Temasek Holdings (Private) Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Temasek Holdings (Private) Ltd reported 117 stock positions worth $28.7 billion. Its top holding was BlackRock (BLK) at 20.7% of the portfolio, followed by Visa Class A (V, 7.4%) and Mastercard Class A (MA, 5.5%). Compared with Q2 2025, it opened 21 new positions, sold out of 24, added to 47 and reduced 25. The biggest buy was PDD (PDD, shares +199%) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −39%).

Most Recent 13F
Q2 2026
Location
SINGAPORE, U0
CIK
0001021944
Portfolio Value
$28.7B (Q3 2025)
SEC Filing
0001104659-25-111787 ↗ filed Nov 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 Q2 2025 Q3 2025: $28.7B $28.7B Q3 2025 Q4 2025: $31.0B Q4 2025 Q1 2026: $29.7B Q1 2026 Q2 2026: $36.5B Q2 2026

Holdings 117 stocks · $28.7B
BLK BlackRock Inc. 20.70% 5,092,825 $5.9B No change
V Visa Inc. Class A 7.35% 6,177,126 $2.1B Add +4.5%
MA Mastercard Inc. Class A 5.47% 2,760,551 $1.6B Add +0.2%
NVDA Nvidia Corp. 4.27% 6,558,947 $1.2B Reduce -16.3%
RBLX Roblox Corp. Class A 3.76% 7,777,760 $1.1B Reduce -27.3%
AMZN Amazon.com Inc. 3.74% 4,881,481 $1.1B Add +11.5%
GOOGL Alphabet Inc. Class A 3.50% 4,135,194 $1.0B Add +20.3%
MSFT Microsoft Corp. 3.46% 1,914,180 $991.4M Reduce -4.3%
IBN Icici Bank Ltd.-Spon ADR 2.76% 26,231,477 $793.0M Reduce -3.1%
AVGO Broadcom Inc. 2.47% 2,147,561 $708.5M Reduce -31.6%
INTA Intapp Inc. 2.44% 17,146,805 $701.3M No change
DASH DoorDash Inc. Class A 2.20% 2,322,680 $631.7M Reduce -25.1%
PDD PDD Holdings Inc. 2.00% 4,348,247 $574.7M Add +199.5%
TMO Thermo Fisher Scientific Inc. 1.87% 1,107,590 $537.2M Reduce -3.1%
TPG TPG Inc. 1.76% 8,802,634 $505.7M Reduce -4.3%
SPGI S&P Global Inc. 1.63% 958,192 $466.4M Add +14.2%
SE Sea Ltd.-ADR 1.54% 2,475,226 $442.4M No change
HDB HDFC Bank Ltd.-ADR 1.29% 10,873,380 $371.4M Reduce -38.9%
ONC Beone Medicines Ltd.-ADR 1.20% 1,011,464 $344.6M Add +0.1%
BABA Alibaba Group Holding-SP ADR 1.15% 1,850,754 $330.8M No change
JPST JPMorgan Ultra-Short Income 1.05% 5,919,494 $300.3M New
GEV GE Vernova Inc. 0.98% 458,897 $282.2M Reduce -2.3%
ABNB Airbnb Inc. Class A 0.94% 2,222,194 $269.8M Reduce -3.5%
ZGN Ermenegildo Zegna NV 0.90% 27,242,276 $257.4M Add +114.5%
