Loading…
Temasek's 2026 Q2 13F (US equities) shows a clear pivot: Alphabet was the quarter's biggest add (GOOGL shares +50.5%, plus a new $707M GOOG stake), and a new $1.7B SpaceX position (4.5% of the book) became the fund's 5th-largest holding. The sovereign fund also built fresh exposure to gold, copper and ~23 US banks, while trimming NVIDIA (−8.5%), BlackRock (−2.5%, still #1 at 13.4%), Visa and Microsoft, and exited 23 names for ~$1.4B — led by Teck Resources, TransDigm, Salesforce and Workday.
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| SPCX | SpaceX | $1.7B | 9.8M shares | 4.5% | |
| GOOG | Alphabet Class C | $706.7M | 2M shares | 1.9% | |
| ANET | Arista Networks | $113.7M | 669.1K shares | 0.3% | |
| CRDO | Credo Technology | $138.5M | 509.3K shares | 0.4% | |
| MRK | Merck | $104.9M | 816.1K shares | 0.3% | |
| AADX |
| Applied Aerospace & Defense |
| $74M |
| 3.3M shares |
| 0.2% |
| QCOM | Qualcomm | $36.1M | 195.4K shares | 0.1% |
| COPX | Global X Copper Miners ETF | $32.9M | 426.8K shares | 0.1% |
| CAMT | Camtek | $10.7M | 65.9K shares | 0.0% |
| BAC | Bank of America | $9.9M | 174K shares | 0.0% |
| MS | Morgan Stanley | $9.7M | 46.4K shares | 0.0% |
| JPM | JPMorgan Chase | $9.7M | 29.6K shares | 0.0% |
| GS | Goldman Sachs | $9.3M | 9.2K shares | 0.0% |
| WAL | WAL | $1.2M | 15.1K shares | 0.0% |
| EGO | EGO | $1M | 33.5K shares | 0.0% |
| ARXS | Arxis | $63.4M | 1.4M shares | 0.2% |
| CBRS | Cerebras Systems | $83.7M | 378.6K shares | 0.2% |
| NTRA | Natera | $6.3M | 23.1K shares | 0.0% |
| HNGE | Hinge Health | $6.2M | 75.2K shares | 0.0% |
| FN | FN | $6.1M | 10.9K shares | 0.0% |
| TEM | TEM | $5.8M | 99.3K shares | 0.0% |
| NTRS | NTRS | $4.4M | 25.5K shares | 0.0% |
| ASML | ASML (ADR) | $234.7M | 118K shares | 0.6% |
| CFG | CFG | $4.1M | 58.3K shares | 0.0% |
| RF | RF | $3.6M | 117.9K shares | 0.0% |
| KEY | KEY | $3.4M | 149.4K shares | 0.0% |
| EWBC | EWBC | $2.4M | 18.9K shares | 0.0% |
| UL | UL | $2.3M | 38.9K shares | 0.0% |
| PNFP | PNFP | $2.1M | 20.8K shares | 0.0% |
| ZION | ZION | $1.4M | 20.3K shares | 0.0% |
| TJX | TJX Companies | $72.6M | 479.5K shares | 0.2% |
| GDX | VanEck Gold Miners ETF | $68.4M | 906.8K shares | 0.2% |
| GLD | SPDR Gold Shares | $25.2M | 68.5K shares | 0.1% |
| GLW | Corning | $22.7M | 88.8K shares | 0.1% |
| DPC | DPC Holdings | $22.1M | 450K shares | 0.1% |
| AMD | Advanced Micro Devices | $14.6M | 25.1K shares | 0.0% |
| FORM | FormFactor | $14.1M | 88.2K shares | 0.0% |
| NOK | Nokia (ADR) | $12.4M | 936.8K shares | 0.0% |
| COHR | Coherent | $8.4M | 21.3K shares | 0.0% |
| MTSI | MACOM | $8.1M | 21.3K shares | 0.0% |
| BKSY | BlackSky | $8.1M | 288.6K shares | 0.0% |
| CSCO | Cisco | $8M | 67.7K shares | 0.0% |
| MCK | MCK | $4.8M | 6.3K shares | 0.0% |
| MTB | MTB | $4.8M | 20K shares | 0.0% |
| HBAN | HBAN | $4.8M | 268.5K shares | 0.0% |
| COF | COF | $4.7M | 23.3K shares | 0.0% |
| HTFL | HTFL | $4.6M | 157.6K shares | 0.0% |
| TGB | TGB | $4.6M | 663.3K shares | 0.0% |
| TFC | TFC | $4.5M | 91.2K shares | 0.0% |
| FHN | FHN | $1.7M | 65.7K shares | 0.0% |
| RDNT | RDNT | $5.4M | 87K shares | 0.0% |
| STT | STT | $5.2M | 30.6K shares | 0.0% |
| C | C | $5.2M | 37K shares | 0.0% |
| HCA | HCA | $5.1M | 13.1K shares | 0.0% |
| FITB | FITB | $5M | 89.1K shares | 0.0% |
| PNC | PNC | $5M | 20.3K shares | 0.0% |
| USB | USB | $4.9M | 80.9K shares | 0.0% |
| BNY | BNY | $4.9M | 33.7K shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| T7D | TransDigm Group | |
| TECK/B | Teck Resources (B) | |
| CLV | Trip.com (ADR) | |
| DSG | Descartes Systems (old listing) | relisted as DSGX — Descartes exposure kept |
| CCO | Cameco | |
| UAO | Sterling Infrastructure | |
