CIK: 0001021944
Total reported value
$30.5B
Reporting period: 2026-03-31 · Number of holdings: 152
Temasek Holdings (Private) Ltd disclosed 152 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $30.5B and a quarterly turnover rate of 24.2%.
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Temasek Holdings (Private) Ltd's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 20 equally-sized positions, well below its 152 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.34), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim INTA
0.0% -$345.2M
Trim AMZN
-16.8% -$333.1M
Trim MSFT
-1.4% -$320.4M
Add AVGO
+41.8% $231.9M
Trim V
+2.8% -$260.3M
Add GEHC
+195.7% $169.3M
Temasek is executing a pure capital rotation this quarter, trimming hyper-scale consumer platform plays (AMZN, MSFT, GOOGL) to aggressively fund financials hardware and semiconductor infrastructure (AVGO, LRCX, GEHC). The portfolio maintains broad diversification across holdings but concentrates conviction squarely in Financials and IT.
The underlying macro bet is that AI silicon and healthcare device capex cycles will outrun mega-platform software margins this cycle. The opposing thesis dictates that prolonged higher rates compress financial earnings, while the reduced tech positions remain superior cash-generating compounders with intact pricing power.
Heavy single-name execution risk in BLK and V creates a positioning squeeze during drawdowns. If semiconductor capex plateaux coincide with financial credit deterioration, a liquidity trap emerges; crowded trades unwind faster than the broad holding count suggests, leaving insufficient dry powder to absorb sector correlation spikes.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 132 holdings (of 152 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BLK | Blackrock INC | Stock-Financials | 16.82% | -0.44% | +4.67% | |
| 2 | V | Visa Inc-class A Shares | Stock-Financials | 6.61% | -0.60% | +2.77% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 5.40% | — | +5.00% | |
| 4 | MA | Mastercard INC - A | Stock-Financials | 5.28% | — | +16.23% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.44% | -0.36% | -2.83% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 3.59% | +0.85% | +41.84% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.29% | -0.94% | -16.78% | |
| 8 | MSFT | Microsoft CORP | Stock-Tech | 3.24% | -0.90% | -1.36% | |
| 9 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 2.48% | -0.28% | — | |
| 10 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 2.01% | +0.37% | +39.93% | |
| 11 | SPGI | S&p Global INC | Stock-Financials | 1.95% | -0.20% | +7.39% | |
| 12 | GEV | GE Vernova INC | Stock-Industrials | 1.87% | +0.50% | -1.61% | |
| 13 | DASH | Doordash INC - A | Stock-Consumer Disc | 1.70% | — | +49.43% | |
| 14 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 1.65% | — | +5.19% | |
| 15 | INTA | Intapp INC | Stock-Other | 1.44% | -1.05% | — | |
| 16 | RBLX | Roblox CORP -class A | Stock-Comm Services | 1.44% | -0.56% | — | |
| 17 | SE | Sea Ltd-adr | Stock-Comm Services | 1.44% | — | +59.93% | |
| 18 | TPG | Tpg INC | Stock-Financials | 1.33% | -0.45% | +14.06% | |
| 19 | KKR | Kkr & Co INC | Stock-Financials | 1.07% | +0.53% | +164.37% | |
| 20 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 1.03% | -0.24% | +15.51% | |
| 21 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 0.98% | — | — | |
| 22 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.96% | — | +7.12% | |
| 23 | ZGN | Ermenegildo Zegna N.V. | Stock-Other | 0.93% | — | — | |
| 24 | ABNB | Airbnb Inc-class A | Stock-Consumer Disc | 0.92% | — | — | |
| 25 | GEHC | GE Healthcare Technology | Stock-Healthcare | 0.91% | +0.57% | +195.69% | |
| 26 | APO | Apollo Global Management INC | Stock-Financials | 0.87% | +0.52% | +214.35% | |
