Temasek Q1 2026: Singapore's SWF Anchored by BlackRock

Temasek Holdings, Singapore's state-owned investment company, reported a $30.48B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001021944-26-000011, filed 2026-05-12). Unlike a passive index fund, Temasek is a sovereign wealth fund with active discretion over its portfolio — and that discretion shows in an unusually large anchor position: BlackRock (BLK) at $5.13B, or 16.82% of its entire U.S. book.

A near-17% weight in a single name is a striking bet for a diversified sovereign investor, and it amounts to owning the world's largest asset manager as a proxy for global capital markets. Around that anchor, Temasek's U.S. holdings tilt toward payments networks, AI semiconductors, and emerging-market financials — a portfolio that reads like a top-down view on the plumbing of global finance and technology.

In Q1 2026, Temasek added to several of these themes: Mastercard (MA) by 16%, Broadcom (AVGO) by 42%, and Thermo Fisher (TMO) by 40%, while trimming Amazon (AMZN) by 17%.

A BlackRock-anchored sovereign book

BlackRock's 16.82% weight towers over the rest of the portfolio. After it come Visa (V) at 6.61%, Nvidia (NVDA) at 5.40%, Mastercard at 5.28%, and Alphabet's GOOGL shares at 4.44%.

The composition is telling. Two payment networks (Visa and Mastercard) plus the largest asset manager (BlackRock) give Temasek heavy exposure to the financial infrastructure that processes and manages global money flows, while Nvidia and Broadcom add the AI-hardware layer and ICICI Bank (IBN) brings emerging-market financial exposure. With 132 positions and the top five at roughly 38% of the book, it is concentrated for a sovereign investor.

The quarter's additions

Temasek leaned further into its core themes. The 42% increase in Broadcom deepened its AI-semiconductor exposure, the 16% add to Mastercard reinforced the payments bet, and a 40% increase in Thermo Fisher added healthcare-tools exposure. Nvidia was raised modestly (+5%), while Amazon was the main trim, down 17%.

As a sovereign wealth fund, Temasek invests with a long horizon and a mandate distinct from both passive index funds and hedge funds — it has genuine discretion but a multi-decade orientation. The additions to payments, AI hardware, and healthcare tools reflect deliberate, theme-driven allocation rather than short-term trading.

What it means for 13F readers

Temasek offers a window into how a major sovereign investor positions in U.S. equities. The BlackRock anchor is the defining feature — a concentrated bet on the asset-management industry itself — surrounded by payments, AI, and emerging-market financial exposure. Because sovereign funds move deliberately, the quarter's adds to Broadcom and Mastercard are meaningful signals of conviction. Track the fund's quarter-over-quarter holdings on the Temasek Holdings filer page.

FAQ

What is Temasek Holdings?

Temasek Holdings is Singapore's state-owned investment company — a sovereign wealth fund with active discretion over its portfolio. It reported a $30.48B U.S. equity 13F book for the quarter ended March 31, 2026.

What is Temasek's largest U.S. holding?

BlackRock (BLK) is by far the largest position at $5.13B, or 16.82% of the U.S. book — a concentrated bet on the world's largest asset manager.

What did Temasek buy in Q1 2026?

Temasek added to Broadcom (+42%), Thermo Fisher (+40%), and Mastercard (+16%), and modestly increased Nvidia, while trimming Amazon by 17%.

Is a sovereign wealth fund like Temasek the same as an index fund?

No. A sovereign wealth fund invests with genuine discretion and a long-term, state-backed mandate, unlike a passive index fund that simply tracks a benchmark. Temasek's concentrated BlackRock stake reflects an active choice.