PGR Progressive Corp. 0.83% 960,680 $237.2M Add +119.0%
TECK Teck Resources Ltd.-CLS B 0.80% 5,250,004 $230.4M Add +47.2%
ZTO Zto Express Cayman Inc.-ADR 0.70% 10,426,750 $200.2M No change
YUMC Yum China Holdings Inc. 0.70% 4,654,717 $199.8M Add +25.1%
MSCI MSCI Inc. 0.67% 340,382 $193.1M Reduce -13.2%
HTHT H World Group Ltd.-ADR 0.67% 4,915,379 $192.2M Reduce -21.2%
AAPL Apple Inc. 0.62% 700,544 $178.4M No change
BSX Boston Scientific Corp. 0.57% 1,679,326 $164.0M Add +54.7%
META Meta Platforms Inc. Class A 0.55% 214,069 $157.2M Add +50.3%
CRM Salesforce Inc. 0.54% 659,458 $156.3M Add +1309.9%
BNTX Biontech SE-ADR 0.52% 1,506,027 $148.5M No change
CRS Carpenter Technology 0.51% 596,935 $146.6M Add +834.5%
DSGX The Descartes Systems Grp 0.48% 1,464,165 $138.0M Add +63.3%
KWEB Kranesh Csi China Internet 0.48% 3,273,592 $137.5M No change
INTU Intuit Inc. 0.48% 200,641 $137.0M Add +11.3%
GE General Electric filed as GE AEROSPACE 0.47% 450,383 $135.5M Add +19.1%
WDAY Workday Inc. Class A 0.44% 522,383 $125.8M Add +2822.8%
FLYW Flywire Corp.-Voting 0.41% 8,684,895 $117.6M No change
LIN Linde PLC 0.39% 236,206 $112.2M Add +45.5%
MRVL Marvell Technology Inc. 0.39% 1,325,162 $111.4M Add +14.6%
LLY Eli Lilly & Co. 0.38% 141,666 $108.1M Add +29.7%
NOW ServiceNow Inc. 0.38% 117,005 $107.7M Add +29.8%
TCOM Trip.com Group Ltd.-ADR 0.35% 1,340,202 $100.8M Add +40.5%
ICSH iShares Ultra Short Duration 0.35% 1,973,943 $100.2M New
ESTC Elastic NV 0.35% 1,184,857 $100.1M Add +107.7%
GEHC GE Healthcare Technology 0.35% 1,330,515 $99.9M New
DT Dynatrace Inc. 0.34% 1,989,098 $96.4M Add +125.1%
WFC Wells Fargo & Co. 0.32% 1,085,923 $91.0M No change
GLBE Global-E Online Ltd. 0.31% 2,491,323 $89.1M No change
KBWB Invesco KBW Bank ETF 0.29% 1,069,000 $83.6M New
OS Onestream Inc. 0.27% 4,266,714 $78.6M Add +44.3%
PEP Pepsico Inc. 0.27% 557,426 $78.3M Add +107.1%
DNLI Denali Therapeutics Inc. 0.27% 5,355,832 $77.8M No change
WIX Wix.com Ltd. 0.26% 414,997 $73.7M New
ETN Eaton Corp. PLC 0.25% 190,585 $71.3M Reduce -12.3%
ORCL Oracle Corp. 0.25% 251,426 $70.7M Reduce -21.3%
TEAM Atlassian Corp. Class A 0.24% 433,165 $69.2M New
GH Guardant Health Inc. 0.23% 1,044,097 $65.2M No change
BZ Kanzhun Ltd. - ADR 0.22% 2,662,819 $62.2M Add +16.5%
