $48.8M Add +121.6%
ESTC Elastic NV 0.19% 570,555 $48.1M New
TWLO Twilio Inc. Class A 0.17% 349,729 $43.5M Add +86.5%
BILL Bill Holdings Inc. 0.17% 919,807 $42.6M Reduce -75.3%
NFLX Netflix Inc. 0.16% 31,387 $42.0M Reduce -35.4%
BZ Kanzhun Ltd. - ADR 0.16% 2,286,274 $40.8M Add +141.2%
SNOW Snowflake Inc. 0.16% 182,161 $40.8M New
DDOG Datadog Inc. Class A 0.15% 286,300 $38.5M Add +163.1%
SCCO Southern Copper Corp. 0.15% 379,798 $38.4M Reduce -2.9%
SCHP Schwab U.S. Tips ETF 0.15% 1,410,000 $37.6M No change
FCX Freeport-McMoran Inc. 0.14% 832,754 $36.1M Reduce -3.4%
PEP Pepsico Inc. 0.14% 269,181 $35.5M Add +47.4%
CDNS Cadence Design SYS Inc. 0.13% 109,830 $33.8M Add +5.0%
MRSH Marsh & McLennan Cos 0.12% 143,356 $31.3M New
INDA iShares MSCI India ETF 0.12% 538,508 $30.0M No change
AA Alcoa Corp. 0.11% 978,244 $28.9M Add +52.5%
VRT Vertiv Holdings Co. Class A 0.11% 217,280 $27.9M Reduce -75.5%
MU Micron Technology Inc. 0.10% 208,245 $25.7M No change
WMT Walmart Inc. 0.10% 255,662 $25.0M Reduce -64.3%
SES Ses AI Corp. 0.10% 28,069,319 $24.9M No change
SNPS Synopsys Inc. 0.09% 45,307 $23.2M Add +291.9%
CMG Chipotle Mexican Grill Inc. 0.09% 409,772 $23.0M Reduce -44.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.08% 1,231,992 $21.9M New
DHR Danaher Corp. 0.08% 109,900 $21.7M Add +69.1%
XPEV Xpeng Inc. - ADR 0.08% 1,194,538 $21.4M New
HBM Hudbay Minerals Inc. 0.08% 1,972,808 $20.9M Reduce -2.9%
KKR KKR & Co. Inc. 0.08% 151,123 $20.1M Reduce -17.5%
JD Jd.com Inc.-ADR 0.07% 589,256 $19.2M Reduce -87.3%
BZAI Blaize Holdings Inc. 0.07% 6,353,023 $18.9M No change
CRS Carpenter Technology 0.07% 63,880 $17.7M New
JPM JPMorgan Chase & Co. 0.06% 49,870 $14.5M Reduce -53.7%
CRM Salesforce Inc. 0.05% 46,773 $12.8M New
PFE Pfizer Inc. 0.05% 520,900 $12.6M No change
MTZ Mastec Inc. 0.05% 70,988 $12.1M Reduce -46.1%
VIPS Vipshop Holdings Ltd. - ADR 0.05% 779,230 $11.7M New
TSLA Tesla Inc. 0.04% 34,950 $11.1M Reduce -68.2%
ERO Ero Copper Corp. 0.04% 634,610 $10.7M Reduce -1.3%
NVT Nvent Electric PLC 0.04% 143,751 $10.5M Reduce -65.5%
EME Emcor Group Inc. 0.04% 18,847 $10.1M Reduce -54.1%
TLN Talen Energy Corp. 0.04% 34,147 $9.9M Reduce -56.9%
VST Vistra Corp. 0.04% 50,893 $9.9M Reduce -60.3%
APH Amphenol Corp. Class A 0.04% 96,080 $9.5M Reduce -61.6%
GNRC Generac Holdings Inc. 0.04% 65,787 $9.4M Reduce -41.9%
PWR Quanta Services Inc. 0.04% 24,168 $9.1M Reduce -73.7%

Show all 120 holdings

Options reported separately and not counted above: AVGO puts ($110.3M), MSFT calls ($53.7M), GEV puts ($47.6M), VRT calls ($27.9M), NVDA puts ($26.8M), INTU puts ($23.9M), TPG puts ($21.0M), NVDA calls ($17.1M), MSCI puts ($16.2M), AMZN puts ($12.6M), V puts ($11.7M).

