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The Open Book

Temasek files what GIC never has to: a full quarterly holdings report

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 — 177 positions worth US$37.25bn at 2026-06-30, and 87 quarters of history behind it.

The latest book filed

US$37.25bn
177 US-listed positions at 2026-06-30 · filed 2026-08-07
Top ten are 52% of the book. the filing itself ↗

Twenty-five largest holdings filed

IssuerValueShare of bookSharesSince last quarter
BLACKROCK INC US$5.00bn 13.4% 5,195,165 trimmed from 5,330,492
ALPHABET INC US$2.53bn 6.8% 7,076,378 added from 4,702,736
VISA INC US$2.26bn 6.1% 6,597,214 held
NVIDIA CORPORATION US$1.73bn 4.6% 8,634,723 trimmed from 9,431,208
SPACE EXPLORATION TECHN CORP US$1.68bn 4.5% 9,831,945 new
MASTERCARD INCORPORATED US$1.67bn 4.5% 3,253,602 held
BROADCOM INC US$1.41bn 3.8% 3,740,773 added from 3,540,630
AMAZON COM INC US$1.09bn 2.9% 4,570,184 trimmed from 4,819,972
MICROSOFT CORP US$986m 2.6% 2,642,483 held
ICICI BANK LIMITED US$848m 2.3% 29,195,789 held
ALPHABET INC US$707m 1.9% 2,000,000 new
GE VERNOVA INC US$679m 1.8% 578,364 trimmed from 651,928
DOORDASH INC US$639m 1.7% 3,461,501 held
S&P GLOBAL INC US$614m 1.6% 1,506,913 added from 1,396,452
THERMO FISHER SCIENTIFIC INC US$611m 1.6% 1,219,529 trimmed from 1,247,399
SEA LTD US$551m 1.5% 5,744,587 added from 5,282,861
INTAPP INC US$432m 1.2% 17,146,805 held
LAM RESEARCH CORP US$430m 1.2% 992,204 held
ROBLOX CORP US$423m 1.1% 7,777,760 held
TPG INC US$412m 1.1% 10,163,065 held
HDFC BANK LTD US$395m 1.1% 15,305,232 added from 12,559,656
ERMENEGILDO ZEGNA N V US$355m 1.0% 27,242,276 held
TECK RESOURCES LTD US$338m 0.9% 5,685,453 held
KKR & CO INC US$337m 0.9% 3,669,339 added from 3,522,797
AIRBNB INC US$318m 0.9% 2,222,194 held
Bars are each position's share of the US book, scaled to the largest. SEC EDGAR Form 13F-HR filed by Temasek Holdings (Private) Ltd, CIK 0001021944. Movement compares share counts with the previous quarter's filing; a 2% band is treated as unchanged.

Gone since last quarter filed

13 positions present in the previous filing do not appear in this one. The largest:

IssuerLast reported valueShares held
SALESFORCE INCUS$151m809,900
WORKDAY INCUS$116m889,318
ONESTREAM INCUS$102m4,266,714
INTUITUS$65m150,800
NEXTERA ENERGY INCUS$43m459,165
ISHARES INCUS$41m1,076,815
SERVICENOW INCUS$36m342,230
PAYONEER GLOBAL INCUS$32m6,725,231
Disappearing from a 13F means the position was sold, fell below reporting relevance, or moved to an entity that files separately. The filing does not say which.