PAYO Payoneer Global Inc. 0.21% 10,152,388 $61.4M Reduce -26.2%
CCJ Cameco Corp. 0.21% 731,519 $61.3M Reduce -52.4%
AS Amer Sports Inc. 0.21% 1,761,413 $61.2M New
NFLX Netflix Inc. 0.21% 50,170 $60.1M Add +59.8%
U Unity Software Inc. 0.21% 1,480,545 $59.3M Add +610.7%
EWY iShares MSCI South Korea ETF 0.21% 736,400 $59.0M No change
NTES Netease Inc.-ADR 0.19% 366,075 $55.6M No change
CTSH Cognizant Tech Solutions-A 0.19% 823,278 $55.2M New
DE Deere & Co. 0.17% 106,435 $48.7M New
CDNS Cadence Design SYS Inc. 0.16% 127,094 $44.6M Add +15.7%
SNOW Snowflake Inc. 0.15% 187,427 $42.3M Add +2.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.14% 2,165,851 $41.2M Add +75.8%
KKR KKR & Co. Inc. 0.14% 299,844 $39.0M Add +98.4%
SCHP Schwab U.S. Tips ETF 0.13% 1,410,000 $38.0M No change
MRSH Marsh & McLennan Cos 0.12% 175,306 $35.3M Add +22.3%
WMT Walmart Inc. 0.12% 337,562 $34.8M Add +32.0%
DHR Danaher Corp. 0.12% 168,806 $33.5M Add +53.6%
AA Alcoa Corp. 0.11% 978,244 $32.2M No change
SCCO Southern Copper Corp. 0.10% 243,788 $29.6M Reduce -35.8%
XPEV Xpeng Inc. - ADR 0.10% 1,194,538 $28.0M No change
NKE Nike Inc. Class B 0.09% 374,563 $26.1M New
TME Tencent Music Entertainm-ADR 0.08% 1,041,692 $24.3M New
FCX Freeport-McMoran Inc. 0.08% 603,209 $23.7M Reduce -27.6%
SNPS Synopsys Inc. 0.08% 45,307 $22.4M No change
BZAI Blaize Holdings Inc. 0.08% 6,353,023 $21.9M No change
SES Ses AI Corp. 0.07% 12,675,757 $21.2M Reduce -54.8%
QCOM Qualcomm Inc. 0.07% 125,219 $20.8M New
CMG Chipotle Mexican Grill Inc. 0.07% 528,521 $20.7M Add +29.0%
PINS Pinterest Inc. Class A 0.07% 635,441 $20.4M New
ABBV Abbvie Inc. 0.05% 67,969 $15.7M Add +60.0%
JPM JPMorgan Chase & Co. 0.05% 49,870 $15.7M No change
TSLA Tesla Inc. 0.05% 34,950 $15.5M No change
MNST Monster Beverage Corp. 0.05% 212,528 $14.3M Add +67.6%
WRD Weride Inc.-ADR 0.05% 1,355,647 $13.4M New
BKNG Booking Holdings Inc. 0.05% 2,436 $13.2M Add +61.5%
COST Costco Wholesale Corp. 0.04% 13,567 $12.6M Add +65.4%
FLY Firefly Aerospace Inc. 0.04% 425,702 $12.5M New

Show all 117 holdings

Options reported separately and not counted above: FSLR calls ($67.5M), AMZN puts ($58.3M), CRS puts ($41.3M), MRVL puts ($32.7M), MSFT calls ($30.3M), LLY calls ($20.8M), PINS puts ($18.1M), NKE calls ($15.2M), U calls ($14.0M).

