Temasek Holdings (Private) Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Temasek Holdings (Private) Ltd reported 129 stock positions worth $31.0 billion. Its top holding was BlackRock (BLK) at 17.6% of the portfolio, followed by Visa Class A (V, 7.3%) and Nvidia (NVDA, 5.3%). Compared with Q3 2025, it opened 24 new positions, sold out of 12, added to 51 and reduced 26. The biggest buy was Alphabet Class A (GOOGL, shares +13%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −29%).

Most Recent 13F
Q2 2026
Location
SINGAPORE, U0
CIK
0001021944
Portfolio Value
$31.0B (Q4 2025)
SEC Filing
0001104659-26-015596 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $31.0B $31.0B Q4 2025 Q1 2026: $29.7B Q1 2026 Q2 2026: $36.5B Q2 2026

Holdings 129 stocks · $31.0B
BLK BlackRock Inc. 17.58% 5,092,825 $5.5B No change
V Visa Inc. Class A 7.34% 6,491,881 $2.3B Add +5.1%
NVDA Nvidia Corp. 5.26% 8,751,912 $1.6B Add +33.4%
MA Mastercard Inc. Class A 5.10% 2,769,218 $1.6B Add +0.3%
GOOGL Alphabet Inc. Class A 4.73% 4,681,820 $1.5B Add +13.2%
MSFT Microsoft Corp. 4.22% 2,703,988 $1.3B Add +41.3%
AMZN Amazon.com Inc. 3.95% 5,313,275 $1.2B Add +8.8%
IBN Icici Bank Ltd.-Spon ADR 2.81% 29,195,789 $870.0M Add +11.3%
AVGO Broadcom Inc. 2.79% 2,496,276 $864.0M Add +16.2%
INTA Intapp Inc. 2.53% 17,146,805 $785.7M No change
SPGI S&P Global Inc. 2.19% 1,300,302 $679.5M Add +35.7%
RBLX Roblox Corp. Class A 2.03% 7,777,760 $630.2M No change
TPG TPG Inc. 1.81% 8,791,581 $561.3M Reduce -0.1%
PDD PDD Holdings Inc. 1.71% 4,682,894 $531.0M Add +7.7%
DASH DoorDash Inc. Class A 1.69% 2,316,423 $524.6M Reduce -0.3%
TMO Thermo Fisher Scientific Inc. 1.67% 891,418 $516.5M Reduce -19.5%
SE Sea Ltd.-ADR 1.36% 3,303,217 $421.4M Add +33.5%
HDB HDFC Bank Ltd.-ADR 1.28% 10,873,380 $397.3M No change
GEV GE Vernova Inc. 1.10% 519,772 $339.7M Add +13.3%
ABNB Airbnb Inc. Class A 0.97% 2,222,194 $301.6M No change
JPST JPMorgan Ultra-Short Income 0.97% 5,919,494 $299.5M No change
ONC Beone Medicines Ltd.-ADR 0.90% 919,587 $279.4M Reduce -9.1%
ZGN Ermenegildo Zegna NV 0.90% 27,242,276 $279.2M No change
TECK Teck Resources Ltd.-CLS B 0.82% 5,307,384 $254.2M Add +1.1%
META Meta Platforms Inc. Class A 0.78% 366,511 $241.9M Add +71.2%
LIN Linde PLC 0.74% 537,458 $229.2M Add +127.5%
PGR Progressive Corp. 0.73% 993,588 $226.3M Add +3.4%
KWEB Kranesh Csi China Internet 0.71% 6,499,382 $221.3M Add +98.5%
BSX Boston Scientific Corp. 0.64% 2,081,626 $198.5M Add +24.0%
MSCI MSCI Inc. 0.63% 340,382 $195.3M No change
YUMC Yum China Holdings Inc. 0.62% 4,055,217 $193.6M Reduce -12.9%
TDG Transdigm Group Inc. 0.62% 145,538 $193.5M New
BABA Alibaba Group Holding-SP ADR 0.62% 1,313,262 $192.5M Reduce -29.0%
CRM Salesforce Inc. 0.58% 683,790 $181.1M Add +3.7%
AAPL Apple Inc. 0.58% 666,203 $181.1M Reduce -4.9%
WDAY Workday Inc. Class A 0.56% 811,988 $174.4M Add +55.4%
KKR KKR & Co. Inc. 0.55% 1,332,549 $169.9M Add +344.4%
KBWB Invesco KBW Bank ETF 0.54% 1,989,001 $167.7M Add +86.1%
TCOM Trip.com Group Ltd.-ADR 0.52% 2,239,671 $161.1M Add +67.1%
EWY iShares MSCI South Korea ETF 0.50% 1,594,998 $155.1M Add +116.6%
BNTX Biontech SE-ADR 0.46% 1,506,027 $143.4M No change
WFC Wells Fargo & Co. 0.46% 1,523,823 $142.0M Add +40.3%
BKNG Booking Holdings Inc. 0.43% 25,175 $134.8M Add +933.5%