87 quarters of the US book filed

37.3bn 04Q4: 1.2bn04Q405Q1: 1.3bn05Q2: 1.6bn05Q3: 1.7bn05Q4: 1.5bn06Q1: 1.5bn06Q2: 1.1bn06Q3: 1.3bn06Q4: 1.6bn06Q407Q1: 2.3bn07Q2: 2.5bn07Q3: 2.8bn07Q4: 7.5bn08Q1: 5bn08Q2: 4.4bn08Q3: 6.8bn08Q4: 3.1bn08Q409Q1: 0.4bn09Q2: 0.5bn09Q3: 0.4bn09Q4: 0.7bn10Q1: 0.6bn10Q2: 0.6bn10Q3: 0.7bn10Q4: 1bn10Q411Q1: 0.6bn11Q2: 0.4bn11Q3: 0.4bn11Q4: 2.2bn12Q1: 2.8bn12Q2: 3.7bn12Q3: 3.5bn12Q4: 3.7bn12Q413Q1: 3.5bn13Q2: 3.9bn13Q3: 3.6bn13Q4: 4.8bn14Q1: 6.5bn14Q2: 6.7bn14Q3: 9.4bn14Q4: 9.6bn14Q415Q1: 13.3bn15Q2: 16bn15Q3: 10.5bn15Q4: 13.2bn16Q1: 12.7bn16Q2: 12.8bn16Q3: 12.3bn16Q4: 12.5bn16Q417Q1: 13.4bn17Q2: 15.5bn17Q3: 17.2bn17Q4: 16.3bn18Q1: 18.2bn18Q2: 19bn18Q3: 17.2bn18Q4: 14.5bn18Q419Q1: 14.4bn19Q2: 14bn19Q3: 13.6bn19Q4: 15.3bn20Q1: 13.6bn20Q2: 16.7bn20Q3: 19.7bn20Q4: 23.3bn20Q421Q1: 25.5bn21Q2: 29.9bn21Q3: 28.6bn21Q4: 27.7bn22Q1: 23.7bn22Q2: 18.3bn22Q3: 16.7bn22Q4: 17.1bn22Q423Q1: 16.9bn23Q2: 17.3bn23Q3: 16.8bn23Q4: 17.9bn24Q1: 18.1bn24Q2: 21.5bn24Q3: 24.7bn24Q4: 25.4bn24Q425Q1: 24.8bn25Q2: 26.2bn25Q3: 29bn25Q4: 31.6bn26Q1: 30.5bn26Q2: 37.3bn
US$ billions, 2004-12-31 to 2026-06-30. The near-empty stretch around 2009 is real: that quarter's filing lists four positions. The step up at the end of 2011 is a change in what Temasek's filing entity reported, not a sudden purchase — the series measures disclosure, not the portfolio. 15 amended or superseded filings were set aside, keeping one filing per quarter.

What changed this quarter filed

Set the 2026-06-30 filing beside the 2026-03-31 one and the quarter reads as a rebuild rather than a drift: 58 positions entered, 39 were added to, 40 trimmed, 40 held unchanged, and 13 left the book entirely. The positions that entered were worth US$3.73bn at quarter end; those that left had been worth US$0.65bn the quarter before. The book went from 132 names and US$30.48bn to 177 names and US$37.25bn.

Largest entries

CompanyValue at 2026-06
SPACE EXPLORATION TECHN CORPUS$1680m
ALPHABET INCUS$707m
ASML HLDG NVUS$235m
CREDO TECHNOLOGY GROUP HOLDIUS$139m
ARISTA NETWORKS INCUS$114m
MERCK & CO INCUS$105m

Largest exits

CompanyValue at 2026-03
SALESFORCE INCUS$151m
WORKDAY INCUS$116m
ONESTREAM INCUS$102m
INTUITUS$65m
NEXTERA ENERGY INCUS$43m
ISHARES INCUS$41m
Matched by CUSIP between the two most recent 13F information tables; the same company can appear under two share classes. Entry and exit values are as filed — a position that entered at US$1680m was not necessarily bought for that amount in the quarter, and the filing cannot say. Each row's tag in the full table above (NEW, ADDED, TRIMMED) is the same classification.

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 25: the top ten hold 52% of the book, down from 94%. The US book stopped being a place Temasek parked one legacy stake and became a portfolio.

25 04: 2.80405: 405: 4.306: 1.906: 207: 4.707: 2.20708: 2.308: 1.409: 1.109: 3.510: 2.810: 4.71011: 4.511: 3.112: 4.212: 4.213: 5.513: 4.51314: 5.214: 6.615: 6.215: 5.716: 5.116: 6.11617: 5.717: 6.218: 6.918: 1019: 819: 6.71920: 11.320: 13.821: 18.121: 1922: 18.622: 14.82223: 14.923: 12.924: 16.224: 14.725: 14.925: 19.12526: 25
Effective number of positions per quarter — the inverse Herfindahl 1/Σw², the count of equal-sized positions with the same concentration. Computed from each quarter's parsed holdings; the step changes around 2011 and 2013 track the same disclosure-scope changes flagged on the chart above.

The next page, and the longest accumulation inferred

Two dated claims, both checkable. First: the filing covering 2026-09-30 is due by 2026-11-14 — 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$5.00bn — the patience of the process is the insight.

5.5 20: 3.22020: 4.321: 4.621: 4.722: 3.12222: 3.623: 3.523: 4.124: 42424: 5.225: 5.325: 5.526: 526
BlackRock position value per quarter, read directly from each raw 13F information table (XML-era filings). Values are as-filed market values, so the rise braids share purchases with the share price itself — the filings alone cannot unbraid them.

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 showsTemasek · 13FGIC · 13D/13G only
Cadenceevery quarter, on a scheduleonly when a stake crosses 5%
Dollar valuesyes, per positionnever
Completeness of US equitiesall reportable positionsonly the ≥5% ones
Positions visible177 this quarter141 companies across 30 years
Share of the whole entity≈ 9% of published NPVunknowable — the denominator is secret
The last row is the point of this chart. Temasek's window can be measured against a published total. GIC's cannot, because there is no published total to measure against.