As disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), Singapore-based international investment firm Temasek has submitted its second-quarter holdings report (13F) for the period ending June 30, 2026. The latest data reveals that Temasek’s total portfolio value for the second quarter stood at $37.3 billion, a 22.3% increase from the previous quarter’s $30.5 billion.
During the second quarter, Temasek added 66 new stocks to its portfolio and increased its stakes in 44 others. Concurrently, the firm trimmed 49 positions and exited 21 holdings entirely. The top ten holdings accounted for 51.42% of the total portfolio value.
Among the ten largest positions: BlackRock (BLK.US) ranked first, with approximately 5.195 million shares valued at around $5.0 billion, representing 13.30% of the investment portfolio. Alphabet (GOOGL.US) secured second place, with about 7.076 million shares worth roughly $2.53 billion, or 6.73% of the portfolio. Visa (V.US) came in third, with roughly 6.597 million shares valued at $2.26 billion, making up 6.03% of the portfolio. NVIDIA (NVDA.US) was fourth, with about 8.405 million shares worth $1.68 billion, accounting for 4.48% of the portfolio. SpaceX (SPCX.US) placed fifth, with roughly 9.832 million shares valued at $1.68 billion, or 4.47% of the portfolio. MasterCard (MA.US), Broadcom (AVGO.US), Amazon.com (AMZN.US), Microsoft (MSFT.US), and ICICI Bank (IBN.US) ranked sixth through tenth, respectively.
Regarding changes in holdings, the top five buys were: SpaceX (SPCX.US), Alphabet (GOOGL.US), Alphabet (GOOG.US), ASML Holding NV (ASML.US), and Sterling Construction (STRL.US). The top five sells were: BlackRock (BLK.US), PDD Holdings Inc (PDD.US), Microsoft (MSFT.US), NVIDIA (NVDA.US), and Visa (V.US).
In the second quarter, Temasek’s most significant move was a substantial increase in its aerospace investments, with SpaceX becoming the holding with the largest gain in portfolio weight, surging into the top five. Additionally, the establishment of a position in lithography giant ASML highlights the firm’s strategic focus on key upstream semiconductor equipment. BlackRock, previously the largest absolute holding, saw the biggest decline in portfolio weight this quarter, though it still maintains its top position with a high weight of 13.30%.
Within the major tech stocks, Temasek demonstrated a clear "divergent strategy": it significantly bought shares of Alphabet, elevating it to the second-largest holding, while moderately selling shares of Microsoft and NVIDIA to lock in profits.