Temasek’s investments in US-listed stocks stood at US$36.7 billion (about S$47 billion) at the end of the third quarter this year, down slightly by 1.5% from the end of the second quarter. Its top 10 holdings spanned the financial, technology, industrial and healthcare sectors.
Temasek filed its holdings disclosure with the US Securities and Exchange Commission (SEC) last Wednesday (28 October). It reduced its holdings in 83 stocks in the third quarter, while adding 20 new positions, including Intel, South Korean chipmaker SK Hynix, which has a secondary listing in the US, Nasdaq-listed French quantum computing company Pasqal and cybersecurity company Netskope.
Its five largest reductions were in space exploration company SpaceX, energy company GE Vernova, US semiconductor giant Broadcom, cancer drug company BeOne Medicines and semiconductor equipment maker ASML.
Temasek’s investments in US-listed stocks include American, Chinese and other overseas companies listed on US exchanges, with business exposure extending beyond the US.
As of the end of September, Temasek held 190 US-listed stocks, with its top 10 holdings accounting for 53.1% of its US-listed equity portfolio.
Its largest single holding, BlackRock, accounted for 15% of the portfolio, followed by Google parent Alphabet, Visa, Nvidia and Mastercard.
Although Temasek reduced its stakes in SpaceX and Broadcom, both remained among its top 10 holdings.
Overall, Temasek’s US-listed equity investments remained concentrated in the financial and technology sectors. When it released its annual report in July this year, Temasek said it would actively pursue investments in artificial intelligence (AI), with plans to increase the share of AI-related investments in its overall portfolio from 6% to as much as 15% by 2031.
In the retail and consumer sector, Amazon, Alibaba and Pinduoduo were its main e-commerce holdings. Its travel and digital consumer holdings included Trip.com, Booking Holdings, Airbnb and Sea.
Temasek also continued to invest in traditional retailers and brands such as Walmart, Ermenegildo Zegna and Home Depot.
In healthcare, its portfolio included biopharmaceutical company AstraZeneca, UnitedHealth Group, drugmaker Eli Lilly and BioNTech.
As of the end of March this year, Temasek’s total portfolio stood at S$518 billion. The Americas accounted for 26%, making the region its second-largest investment destination.