| 27 | ONC | Beone Medicines Ltd-adr | Stock-Other | 0.84% | — | -6.19% | |
| 28 | TDG | Transdigm Group INC | Stock-Industrials | 0.83% | +0.22% | +50.40% | |
| 29 | LIN | Linde plc | Stock-Materials | 0.79% | — | -9.34% | |
| 30 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.79% | +0.36% | +127.89% | |
| 31 | MSCI | Msci INC | Stock-Financials | 0.75% | — | +25.11% | |
| 32 | LRCX | Lam Research CORP | Stock-Tech | 0.70% | +0.70% | NEW | |
| 33 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.68% | +0.50% | +319.49% | |
| 34 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.67% | — | -3.11% | |
| 35 | NFLX | Netflix INC | Stock-Comm Services | 0.65% | +0.44% | +198.11% | |
| 36 | PGR | Progressive CORP | Stock-Financials | 0.65% | — | — | |
| 37 | U | Unity Software INC | Stock-Tech | 0.62% | — | +105.82% | |
| 38 | FIX | Comfort Systems USA INC | Stock-Industrials | 0.61% | +0.45% | +155.64% | |
| 39 | GE | General Electric | Stock-Industrials | 0.56% | +0.15% | +44.00% | |
| 40 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.54% | — | — | |
| 41 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.52% | — | +47.02% | |
| 42 | CRM | Salesforce INC | Stock-Tech | 0.50% | — | +18.44% | |
| 43 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.49% | -0.14% | +15.27% | |
| 44 | MRVL | Marvell Technology INC | Stock-Tech | 0.49% | — | -15.92% | |
| 45 | DNLI | Denali Therapeutics INC | Stock-Other | 0.44% | — | — | |
| 46 | BNTX | Biontech Se-adr | Stock-Other | 0.44% | — | — | |
| 47 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.44% | — | -16.69% | |
| 48 | YUMC | Yum China Holdings INC | Stock-Consumer Disc | 0.43% | -0.18% | -32.99% | |
| 49 | WFC | Wells Fargo & Co | Stock-Financials | 0.43% | — | +9.05% | |
| 50 | AAPL | Apple INC | Stock-Tech | 0.43% | -0.14% | -22.99% |
Performance for Q3 2026
+0.8%
Performance Last 4 Quarters
+4%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 152 | $30.5B | 24 | |
| 2025-12-31 | 146 | $31.6B | 24 | |
| 2025-09-30 | 129 | $29.0B | 40 | |
| 2025-06-30 | 131 | $26.2B | 0 | |
| 2025-03-31 | 128 | $24.8B | 100 | |
| 2024-12-31 | 135 | $25.4B | 0 | |
| 2024-09-30 | 121 | $24.7B | 0 | |
| 2024-06-30 | 90 | $21.5B | 0 | |
| 2024-03-31 | 101 | $18.1B | 0 | |
| 2023-12-31 | 101 | $17.9B | 0 | |
| 2023-09-30 | 82 | $16.8B | 0 | |
| 2023-06-30 | 75 | $17.3B | 0 | |
| 2023-03-31 | 70 | $16.9B | 0 | |
| 2022-12-31 | 72 | $17.1B | 0 | |
| 2022-09-30 | 81 | $16.7B | 0 | |
| 2022-06-30 | 96 | $18.3B | 0 | |
| 2022-03-31 | 96 | $23.7B | 0 | |
| 2021-12-31 | 95 | $27.7B | 0 | |
| 2021-09-30 | 92 | $28.6B | 0 | |
| 2021-06-30 | 99 | $29.9B | 0 | |
| 2021-03-31 | 71 | $25.5B | 27 | |
| 2020-12-31 | 71 | $23.3B | 29 | |
| 2020-09-30 | 67 | $19.7B | 22 | |
| 2020-06-30 | 52 | $16.7B | 60 | |
| 2020-03-31 | 58 | $13.6B | 28 | |
| 2019-12-31 | 53 | $15.3B | 18 | |
| 2019-09-30 | 52 | $13.6B | 15 | |
| 2019-06-30 | 53 | $14.0B | 15 | |
| 2019-03-31 | 50 | $14.4B | 31 | |
| 2018-12-31 | 58 | $14.5B | 34 | |
| 2018-09-30 | 55 | $17.2B | 22 | |
| 2018-06-30 | 62 | $19.0B | 13 | |
| 2018-03-31 | 70 | $18.2B | 20 | |
| 2017-12-31 | 63 | $16.3B | 41 | |
| 2017-09-30 | 61 | $17.2B | 18 | |
| 2017-06-30 | 59 | $15.5B | 21 | |
| 2017-03-31 | 40 | $13.4B | 13 | |
| 2016-12-31 | 39 | $12.5B | 28 | |
| 2016-09-30 | 31 | $12.3B | 23 | |
| 2016-06-30 | 29 | $12.8B | 12 | |
| 2016-03-31 | 28 | $12.7B | 7 | |
| 2015-12-31 | 26 | $13.2B | 27 | |
| 2015-09-30 | 21 | $10.5B | 46 | |
| 2015-06-30 | 30 | $16.0B | 22 | |
| 2015-03-31 | 21 | $13.3B | 48 | |
| 2014-12-31 | 24 | $9.6B | 23 | |
| 2014-09-30 | 23 | $9.4B | 40 | |
| 2014-06-30 | 20 | $6.7B | 14 | |
| 2014-03-31 | 18 | $6.5B | 33 | |
| 2013-12-31 | 17 | $4.8B | 34 | |
| 2013-09-30 | 14 | $3.6B | 33 | |
| 2013-06-30 | 24 | $3.9B | 0 |
