Temasek Q2 Holdings: Heavily invested in SpaceX and Alphabet, reduced holdings in NVIDIA and Microsoft

According to the disclosure by the U.S. Securities and Exchange Commission (SEC), Singapore-based international investment company Temasek has submitted its second-quarter holdings report (13F) for the period ending June 30, 2026.

The latest data shows that Temasek's total market value of holdings in the second quarter was $37.3 billion, up from $30.5 billion in the previous quarter, representing a quarter-on-quarter increase of 22.3%. In the second quarter, Temasek added 66 new stocks to its portfolio and increased its holdings in 44 stocks. At the same time, Temasek reduced its holdings in 49 stocks and completely exited 21 stocks. The top ten holdings accounted for 51.42% of the total market value.

Among the top ten holdings: BlackRock (BLK.US) ranked first, with approximately 5.195 million shares valued at about $5.0 billion, accounting for 13.30% of the portfolio.

Alphabet - A (GOOGL.US) ranked second, with approximately 7.076 million shares valued at about $2.53 billion, accounting for 6.73% of the portfolio.

Visa (V.US) ranked third, with approximately 6.597 million shares valued at about $2.26 billion, accounting for 6.03% of the portfolio.

NVIDIA (NVDA.US) ranked fourth, with approximately 8.405 million shares valued at about $1.68 billion, accounting for 4.48% of the portfolio.

SpaceX (SPCX.US) ranked fifth, with approximately 9.832 million shares valued at about $1.68 billion, accounting for 4.47% of the portfolio.

Mastercard (MA.US), Broadcom (AVGO.US), Amazon (AMZN.US), Microsoft (MSFT.US), and ICICI Bank (IBN.US) ranked sixth to tenth, respectively.

In terms of changes in holding proportions, the top five stocks purchased were: SpaceX (SPCX.US), Alphabet - A (GOOGL.US), Alphabet - C (GOOG.US), ASML (ASML.US), and Sterling (STRL.US).

The top five stocks sold were: BlackRock (BLK.US), Pinduoduo (PDD.US), Microsoft (MSFT.US), NVIDIA (NVDA.US), and Visa (V.US).

In the second quarter, Temasek's biggest move was a significant increase in aerospace assets, with SpaceX becoming the position with the largest increase in weight, jumping into the top five largest holdings. Additionally, the establishment of a position in ASML, a giant in lithography machines, also demonstrates its strategic layout in the upstream key equipment field of semiconductors.

Previously the largest absolute holding, BlackRock saw the largest decrease in position weight this quarter, but still maintains a high weight of 13.30%, remaining in the top position.

Within the tech giants, Temasek showed a clear "differentiated operation": significantly increasing its holdings in Alphabet, making it the second largest holding; while also taking moderate profits from Microsoft and NVIDIA