Temasek Holdings (Private) Ltd

New 13F: Q3 2026

Temasek Holdings (Private) Ltd filed its 13F for the quarter ended Sep 30, 2026 on Oct 28, 2026: $13.6B in AI and semiconductor stocks; $1.3B bought and $1.2B sold against its previous quarter, at the quarter's prices.

• opened a position in Intel (INTC): +$443.0M at the quarter's price
• trimmed SpaceX (SPCX): -$323.7M at the quarter's price
• trimmed GE Vernova (GEV): -$145.6M at the quarter's price
• trimmed NVIDIA (NVDA): -$138.1M at the quarter's price
• trimmed ASML (ASML): -$127.1M at the quarter's price
• added to Sterling Infrastructure (STRL): +$121.7M at the quarter's price
• sold out of Arista Networks (ANET): -$113.7M at the quarter's price
• opened a position in Eaton (ETN): +$97.7M at the quarter's price
• added to Credo (CRDO): +$84.6M at the quarter's price
• trimmed Broadcom (AVGO): -$84.3M at the quarter's price

Temasek Holdings (Private) Ltd declares $13.8B in 47 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 36.9% of its $37.3B 13F portfolio. Largest positions: Alphabet (0.07% of the company) and NVIDIA (0.03% of the company). Over time: $13.8B in 47 of these companies for Q2 2026, against $783.2M in 4 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.6B and sold $1.1B of these stocks, at the quarter's prices: a net purchase of $1.6B; 13 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Temasek Holdings (Private) Ltd declared for Q2 2026 (Form 13F), held unchanged, returned -1.5% in Q3 2026 (SMH -7.1%), ranked 1404 of 1,785 active managers. Over the last 12 months, quarter after quarter: +18.1% (SMH +87.2%), ranked 1216 of 1,360 active managers. Over three years, quarter after quarter: +177.6% (SMH +325.8%), ranked 154 of 784 active managers. Over five years, quarter after quarter: +133.4% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Alphabet (GOOGL): $3.2B, 9.1M shares, 0.07% of the company, 8.7% of its portfolio (added this quarter); held since Q3 2023
2. NVIDIA (NVDA): $1.7B, 8.4M shares, 0.03% of the company, 4.5% of its portfolio (trimmed this quarter); held since Q1 2022
3. SpaceX (SPCX): $1.7B, 9.8M shares, 0.04% of the company, 4.5% of its portfolio
4. Broadcom (AVGO): $1.4B, 3.7M shares, 0.08% of the company, 3.8% of its portfolio (added this quarter); held since Q3 2023
5. Amazon (AMZN): $1.1B, 4.6M shares, 0.04% of the company, 2.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Microsoft (MSFT): $985.7M, 2.6M shares, 0.04% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q3 2023
7. GE Vernova (GEV): $560.7M, 477,264 shares, 0.18% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q2 2024
8. Lam Research (LRCX): $327.2M, 755,004 shares, 0.06% of the company, 0.88% of its portfolio (trimmed this quarter); held since Q1 2026
9. Marvell (MRVL): $256.5M, 860,962 shares, 0.10% of the company, 0.69% of its portfolio (trimmed this quarter); held since Q4 2023
10. Cadence (CDNS): $252.4M, 672,466 shares, 0.25% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q3 2024
11. Comfort Systems USA (FIX): $246.6M, 124,436 shares, 0.36% of the company, 0.66% of its portfolio (added this quarter); held since Q4 2025
12. ASML (ASML): $223.0M, 112,079 shares, 0.03% of the company, 0.60% of its portfolio (new position this quarter)
13. Meta Platforms (META): $167.3M, 297,018 shares, 0.01% of the company, 0.45% of its portfolio (added this quarter); held since Q3 2023
14. Sterling Infrastructure (STRL): $162.6M, 193,724 shares, 0.64% of the company, 0.44% of its portfolio (added this quarter); held since Q1 2026
15. Micron (MU): $153.5M, 133,006 shares, 0.01% of the company, 0.41% of its portfolio (added this quarter); held since Q1 2026

By sector

• Cloud & AI giants: $7.3B, 53% of its AI holdings, 6 companies
• Chips & compute: $3.5B, 25% of its AI holdings, 7 companies
• Power, electrical & cooling: $1.3B, 9% of its AI holdings, 7 companies
• Equipment & test: $712.0M, 5% of its AI holdings, 6 companies
• AI software: $424.2M, 3% of its AI holdings, 6 companies
• Interconnect: $242.7M, 2% of its AI holdings, 4 companies
• Memory & storage: $228.5M, 2% of its AI holdings, 4 companies
• Optics: $62.6M, 0% of its AI holdings, 5 companies
• Neoclouds & data centers: $28.3M, 0% of its AI holdings, 1 company
• Servers & systems: $12.9M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• added to Alphabet (GOOGL): +$1.6B at the quarter's price
• opened a position in ASML (ASML): +$223.0M at the quarter's price
• trimmed Marvell (MRVL): -$195.2M at the quarter's price
• sold out of Salesforce (CRM): -$151.2M at the quarter's price
• opened a position in Arista Networks (ANET): +$113.7M at the quarter's price
• added to Sterling Infrastructure (STRL): +$113.1M at the quarter's price
• opened a position in Credo (CRDO): +$113.0M at the quarter's price
• trimmed Bloom Energy (BE): -$105.1M at the quarter's price
• trimmed NVIDIA (NVDA): -$99.7M at the quarter's price
• added to Caterpillar (CAT): +$93.8M at the quarter's price

Other holders of this size

• LOS ANGELES CAPITAL MANAGEMENT LLC: $13.7B in 195 of these companies
• BLAIR WILLIAM & CO/IL: $14.0B in 152 of these companies
• Public Sector Pension Investment Board: $13.6B in 138 of these companies
• Alecta Tjanstepension Omsesidigt: $14.3B in 30 of these companies
• WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC: $13.5B in 60 of these companies
• Ninety One UK Ltd: $14.4B in 41 of these companies
• Artisan Partners Limited Partnership: $13.4B in 59 of these companies
• PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO: $14.5B in 185 of these companies

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