2026-Q1 National Pension Service 13F Filing: NPS adds MSFT; value moves -$1.49B

The National Pension Service's 2026-Q1 13F reveals a fund that leaned into the tech drawdown rather than away from it: holding count rose to 562, turnover eased to 0.130803, and the Herfindahl index narrowed to 0.016883. The result is a portfolio that rebalanced toward beaten-down mega-cap shares and energy while trimming several winners that had run ahead.

• MSFT: add — value moved by -$1.49B, weight from 5.20% to 4.19%. The filing notes: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• NVDA: add — value moved by -$402.7M, weight from 6.92% to 6.79%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• AAPL: add — value moved by -$336.4M, weight from 6.08% to 5.98%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• AMZN: add — value moved by -$322.7M, weight from 3.39% to 3.23%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• META: add — value moved by -$355.1M, weight from 2.25% to 2.04%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• GOOGL: add — value moved by -$223.8M, weight from 2.89% to 2.79%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• GOOG: add — value moved by -$216.7M, weight from 2.41% to 2.31%. Same filing note: 'shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.'
• XOM: add — value moved by +$488.5M, weight from 0.83% to 1.22%.
• CVX: add — value moved by +$262.2M, weight from 0.49% to 0.70%.
• APP: trim — value moved by -$251.7M, weight from 0.35% to 0.17%.
• COP: trim — value moved by +$119.0M, weight from 0.23% to 0.32%. The filing notes: 'shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy.'
• MU: trim — value moved by +$100.6M, weight from 0.64% to 0.74%. Same filing note: 'shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy.'
• KLAC: trim — value moved by +$93.1M, weight from 0.33% to 0.41%. Same filing note: 'shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy.'
• MRSH: sold_out — the position, formerly $211.6M, was eliminated entirely.

The pattern across the 'add' list is unambiguous: NPS was a net buyer of shares in MSFT, NVDA, AAPL, AMZN, META, GOOGL and GOOG even as their dollar values fell. The filing's note spells it out: shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell. That is accumulation into weakness, not a quiet exit.

The trim list reads as profit-taking. COP, MU, KLAC, GLW, WDC and MRK were sold down, and the filing notes are explicit that value rose despite fewer shares because the price gained more than the trimmed shares were worth — NOT a buy. Harvesting winners to fund adds in beaten-down mega-caps is a textbook low-turnover rotation, and with turnover at 0.130803, NPS achieved it without churn.

Key Takeaways

• NPS added to mega-cap tech names despite price-driven value declines — the 'add' action is the signal, not the value delta.
• Trims in COP, MU, KLAC and others took profits from winners to fund energy and tech accumulation.
• The book became more diversified: HHI fell to 0.016883 and IT's weight dropped to 33.52%.