ZTO Zto Express Cayman Inc.-ADR 0.42% 6,260,241 $130.8M Reduce -40.0%
GE General Electric filed as GE AEROSPACE 0.42% 419,029 $129.1M Reduce -7.0%
DSGX The Descartes Systems Grp 0.41% 1,464,165 $128.3M No change
LLY Eli Lilly & Co. 0.41% 117,847 $126.6M Reduce -16.8%
HTHT H World Group Ltd.-ADR 0.40% 2,622,902 $123.4M Reduce -46.6%
MRVL Marvell Technology Inc. 0.39% 1,414,187 $120.2M Add +6.7%
DNLI Denali Therapeutics Inc. 0.37% 7,012,974 $115.8M Add +30.9%
U Unity Software Inc. 0.36% 2,520,421 $111.3M Add +70.2%
APO Apollo Global Management Inc. 0.35% 753,349 $109.1M Add +879.2%
GEHC GE Healthcare Technology 0.35% 1,318,290 $108.1M Reduce -0.9%
GH Guardant Health Inc. 0.34% 1,044,097 $106.6M No change
NOW ServiceNow Inc. 0.33% 662,380 $101.5M Add +13.2%
ICSH iShares Ultra Short Duration 0.32% 1,973,943 $99.8M No change
ESTC Elastic NV 0.31% 1,294,465 $97.7M Add +9.3%
AS Amer Sports Inc. 0.31% 2,578,541 $96.3M Add +46.4%
APP AppLovin Corp. Class A 0.31% 140,727 $94.8M New
FLYW Flywire Corp.-Voting 0.29% 6,390,857 $90.5M Reduce -26.4%
GLBE Global-E Online Ltd. 0.27% 2,096,739 $82.4M Reduce -15.8%
SNOW Snowflake Inc. 0.26% 368,528 $80.8M Add +96.6%
PEP Pepsico Inc. 0.26% 557,426 $80.0M No change
WIX Wix.com Ltd. 0.25% 756,866 $78.6M Add +82.4%
OS Onestream Inc. 0.25% 4,266,714 $78.4M No change
VRT Vertiv Holdings Co. Class A 0.25% 471,079 $76.3M New
UNH Unitedhealth Group Inc. 0.24% 222,874 $73.6M Add +531.4%
BZ Kanzhun Ltd. - ADR 0.24% 3,579,525 $73.0M Add +34.4%
DT Dynatrace Inc. 0.23% 1,670,417 $72.4M Reduce -16.0%
INTU Intuit Inc. 0.22% 104,239 $69.0M Reduce -48.0%
DHR Danaher Corp. 0.21% 285,856 $65.4M Add +69.3%
NFLX Netflix Inc. 0.21% 693,860 $65.1M Add +38.3%
NTES Netease Inc.-ADR 0.21% 469,728 $64.6M Add +28.3%
AA Alcoa Corp. 0.18% 1,074,394 $57.1M Add +9.8%
CTSH Cognizant Tech Solutions-A 0.18% 675,035 $56.0M Reduce -18.0%
CDNS Cadence Design SYS Inc. 0.18% 178,576 $55.8M Add +40.5%
NKE Nike Inc. Class B 0.18% 860,469 $54.8M Add +129.7%
FIX Comfort Systems USA Inc. 0.16% 52,557 $49.1M New
WMT Walmart Inc. 0.16% 435,062 $48.5M Add +28.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.15% 3,047,357 $48.0M Add +40.7%
TME Tencent Music Entertainm-ADR 0.14% 2,559,173 $44.9M Add +145.7%
MCHI iShares MSCI China ETF 0.14% 744,807 $44.7M New
HD Home Depot Inc. 0.14% 129,422 $44.5M New
TWLO Twilio Inc. Class A 0.14% 309,573 $44.0M New
CRS Carpenter Technology 0.14% 134,002 $42.2M Reduce -77.5%
PAYO Payoneer Global Inc. 0.14% 7,494,353 $42.1M Reduce -26.2%
SCHP Schwab U.S. Tips ETF 0.12% 1,410,000 $37.4M No change
SCCO Southern Copper Corp. 0.11% 245,860 $35.3M Add +0.8%
MRSH Marsh & McLennan Cos 0.10% 175,306 $32.5M No change
FCX Freeport-McMoran Inc. 0.10% 603,209 $30.6M No change
INDA iShares MSCI India ETF 0.09% 512,000 $27.7M New
VNET Vnet Group Inc.-ADR 0.09% 3,253,150 $27.5M Add +988.7%
NEE Nextera Energy Inc. 0.09% 335,891 $27.0M New
SNPS Synopsys Inc. 0.08% 55,642 $26.1M Add +22.8%
WRD Weride Inc.-ADR 0.08% 2,978,803 $25.9M Add +119.7%
ISRG Intuitive Surgical Inc. 0.08% 44,000 $24.9M New
XPEV Xpeng Inc. - ADR 0.08% 1,194,538 $24.2M No change
FLY Firefly Aerospace Inc. 0.08% 1,069,588 $23.9M Add +151.3%
ETN Eaton Corp. PLC 0.05% 49,901 $15.9M Reduce -73.8%
HBM Hudbay Minerals Inc. 0.05% 800,528 $15.9M No change