Temasek Holdings (Private) Ltd's most significant position changes for 2026-03-31: New buy: Lam Research CORP (LRCX); New buy: FTAI Aviation Ltd. (FTAI); Sold out: Vanguard S&P 500 ETF (VOO); New buy: Bloom Energy Corp- A (BE); New buy: Palo Alto Networks INC (PANW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AVGO | Broadcom INC | +0.9% | +41.84% | Add |
| 2 | GEHC | GE Healthcare Technology | +0.6% | +195.69% | Add |
| 3 | KKR | Kkr & Co INC | +0.5% | +164.37% | Add |
| 4 | APO | Apollo Global Management INC | +0.5% | +214.35% | Add |
| 5 | CDNS | Cadence Design Sys INC | +0.5% | +319.49% | Add |
| 6 | GEV | GE Vernova INC | +0.5% | -1.61% | Trim |
| 7 | FIX | Comfort Systems USA INC | +0.5% | +155.64% | Add |
| 8 | NFLX | Netflix INC | +0.4% | +198.11% | Add |
| 9 | TMO | Thermo Fisher Scientific INC | +0.4% | +39.93% | Add |
| 10 | BKNG | Booking Holdings INC | +0.4% | +127.89% | Add |
| 11 | ISRG | Intuitive Surgical INC | +0.3% | +416.39% | Add |
| 12 | TDG | Transdigm Group INC | +0.2% | +50.40% | Add |
| 13 | GE | General Electric | +0.2% | +44.00% | Add |
| 14 | AAPL | Apple INC | -0.1% | -22.99% | Trim |
| 15 | TCOM | Trip.com Group Ltd-adr | -0.1% | — | Unchanged |
| 16 | BSX | Boston Scientific CORP | -0.1% | +15.27% | Add |
| 17 | NKE | Nike INC -cl B | -0.2% | -60.32% | Trim |
| 18 | SNOW | Snowflake INC | -0.2% | -44.71% | Trim |
| 19 | WDAY | Workday Inc-class A | -0.2% | +9.52% | Add |
| 20 | INTU | Intuit INC | -0.2% | -16.66% | Trim |
| 21 | YUMC | Yum China Holdings INC | -0.2% | -32.99% | Trim |
| 22 | SPGI | S&p Global INC | -0.2% | +7.39% | Add |
| 23 | NOW | Servicenow INC | -0.2% | -48.33% | Trim |
| 24 | EWY | Ishares Msci South Korea ETF | -0.2% | -58.18% | Trim |
| 25 | WIX | Wix.com Ltd. | -0.2% | -84.77% | Trim |
| 26 | CRS | Carpenter Technology | -0.2% | -95.23% | Trim |
| 27 | HDB | Hdfc Bank Ltd-adr | -0.2% | +15.51% | Add |
| 28 | KBWB | Invesco Kbw Bank ETF | -0.2% | -44.45% | Trim |
| 29 | IBN | Icici Bank Ltd-spon Adr | -0.3% | — | Unchanged |
| 30 | GOOGL | Alphabet Inc-cl A | -0.4% | -2.83% | Trim |
| 31 | BLK | Blackrock INC | -0.4% | +4.67% | Add |
| 32 | TPG | Tpg INC | -0.5% | +14.06% | Add |
| 33 | KWEB | Kranesh Csi China Internet | -0.5% | -60.71% | Trim |
| 34 | RBLX | Roblox CORP -class A | -0.6% | — | Unchanged |
| 35 | V | Visa Inc-class A Shares | -0.6% | +2.77% | Add |
| 36 | MSFT | Microsoft CORP | -0.9% | -1.36% | Trim |
| 37 | AMZN | Amazon.com INC | -0.9% | -16.78% | Trim |
| 38 | INTA | Intapp INC | -1.1% | — | Unchanged |
| 39 | LRCX | Lam Research CORP | — | NEW | New buy |
| 40 | FTAI | FTAI Aviation Ltd. | — | NEW | New buy |
| 41 | VOO | Vanguard S&P 500 ETF | — | EXIT | Sold out |
| 42 | BE | Bloom Energy Corp- A | — | NEW | New buy |
| 43 | PANW | Palo Alto Networks INC | — | NEW | New buy |
| 44 | DT | Dynatrace INC | — | EXIT | Sold out |
| 45 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 46 | CCJ | Cameco CORP | — | NEW | New buy |
| 47 | MMYT | MakeMyTrip Limited | — | NEW | New buy |
| 48 | KLAC | Kla CORP | — | NEW | New buy |
| 49 | MCHI | Ishares Msci China ETF | — | EXIT | Sold out |
| 50 | TWLO | Twilio INC - A | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-10-07 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-10-07 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-05-15 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-04-05 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-05-15 | Amendment | View on EDGAR |
| 2022-09-30 | 2023-04-05 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2023-05-15 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2023-05-15 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-06-24 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2022-01-25 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-11-15 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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