Portfolio Sells Q1 2025 → Q2 2025
JPST JPMorgan Ultra-Short Income Sold out 0.00% −3.40
BABA Alibaba Group Holding-SP ADR Reduce -66.4% 0.81% −2.13
PULS Pgim Ultra Short Bond ETF Sold out 0.00% −1.01
MINT PIMCO Enhanced Short Maturit Sold out 0.00% −0.81
TMO Thermo Fisher Scientific Inc. Reduce -9.1% 1.80% −0.73
JD Jd.com Inc.-ADR Reduce -87.3% 0.07% −0.69
BILL Bill Holdings Inc. Reduce -75.3% 0.17% −0.52
IJH iShares Core S&P Midcap ETF Sold out 0.00% −0.35
AAPL Apple Inc. Reduce -24.1% 0.56% −0.27
KBWB Invesco KBW Bank ETF Sold out 0.00% −0.21
HTHT H World Group Ltd.-ADR Reduce -9.0% 0.82% −0.20
FORGE GLOBAL HOLDINGS INC Sold out 0.00% −0.17
WMT Walmart Inc. Reduce -64.3% 0.10% −0.16
VRT Vertiv Holdings Co. Class A Reduce -75.5% 0.11% −0.15
BEAM Beam Therapeutics Inc. Sold out 0.00% −0.14
NOW ServiceNow Inc. Reduce -35.1% 0.36% −0.09
ETN Eaton Corp. PLC Reduce -36.1% 0.30% −0.07
TSLA Tesla Inc. Reduce -68.2% 0.04% −0.07
CMG Chipotle Mexican Grill Inc. Reduce -44.9% 0.09% −0.06
BOLT PROJS HLDGS INC Sold out 0.00% −0.06
PWR Quanta Services Inc. Reduce -73.7% 0.04% −0.06
NTES Netease Inc.-ADR Reduce -38.4% 0.19% −0.06
JPM JPMorgan Chase & Co. Reduce -53.7% 0.06% −0.05
NVT Nvent Electric PLC Reduce -65.5% 0.04% −0.05
BNTX Biontech SE-ADR Reduce -16.7% 0.62% −0.04
AS Amer Sports Inc. Sold out 0.00% −0.04
JCI Johnson Controls Internation Sold out 0.00% −0.04
EMR Emerson Electric Co. Reduce -93.3% 0.00% −0.03
CMI Cummins Inc. Sold out 0.00% −0.03
CARR Carrier Global Corp. Sold out 0.00% −0.03
CAT Caterpillar Inc. Sold out 0.00% −0.03
TT Trane Technologies PLC Reduce -92.7% 0.00% −0.03
FSLR First Solar Inc. Reduce -62.9% 0.03% −0.03
HD Home Depot Inc. Sold out 0.00% −0.03
UNH Unitedhealth Group Inc. Sold out 0.00% −0.03
APH Amphenol Corp. Class A Reduce -61.6% 0.04% −0.03
HUBB Hubbell Inc. Sold out 0.00% −0.03
TLN Talen Energy Corp. Reduce -56.9% 0.04% −0.03
UPS United Parcel Service Class B Sold out 0.00% −0.02
TEAM Atlassian Corp. Class A Sold out 0.00% −0.02
OKLO Oklo Inc. Sold out 0.00% −0.02
VST Vistra Corp. Reduce -60.3% 0.04% −0.02
EME Emcor Group Inc. Reduce -54.1% 0.04% −0.02
GNRC Generac Holdings Inc. Reduce -41.9% 0.04% −0.02
ADP Automatic Data Processing Reduce -55.9% 0.02% −0.02
NFLX Netflix Inc. Reduce -35.4% 0.16% −0.02
ADBE Adobe Inc. Sold out 0.00% −0.02
MTZ Mastec Inc. Reduce -46.1% 0.05% −0.02
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.01
VRNA Verona Pharma Ltd. Sold out 0.00% −0.01