Show all 129 holdings

Options reported separately and not counted above: AMZN puts ($110.5M), GEV puts ($93.3M), U puts ($58.7M), INTU puts ($50.8M), GOOGL calls ($49.5M), NVDA puts ($42.9M), MRVL puts ($33.1M), APP puts ($31.3M), CRS puts ($29.3M), VRT puts ($26.6M), NKE calls ($21.0M), U calls ($15.4M).

Portfolio Sells Q3 2025 → Q4 2025
BABA Alibaba Group Holding-SP ADR Reduce -29.0% 0.62% −0.53
DASH DoorDash Inc. Class A Reduce -0.3% 1.69% −0.51
CRS Carpenter Technology Reduce -77.5% 0.14% −0.38
ONC Beone Medicines Ltd.-ADR Reduce -9.1% 0.90% −0.30
ZTO Zto Express Cayman Inc.-ADR Reduce -40.0% 0.42% −0.28
HTHT H World Group Ltd.-ADR Reduce -46.6% 0.40% −0.27
INTU Intuit Inc. Reduce -48.0% 0.22% −0.26
TEAM Atlassian Corp. Class A Sold out 0.00% −0.24
ORCL Oracle Corp. Reduce -93.2% 0.01% −0.24
CCJ Cameco Corp. Sold out 0.00% −0.21
TMO Thermo Fisher Scientific Inc. Reduce -19.5% 1.67% −0.21
ETN Eaton Corp. PLC Reduce -73.8% 0.05% −0.20
DE Deere & Co. Sold out 0.00% −0.17
FLYW Flywire Corp.-Voting Reduce -26.4% 0.29% −0.12
DT Dynatrace Inc. Reduce -16.0% 0.23% −0.10
PAYO Payoneer Global Inc. Reduce -26.2% 0.14% −0.08
YUMC Yum China Holdings Inc. Reduce -12.9% 0.62% −0.07
PINS Pinterest Inc. Class A Sold out 0.00% −0.07
GE General Electric Reduce -7.0% 0.42% −0.06
SES Ses AI Corp. Reduce -75.1% 0.02% −0.06
ABBV Abbvie Inc. Sold out 0.00% −0.05
JPM JPMorgan Chase & Co. Sold out 0.00% −0.05
MNST Monster Beverage Corp. Sold out 0.00% −0.05
QCOM Qualcomm Inc. Reduce -62.5% 0.03% −0.05
GLBE Global-E Online Ltd. Reduce -15.8% 0.27% −0.04
CTAS Cintas Corp. Sold out 0.00% −0.04
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.04
CMG Chipotle Mexican Grill Inc. Reduce -51.6% 0.03% −0.04
AAPL Apple Inc. Reduce -4.9% 0.58% −0.04
PANW Palo Alto Networks Inc. Sold out 0.00% −0.03
ADP Automatic Data Processing Sold out 0.00% −0.02
RACE Ferrari NV Sold out 0.00% −0.02
CTSH Cognizant Tech Solutions-A Reduce -18.0% 0.18% −0.01
COST Costco Wholesale Corp. Reduce -11.2% 0.03% −0.01
IOT Samsara Inc. Class A Reduce -30.1% 0.00% −0.00
GEHC GE Healthcare Technology Reduce -0.9% 0.35% +0.00
LLY Eli Lilly & Co. Reduce -16.8% 0.41% +0.03
TPG TPG Inc. Reduce -0.1% 1.81% +0.05