| DML | Denison Mines | |
| U6Z | Uranium Energy | |
| EFR | Energy Fuels | |
| WDAY | Workday | |
| NEE | NextEra Energy | |
| UDM | Taseko Mines | |
| K4F | OneStream | |
| INTU | Intuit | |
| NOW | ServiceNow | |
| PAYO | Payoneer | |
| XPEV | XPeng (ADR) | |
| CMI | Cummins | |
| RPID | Rapid Micro Biosystems | |
| CRM | Salesforce | |
| NKE | Nike | |
| EWZ | iShares MSCI Brazil ETF |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| BLK | $5B | -2.5% | TRIM |
| GOOGL | $2.5B | +50.5% | ADD |
| V | $2.3B | -1.1% | TRIM |
| NVDA | $1.7B | -8.4% | TRIM |
| MA | $1.7B | +1.1% | ADD |
| AVGO | $1.4B | +5.7% | ADD |
| AMZN | $1.1B | -5.2% | TRIM |
| MSFT | $985.7M | -0.9% | TRIM |
| GEV | $679.5M | -11.3% | TRIM |
| SPGI | $613.7M | +7.9% | ADD |
| TMO | $611.4M | -2.2% | TRIM |
| SE | $550.5M | +8.7% | ADD |
| LRCX | $430M | -0.5% | TRIM |
| TPG | $412.1M | +1.3% | ADD |
| HDB | $395.3M | +21.9% | ADD |
| KKR | $336.8M | +4.2% | ADD |
| BKNG | $312.4M | +2955.5% | ADD |
| TDG | $303.9M | +4.2% | ADD |
| PDD | $276.4M | -26.5% | TRIM |
| MRVL | $256.5M | -43.2% | TRIM |
| CDNS | $252.4M | -10.2% | TRIM |
| LIN | $247.7M | -2% | TRIM |
| STRL | $247.1M | +399.4% | ADD |
| FIX | $246.6M | -7.4% | TRIM |
| ONC | $241M | -2% | TRIM |
| APO | $240.1M | -14.3% | TRIM |
| GE | $226.1M | +0.3% | ADD |
| U | $220.1M | -10.9% | TRIM |
| META | $219.4M | +9.7% | ADD |
| ISRG | $196.4M | +117.4% | ADD |
| LLY | $181.7M | -12.6% | TRIM |
| NFLX | $180.4M | +22.1% | ADD |
| WFC | $179.9M | +31% | ADD |
| FTAI | $179.5M | +63.3% | ADD |
| MSCI | $171.7M | -28% | TRIM |
| EWY | $171.6M | +27.4% | ADD |
| VRT | $165.2M | -6.8% | TRIM |
| GEHC | $161M | -35.5% | TRIM |
| UNH | $154.6M | -3.6% | TRIM |
| KBWB | $154.4M | +50.3% | ADD |
| GH | $153.6M | +3.9% | ADD |
| MU | $153.5M | +98.9% | ADD |
| CAT | $149.8M | +167.7% | ADD |
| PGR | $146.8M | -32.4% | TRIM |
| AAPL | $146M | -1.7% | TRIM |
| DSGX | $139.1M | +37.4% | ADD |
| AZN | $103.5M | +51.7% | ADD |
| PANW | $101.5M | -35.9% | TRIM |
| KLAC | $97.7M | +900% | ADD |
| HTHT | $96.3M | +4.5% | ADD |
| CCJ | $91.6M | +37.9% | ADD |
| HD | $89.2M | +54.9% | ADD |
| DE | $86.6M | +106.4% | ADD |
| YUMC | $78.3M | -29.5% | TRIM |
| AS | $78.1M | -37% | TRIM |
| WMT | $77.6M | +220.5% | ADD |
| APP | $61.1M | -50.2% | TRIM |
| MRSH | $54.3M | +42.3% | ADD |
| DHR | $53.7M | -8.2% | TRIM |
| SCCO | $47.6M | +1% | ADD |
| BEKE | $42.1M | -5% | TRIM |
| TER | $39.3M | -9.2% | TRIM |
| GLBE | $38M | -39.4% | TRIM |
| ATAT | $34.2M | +1275.9% | ADD |
| SNOW | $30.2M | -41.8% | TRIM |
| HBM | $29.9M | +11.5% | ADD |
| SNDK | $29.7M | -57.2% | TRIM |
| CTSH | $28.5M | +8.9% | ADD |
| VNET | $28.3M | +143.8% | ADD |
| NXE | $26.1M | +14% | ADD |
| YSS | $25.3M | +128.4% | ADD |
| G | $24.1M | +8.7% | ADD |
| WDC | $23.6M | -55.6% | TRIM |
| STX | $21.7M | -61.4% | TRIM |
| LITE | $18.9M | -15% | TRIM |
| ERO | $16.3M | +5.8% | ADD |
| DNN | $14.8M | +29.9% | ADD |
| CLS | $12.9M | -8.1% | TRIM |
| ADI | $12.6M | -38% | TRIM |
| AGX | $12.2M | -48.2% | TRIM |
| FLY | $11.8M | -62.4% | TRIM |
| UEC | $11.5M | +40.3% | ADD |
| UUUU | $11.3M | +40% | ADD |
| KWEB | $10.3M | -83.4% | TRIM |
| CIEN | $6.5M | -70.2% | TRIM |
| SNPS | $5.9M | -81.5% | TRIM |
| BE | $3.7M | -97.8% | TRIM |
| BZAI | $1.2M | -67% | TRIM |
Two moves define Q2: (1) AI infrastructure — Alphabet, Broadcom, semiconductor equipment and AI networking (KLAC, MU, CRDO, MTSI) plus a flagship SpaceX entry; (2) hard assets and financials — gold/copper ETFs and a broad US bank basket — funded by trims to mega-cap tech (NVDA, MSFT, V) and exits from software, uranium miners and consumer names.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.