Portfolio Sells Q2 2025 → Q3 2025
HDB HDFC Bank Ltd.-ADR Reduce -38.9% 1.29% −1.35
AVGO Broadcom Inc. Reduce -31.6% 2.47% −0.89
IBN Icici Bank Ltd.-Spon ADR Reduce -3.1% 2.76% −0.77
DASH DoorDash Inc. Class A Reduce -25.1% 2.20% −0.76
RBLX Roblox Corp. Class A Reduce -27.3% 3.76% −0.61
NVDA Nvidia Corp. Reduce -16.3% 4.27% −0.53
MSFT Microsoft Corp. Reduce -4.3% 3.46% −0.40
ETWO E2OPEN Parent Holdings Inc. Sold out 0.00% −0.37
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.30
ABNB Airbnb Inc. Class A Reduce -3.5% 0.94% −0.24
CCJ Cameco Corp. Reduce -52.4% 0.21% −0.23
MSCI MSCI Inc. Reduce -13.2% 0.67% −0.20
TWLO Twilio Inc. Class A Sold out 0.00% −0.17
BILL Bill Holdings Inc. Sold out 0.00% −0.17
PAYO Payoneer Global Inc. Reduce -26.2% 0.21% −0.15
HTHT H World Group Ltd.-ADR Reduce -21.2% 0.67% −0.15
DDOG Datadog Inc. Class A Sold out 0.00% −0.15
INDA iShares MSCI India ETF Sold out 0.00% −0.12
TPG TPG Inc. Reduce -4.3% 1.76% −0.11
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.11
MU Micron Technology Inc. Sold out 0.00% −0.10
JD Jd.com Inc.-ADR Sold out 0.00% −0.07
FCX Freeport-McMoran Inc. Reduce -27.6% 0.08% −0.06
ETN Eaton Corp. PLC Reduce -12.3% 0.25% −0.05
PFE Pfizer Inc. Sold out 0.00% −0.05
MTZ Mastec Inc. Sold out 0.00% −0.05
SCCO Southern Copper Corp. Reduce -35.8% 0.10% −0.05
VIPS Vipshop Holdings Ltd. - ADR Sold out 0.00% −0.05
NVT Nvent Electric PLC Sold out 0.00% −0.04
EME Emcor Group Inc. Sold out 0.00% −0.04
HBM Hudbay Minerals Inc. Reduce -59.4% 0.04% −0.04
TLN Talen Energy Corp. Sold out 0.00% −0.04
VST Vistra Corp. Sold out 0.00% −0.04
APH Amphenol Corp. Class A Sold out 0.00% −0.04
GNRC Generac Holdings Inc. Sold out 0.00% −0.04
PWR Quanta Services Inc. Sold out 0.00% −0.04
FSLR First Solar Inc. Sold out 0.00% −0.03
ORCL Oracle Corp. Reduce -21.3% 0.25% −0.02
SES Ses AI Corp. Reduce -54.8% 0.07% −0.02
TTAN Servicetitan Inc. Class A Reduce -79.0% 0.00% −0.02
ERO Ero Copper Corp. Reduce -25.4% 0.03% −0.01
IOT Samsara Inc. Class A Reduce -23.2% 0.01% −0.00
TT Trane Technologies PLC Sold out 0.00% −0.00
CEG Constellation Energy Sold out 0.00% −0.00
RACE Ferrari NV Reduce -2.6% 0.02% −0.00
EMR Emerson Electric Co. Sold out 0.00% −0.00
OPEN Opendoor Technologies Inc. Sold out 0.00% −0.00
GEV GE Vernova Inc. Reduce -2.3% 0.98% +0.02
TMO Thermo Fisher Scientific Inc. Reduce -3.1% 1.87% +0.07

Portfolio Buys Q2 2025 → Q3 2025
PDD PDD Holdings Inc. Add +199.5% 2.00% +1.41
GOOGL Alphabet Inc. Class A Add +20.3% 3.50% +1.15
JPST JPMorgan Ultra-Short Income New 1.05% +1.05
CRM Salesforce Inc. Add +1309.9% 0.54% +0.50
ZGN Ermenegildo Zegna NV Add +114.5% 0.90% +0.48
CRS Carpenter Technology Add +834.5% 0.51% +0.44
WDAY Workday Inc. Class A Add +2822.8% 0.44% +0.42
PGR Progressive Corp. Add +119.0% 0.83% +0.37
ICSH iShares Ultra Short Duration New 0.35% +0.35
