Sovereign wealth funds (SWFs), investment vehicles wholly owned and controlled by national governments, typically draw their capital from fiscal surpluses, foreign exchange reserves, or commodity export revenues. In contrast to hedge funds or mutual funds constrained by short-term performance pressures, SWFs are widely regarded as the embodiment of "smart money" and "patient capital." Their portfolio adjustments go beyond mere reassessments of individual asset values, offering a window into the structural shifts underway in the global macroeconomic landscape. Among the world's leading sovereign funds, Norway's Government Pension Fund Global (GPFG) and Singapore's Temasek Holdings stand out as prominent players. In the following analysis, we delve into the U.S. equity positions of these two funds for the second quarter of 2026, drawing on 13F filings disclosed to the SEC and official company data.
Temasek: New Entry into SpaceX, Increased Stake in Google, Plans First Korean Stock Purchase
According to 13F data, Temasek held 196 U.S. stocks in Q2, an increase of 44 from the prior quarter, with a combined market value of $37.254 billion, up 22.2% quarter-over-quarter. Its top ten holdings are concentrated in the financial and technology sectors, with the top five ranked as BlackRock, Alphabet (Class A), Visa, Nvidia, and SpaceX. Among Chinese ADRs, Pinduoduo holds the highest position value at $276 million. In terms of repositioning, AI remains the fund's most critical investment focus. Notably, Alphabet (Class A) saw a substantial increase of 2.3736 million shares, a 51% rise in share count, bringing its position value to $2.529 billion; the stock has gained 10.51% year-to-date. Conversely, Nvidia, another core AI supply chain player, was reduced by 8.4047 million shares, though it still maintains a spot among the top five holdings. Recent reports from Korean media suggest Temasek is also planning its first direct investment in the Korean stock market, targeting giants like Samsung Electronics and SK hynix, viewing these global memory chip leaders as significantly undervalued assets within the AI value chain. At its official July announcement, Temasek outlined a plan to raise AI investments from 6% to 15% of its portfolio over five years. Additionally, SpaceX became a new entry in Q2, immediately securing the fifth-largest position with a market value of $1.68 billion. The company, which debuted on Nasdaq on June 12, is among the world's most highly valued aerospace enterprises. After experiencing significant volatility post-IPO, SpaceX shares reclaimed the $135 IPO price on August 12, closing at $146.15. Founded in 1974 and wholly owned by the Singapore Ministry of Finance, Temasek is one of the earliest and largest sovereign wealth funds globally. It is renowned for the "Temasek Model," where the government holds full ownership but operates under purely commercial principles with independent management. Its investment style emphasizes patience and long-termism, with decisions grounded in structural trends spanning economic cycles. The portfolio is primarily built around four long-term themes: digitalization, sustainable living, future consumption, and longer lifespans, with artificial intelligence now emerging as its most central allocation focus.
Norway's Sovereign Fund: Asian Tech Stocks Drive Surge in Semiconductor Holdings
According to official data, Norway's sovereign wealth fund held positions in 7,077 companies across 54 countries globally in the first half of 2026, with a combined portfolio value of 16.44 trillion Norwegian kroner (approximately $1.74 trillion). (Note: Under its disclosure rules, the fund typically publishes detailed holdings reports only twice a year.) Its performance report shows first-half profits exceeded $184 billion, setting a new historical record, fueled by gains in Asian tech stocks, with a fund return of 9.4%. The top ten holdings are Nvidia, Apple, Alphabet, Microsoft, TSMC, Amazon, Broadcom, Samsung Electronics, ASML, and SK hynix, all AI technology giants. Semiconductor-related holdings saw impressive value growth, led by South Korea's SK hynix and Samsung Electronics, which surged 260.2% and 142.57%, respectively. By company operating location, the U.S., Japan, mainland China, India, and South Korea rank in the top five. Among these, companies in mainland China total 658, with a combined market value of $47.059 billion; Tencent and Alibaba, two major Chinese ADRs, are among the top 40 by position value, though both saw their holdings values decline by more than $2 billion each. For U.S. equities, Norges Bank Investment Management (NBIM) serves as the disclosure entity. 13F data reveals NBIM holds 1,617 stocks, an increase of 40 from the end of 2025, with total position value rising 7.33% to approximately $1 trillion. Within the top ten holdings, eight major positions, including Nvidia, Apple, Microsoft, Amazon, and Alphabet (Class A), were all reduced to varying degrees. Only Alphabet (Class C) and Tesla saw increases, with position values of $26.425 billion and $16.325 billion, respectively. Beyond Tesla, NBIM also initiated a new stake in Musk's SpaceX, holding 7.2773 million shares valued at $1.243 billion. The GPFG, the world's largest sovereign wealth fund, derives its capital primarily from surplus revenues of the country's oil and gas sector. Norges Bank, through its subsidiary Norges Bank Investment Management, manages the fund's operations. As of the first half of 2026, its total assets have surpassed $2.3 trillion. In its investment strategy, the fund adheres to a globalized and diversified approach, allocating assets primarily across equities, fixed-income products, real estate, and renewable energy infrastructure in over 70 countries, with the latest allocation ratios at 72.1%, 25.8%, 1.6%, and 0.5%, respectively.
Comments