Portfolio Buys Q1 2025 → Q2 2025
PGR Progressive Corp. New 0.45% +0.45
ZGN Ermenegildo Zegna NV New 0.42% +0.42
GEV GE Vernova Inc. Add +3.9% 0.96% +0.41
INTU Intuit Inc. Add +140.3% 0.55% +0.36
DSGX The Descartes Systems Grp New 0.35% +0.35
GOOGL Alphabet Inc. Class A Add +5.7% 2.35% +0.32
XLP SS Consumer Staples Sel Sect New 0.30% +0.30
TPG TPG Inc. Add +7.9% 1.87% +0.24
CCJ Cameco Corp. Add +14.0% 0.44% +0.22
TECK Teck Resources Ltd.-CLS B Add +43.9% 0.56% +0.19
EWY iShares MSCI South Korea ETF Add +1194.2% 0.20% +0.19
ESTC Elastic NV New 0.19% +0.19
KWEB Kranesh Csi China Internet Add +80.5% 0.44% +0.18
SNOW Snowflake Inc. New 0.16% +0.16
MRSH Marsh & McLennan Cos New 0.12% +0.12
DT Dynatrace Inc. Add +121.6% 0.19% +0.11
ABNB Airbnb Inc. Class A Add +3.6% 1.18% +0.11
DDOG Datadog Inc. Class A Add +163.1% 0.15% +0.11
SPGI S&P Global Inc. Add +6.6% 1.72% +0.10
TWLO Twilio Inc. Class A Add +86.5% 0.17% +0.09
META Meta Platforms Inc. Class A Add +3.5% 0.41% +0.09
BEKE Ke Holdings Inc.-ADR New 0.08% +0.08
BZ Kanzhun Ltd. - ADR Add +141.2% 0.16% +0.08
XPEV Xpeng Inc. - ADR New 0.08% +0.08
SNPS Synopsys Inc. Add +291.9% 0.09% +0.07
CRS Carpenter Technology New 0.07% +0.07
WFC Wells Fargo & Co. Add +12.0% 0.34% +0.06
CRM Salesforce Inc. New 0.05% +0.05
PDD PDD Holdings Inc. Add +28.1% 0.59% +0.05
YUMC Yum China Holdings Inc. Add +30.4% 0.65% +0.05
VIPS Vipshop Holdings Ltd. - ADR New 0.05% +0.05
MSCI MSCI Inc. Add +6.3% 0.88% +0.04
AA Alcoa Corp. Add +52.5% 0.11% +0.03
ICE Intercontinental Exchange Inc. New 0.03% +0.03
CTAS Cintas Corp. New 0.03% +0.03
MNST Monster Beverage Corp. New 0.03% +0.03
DHR Danaher Corp. Add +69.1% 0.08% +0.03
PEP Pepsico Inc. Add +47.4% 0.14% +0.03
TTAN Servicetitan Inc. Class A New 0.03% +0.03
CDNS Cadence Design SYS Inc. Add +5.0% 0.13% +0.02
U Unity Software Inc. New 0.02% +0.02
WDAY Workday Inc. Class A New 0.02% +0.02
PANW Palo Alto Networks Inc. New 0.02% +0.02
IOT Samsara Inc. Class A New 0.01% +0.01
LLY Eli Lilly & Co. Add +14.2% 0.33% +0.01
BSLK Bolt Projects Holdings Inc. New 0.00% +0.00
LIN Linde PLC Add +2.9% 0.30% −0.00
TCOM Trip.com Group Ltd.-ADR Add +11.1% 0.22% −0.00
MA Mastercard Inc. Class A Add +0.1% 6.01% −0.08
ONC Beone Medicines Ltd.-ADR Add +1.7% 0.95% −0.14

Options Activity Q1 2025 → Q2 2025
AVGO Broadcom Inc. put New 400,000 $110.3M
MSFT Microsoft Corp. call New 107,900 $53.7M
GEV GE Vernova Inc. put New 90,000 $47.6M
VRT Vertiv Holdings Co. Class A call Add +143.2% 217,200 $27.9M
VRT Vertiv Holdings Co. Class A put Sold out 384,000 $27.7Mbefore exit
INTU Intuit Inc. put New 30,300 $23.9M
TPG TPG Inc. put New 400,000 $21.0M
NVDA Nvidia Corp. call New 108,300 $17.1M
MSCI MSCI Inc. put New 28,100 $16.2M
AMZN Amazon.com Inc. put New 57,400 $12.6M
V Visa Inc. Class A put New 32,900 $11.7M
GEV GE Vernova Inc. call Sold out 26,300 $8.0Mbefore exit
AMZN Amazon.com Inc. call Sold out 42,000 $8.0Mbefore exit

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