GEHC GE Healthcare Technology New 0.35% +0.35
KBWB Invesco KBW Bank ETF New 0.29% +0.29
WIX Wix.com Ltd. New 0.26% +0.26
ONC Beone Medicines Ltd.-ADR Add +0.1% 1.20% +0.25
TECK Teck Resources Ltd.-CLS B Add +47.2% 0.80% +0.24
TEAM Atlassian Corp. Class A New 0.24% +0.24
AS Amer Sports Inc. New 0.21% +0.21
CTSH Cognizant Tech Solutions-A New 0.19% +0.19
U Unity Software Inc. Add +610.7% 0.21% +0.19
DE Deere & Co. New 0.17% +0.17
ESTC Elastic NV Add +107.7% 0.35% +0.16
DT Dynatrace Inc. Add +125.1% 0.34% +0.15
META Meta Platforms Inc. Class A Add +50.3% 0.55% +0.14
PEP Pepsico Inc. Add +107.1% 0.27% +0.14
TCOM Trip.com Group Ltd.-ADR Add +40.5% 0.35% +0.13
DSGX The Descartes Systems Grp Add +63.3% 0.48% +0.13
BSX Boston Scientific Corp. Add +54.7% 0.57% +0.12
LIN Linde PLC Add +45.5% 0.39% +0.10
GE General Electric Add +19.1% 0.47% +0.09
NKE Nike Inc. Class B New 0.09% +0.09
TME Tencent Music Entertainm-ADR New 0.08% +0.08
QCOM Qualcomm Inc. New 0.07% +0.07
PINS Pinterest Inc. Class A New 0.07% +0.07
BEKE Ke Holdings Inc.-ADR Add +75.8% 0.14% +0.06
BZ Kanzhun Ltd. - ADR Add +16.5% 0.22% +0.06
KKR KKR & Co. Inc. Add +98.4% 0.14% +0.06
YUMC Yum China Holdings Inc. Add +25.1% 0.70% +0.05
WRD Weride Inc.-ADR New 0.05% +0.05
NFLX Netflix Inc. Add +59.8% 0.21% +0.05
LLY Eli Lilly & Co. Add +29.7% 0.38% +0.05
FLY Firefly Aerospace Inc. New 0.04% +0.04
UNH Unitedhealth Group Inc. New 0.04% +0.04
MRVL Marvell Technology Inc. Add +14.6% 0.39% +0.04
APO Apollo Global Management Inc. New 0.04% +0.04
DHR Danaher Corp. Add +53.6% 0.12% +0.03
CDNS Cadence Design SYS Inc. Add +15.7% 0.16% +0.02
ABBV Abbvie Inc. Add +60.0% 0.05% +0.02
WMT Walmart Inc. Add +32.0% 0.12% +0.02
MNST Monster Beverage Corp. Add +67.6% 0.05% +0.02
NOW ServiceNow Inc. Add +29.8% 0.38% +0.02
PGY Pagaya Technologies Ltd. Class A New 0.01% +0.01

Options Activity Q2 2025 → Q3 2025
AVGO Broadcom Inc. put Sold out 400,000 $110.3Mbefore exit
FSLR First Solar Inc. call New 305,900 $67.5M
AMZN Amazon.com Inc. put Add +362.7% 265,600 $58.3M
GEV GE Vernova Inc. put Sold out 90,000 $47.6Mbefore exit
CRS Carpenter Technology put New 168,000 $41.3M
MRVL Marvell Technology Inc. put New 389,300 $32.7M
MSFT Microsoft Corp. call Reduce -45.8% 58,500 $30.3M
VRT Vertiv Holdings Co. Class A call Sold out 217,200 $27.9Mbefore exit
NVDA Nvidia Corp. put Sold out 169,900 $26.8Mbefore exit
INTU Intuit Inc. put Sold out 30,300 $23.9Mbefore exit
TPG TPG Inc. put Sold out 400,000 $21.0Mbefore exit
LLY Eli Lilly & Co. call New 27,300 $20.8M
PINS Pinterest Inc. Class A put New 563,000 $18.1M
NVDA Nvidia Corp. call Sold out 108,300 $17.1Mbefore exit
MSCI MSCI Inc. put Sold out 28,100 $16.2Mbefore exit
NKE Nike Inc. Class B call New 217,300 $15.2M
U Unity Software Inc. call New 348,800 $14.0M
V Visa Inc. Class A put Sold out 32,900 $11.7Mbefore 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