The Open Book
Temasek does the thing GIC has never had to do: every quarter it files a Form 13F listing its US-listed equity positions, issuer by issuer, with dollar values and share counts. Below is that filing, read from the primary document — 180 positions worth US$36.70bn at 2026-09-30, and 88 quarters of history behind it.
The latest book filed
Twenty-five largest holdings filed
| Issuer | Value | Share of book | Shares | Since last quarter |
|---|---|---|---|---|
| BLACKROCK INC | US$5.39bn | 5,092,825 | held | |
| ALPHABET INC | US$2.49bn | 7,235,329 | added from 7,076,378 | |
| VISA INC | US$2.19bn | 6,106,751 | trimmed from 6,597,214 | |
| NVIDIA CORPORATION | US$1.78bn | 7,799,850 | trimmed from 8,634,723 | |
| MASTERCARD INCORPORATED | US$1.71bn | 3,098,313 | trimmed from 3,253,602 | |
| MICROSOFT CORP | US$1.34bn | 2,616,212 | held | |
| BROADCOM INC | US$1.23bn | 3,500,674 | trimmed from 3,740,773 | |
| AMAZON COM INC | US$1.21bn | 4,869,713 | added from 4,570,184 | |
| SPACE EXPLORATION TECHN CORP | US$1.16bn | 7,686,339 | trimmed from 9,831,945 | |
| THERMO FISHER SCIENTIFIC INC | US$814m | 1,206,213 | held | |
| ICICI BK LTD | US$804m | 29,195,789 | held | |
| ALPHABET INC | US$681m | 2,000,000 | held | |
| DOORDASH INC | US$635m | 3,461,501 | held | |
| INTAPP INC | US$621m | 17,146,805 | held | |
| S&P GLOBAL INC | US$619m | 1,570,043 | added from 1,506,913 | |
| SEA LTD | US$559m | 5,744,587 | held | |
| HDFC BANK LTD | US$468m | 20,935,515 | added from 15,305,232 | |
| INTEL CORP | US$443m | 3,684,210 | new | |
| TPG INC | US$384m | 8,697,241 | trimmed from 10,163,065 | |
| AIRBNB INC | US$357m | 2,222,194 | held | |
| ROBLOX CORP | US$347m | 8,188,943 | added from 7,777,760 | |
| ERMENEGILDO ZEGNA N V | US$341m | 27,242,276 | held | |
| COMFORT SYS USA INC | US$332m | 200,604 | added from 124,436 | |
| TECK RESOURCES LTD | US$325m | 4,937,753 | trimmed from 5,685,453 | |
| KKR & CO INC | US$319m | 3,498,145 | trimmed from 3,669,339 |
Gone since last quarter filed
14 positions present in the previous filing do not appear in this one. The largest:
| Issuer | Last reported value | Shares held |
|---|---|---|
| ARISTA NETWORKS INC | US$114m | 669,072 |
| APPLOVIN CORP | US$61m | 118,625 |
| KANZHUN LIMITED | US$56m | 4,345,925 |
| MARSH & MCLENNAN COS INC | US$54m | 325,980 |
| DANAHER CORP DEL | US$54m | 281,764 |
| GLOBAL E ONLINE LTD | US$38m | 1,095,454 |
| YORK SPACE SYSTEMS INC | US$25m | 1,027,774 |
| DPC HOLDINGS PLC | US$22m | 450,000 |
88 quarters of the US book filed
What changed this quarter filed
Set the 2026-09-30 filing beside the 2026-06-30 one and the quarter reads as a rebuild rather than a drift: 17 positions entered, 58 were added to, 75 trimmed, 30 held unchanged, and 14 left the book entirely. The positions that entered were worth US$0.75bn at quarter end; those that left had been worth US$0.48bn the quarter before. The book went from 177 names and US$37.25bn to 180 names and US$36.70bn.
Largest entries
| Company | Value at 2026-09 |
|---|---|
| INTEL CORP | US$443m |
| EATON CORP PLC | US$98m |
| PASQAL HLDG SA | US$76m |
| SPDR SERIES TRUST | US$55m |
| AMPHENOL CORP | US$33m |
| FRANCO NEV CORP | US$14m |
Largest exits
| Company | Value at 2026-06 |
|---|---|
| ARISTA NETWORKS INC | US$114m |
| APPLOVIN CORP | US$61m |
| KANZHUN LIMITED | US$56m |
| MARSH & MCLENNAN COS INC | US$54m |
| DANAHER CORP DEL | US$54m |
| GLOBAL E ONLINE LTD | US$38m |
From one bet to a book filed
Concentration tells a twenty-year story the totals hide. In 2004 the filing behaved like 2.8 equal-sized positions — 125 names on paper, almost all the money in one or two. Today it behaves like 23: the top ten hold 53% of the book, down from 94%. The US book stopped being a place Temasek parked one legacy stake and became a portfolio.
The next page, and the longest accumulation inferred
Two dated claims, both checkable. First: the filing covering 2026-12-31 is due by 2027-02-14 — Form 13F is due within 45 days of quarter end, so the next page of this book has a deadline. Second, the book's largest position was not bought, it was accumulated: BlackRock first appears in 2020-06-30 and has been built, quarter by quarter, to US$5.39bn — the patience of the process is the insight.
Even the open book is a keyhole
Temasek's own published net portfolio value is S$518bn at 2026-03-31. At roughly 0.78 US dollars to the Singapore dollar that is about US$404.04bn — so this entire 13F, every position on this page, accounts for around 9% of Temasek.
The rest is unlisted companies, non-US listings, and direct stakes that no quarterly filing reaches. So the district is not “Temasek revealed”. It is the most detailed window that exists into any part of Singapore's reserves — and it still shows a small corner. The Glass Pool is the same window pointed at GIC, where it is narrower again: no values at all, and only stakes above 5%.
| What the filing shows | Temasek · 13F | GIC · 13D/13G only |
|---|---|---|
| Cadence | every quarter, on a schedule | only when a stake crosses 5% |
| Dollar values | yes, per position | never |
| Completeness of US equities | all reportable positions | only the ≥5% ones |
| Positions visible | 180 this quarter | 141 companies across 30 years |
| Share of the whole entity | ≈ 9% of published NPV | unknowable — the denominator is secret |