Portfolio Buys Q3 2025 → Q4 2025
GOOGL Alphabet Inc. Class A Add +13.2% 4.73% +1.22
NVDA Nvidia Corp. Add +33.4% 5.26% +1.00
MSFT Microsoft Corp. Add +41.3% 4.22% +0.76
TDG Transdigm Group Inc. New 0.62% +0.62
SPGI S&P Global Inc. Add +35.7% 2.19% +0.57
KKR KKR & Co. Inc. Add +344.4% 0.55% +0.41
BKNG Booking Holdings Inc. Add +933.5% 0.43% +0.39
LIN Linde PLC Add +127.5% 0.74% +0.35
APO Apollo Global Management Inc. Add +879.2% 0.35% +0.32
AVGO Broadcom Inc. Add +16.2% 2.79% +0.32
APP AppLovin Corp. Class A New 0.31% +0.31
EWY iShares MSCI South Korea ETF Add +116.6% 0.50% +0.29
KBWB Invesco KBW Bank ETF Add +86.1% 0.54% +0.25
VRT Vertiv Holdings Co. Class A New 0.25% +0.25
KWEB Kranesh Csi China Internet Add +98.5% 0.71% +0.23
META Meta Platforms Inc. Class A Add +71.2% 0.78% +0.23
AMZN Amazon.com Inc. Add +8.8% 3.95% +0.22
UNH Unitedhealth Group Inc. Add +531.4% 0.24% +0.19
TCOM Trip.com Group Ltd.-ADR Add +67.1% 0.52% +0.17
FIX Comfort Systems USA Inc. New 0.16% +0.16
U Unity Software Inc. Add +70.2% 0.36% +0.15
MCHI iShares MSCI China ETF New 0.14% +0.14
HD Home Depot Inc. New 0.14% +0.14
TWLO Twilio Inc. Class A New 0.14% +0.14
WFC Wells Fargo & Co. Add +40.3% 0.46% +0.14
WDAY Workday Inc. Class A Add +55.4% 0.56% +0.12
SNOW Snowflake Inc. Add +96.6% 0.26% +0.11
GEV GE Vernova Inc. Add +13.3% 1.10% +0.11
DNLI Denali Therapeutics Inc. Add +30.9% 0.37% +0.10
AS Amer Sports Inc. Add +46.4% 0.31% +0.10
DHR Danaher Corp. Add +69.3% 0.21% +0.09
INDA iShares MSCI India ETF New 0.09% +0.09
NEE Nextera Energy Inc. New 0.09% +0.09
NKE Nike Inc. Class B Add +129.7% 0.18% +0.09
ISRG Intuitive Surgical Inc. New 0.08% +0.08
VNET Vnet Group Inc.-ADR Add +988.7% 0.09% +0.08
AA Alcoa Corp. Add +9.8% 0.18% +0.07
BSX Boston Scientific Corp. Add +24.0% 0.64% +0.07
TME Tencent Music Entertainm-ADR Add +145.7% 0.14% +0.06
CAT Caterpillar Inc. New 0.05% +0.05
IBN Icici Bank Ltd.-Spon ADR Add +11.3% 2.81% +0.04
CRM Salesforce Inc. Add +3.7% 0.58% +0.04
NXE Nexgen Energy Ltd. New 0.04% +0.04
WRD Weride Inc.-ADR Add +119.7% 0.08% +0.04
WMT Walmart Inc. Add +28.9% 0.16% +0.04
FLY Firefly Aerospace Inc. Add +151.3% 0.08% +0.03
ADI Analog Devices Inc. New 0.03% +0.03
TXN Texas Instruments Inc. New 0.03% +0.03
ALAB Astera Labs Inc. New 0.03% +0.03
ANET Arista Networks Inc. New 0.02% +0.02

Options Activity Q3 2025 → Q4 2025
AMZN Amazon.com Inc. put Add +80.3% 478,800 $110.5M
GEV GE Vernova Inc. put New 142,800 $93.3M
FSLR First Solar Inc. call Sold out 305,900 $67.5Mbefore exit
U Unity Software Inc. put New 1,329,700 $58.7M
INTU Intuit Inc. put New 76,700 $50.8M
GOOGL Alphabet Inc. Class A call New 158,100 $49.5M
NVDA Nvidia Corp. put New 230,000 $42.9M
APP AppLovin Corp. Class A put New 46,400 $31.3M
MSFT Microsoft Corp. call Sold out 58,500 $30.3Mbefore exit
CRS Carpenter Technology put Reduce -44.6% 93,000 $29.3M
VRT Vertiv Holdings Co. Class A put New 164,400 $26.6M
NKE Nike Inc. Class B call Add +51.4% 328,900 $21.0M
LLY Eli Lilly & Co. call Sold out 27,300 $20.8Mbefore exit
PINS Pinterest Inc. Class A put Sold out 563,000 $18.1Mbefore 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