CIK: 0001730073
Total reported value
$33.2B
Reporting period: 2026-03-31 · Number of holdings: 381
PFA Pension, Forsikringsaktieselskab disclosed 381 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $33.2B and a quarterly turnover rate of 14.6%.
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PFA Pension, Forsikringsaktieselskab's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 54 equally-sized positions, well below its 381 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.47), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-0.4% -$491.7M
Trim TSLA
-0.0% -$136.3M
Add JNJ
+1.0% $59.5M
Trim META
-0.1% -$115.6M
Add GLW
+236.9% $56.2M
Add AMAT
+5.6% $47.0M
PFA is relentlessly harvesting momentum alpha: trimming mega caps like MSFT and META where momentum may be fading, while opportunistically adding to AMZN and AVGO that display stronger price trends. This is not a defensive rotation but a systematic bet on sustained tech leadership, executed within a highly diversified, low-turnover framework that aims to capture factor premiums without single-name concentration.
The portfolio prices a continuing regime of AI-driven growth premium, where semiconductors (NVDA, AVGO) and e-commerce (AMZN) outperform as earnings momentum remains robust. The opposing thesis: a cyclical rotation out of growth into value, rising real rates compressing high-multiple tech, or a broad tech demand shock that would reverse these momentum signals. PFA's extreme momentum tilt leaves it structurally long the 'growth is forever' narrative.
PFA's near-perfect momentum score combined with a 42% IT sector weight creates a dangerous reflexivity loop: if a sector-wide event (e.g., AI capex disappointment) triggers a momentum reversal, the fund's low turnover and systematic trend-following could amplify losses as risk models trigger simultaneous selling in the most crowded names, turning a diversification illusion into a correlation crunch.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 381 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.46% | -0.02% | +1.21% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.59% | -0.10% | -0.11% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.59% | -1.13% | -0.42% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.37% | -0.15% | +0.73% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.02% | -0.09% | -0.03% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.49% | -0.13% | +1.31% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.39% | -0.08% | +0.19% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.10% | -0.21% | -0.14% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.84% | -0.28% | -0.04% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.30% | -0.05% | +0.07% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.28% | -0.13% | +0.74% | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.11% | +0.24% | +1.01% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.98% | -0.02% | -3.13% | |
| 14 | WMT | Walmart INC | Stock-Consumer Staples | 0.94% | +0.14% | -0.04% | |
| 15 | V | Visa Inc-class A Shares | Stock-Financials | 0.89% | -0.09% | +0.18% | |
| 16 | MA | Mastercard INC - A | Stock-Financials | 0.76% | -0.06% | +0.28% | |
| 17 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.73% | +0.12% | -1.43% | |
| 18 | ABBV | Abbvie INC | Stock-Healthcare | 0.72% | — | +3.91% | |
| 19 | NFLX | Netflix INC | Stock-Comm Services | 0.69% | — | -0.03% | |
| 20 | MU | Micron Technology INC | Stock-Tech | 0.64% | +0.12% | -1.00% | |
| 21 | LRCX | Lam Research CORP | Stock-Tech | 0.63% | +0.14% | -1.20% | |
| 22 | CSCO | Cisco Systems INC | Stock-Tech | 0.62% | — | -6.32% | |
| 23 | AMD | Advanced Micro Devices | Stock-Tech | 0.60% | — | -2.65% | |
| 24 | LIN | Linde plc | Stock-Materials | 0.59% | +0.11% | -0.05% | |
| 25 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.57% | — | -6.18% | |
| 26 | BAC | Bank Of America CORP | Stock-Financials | 0.57% | -0.04% | -0.03% | |
| 27 | GE | General Electric | Stock-Industrials | 0.56% | — | -0.07% | |
| 28 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.54% | — | -7.18% | |
| 29 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.54% | -0.09% | -0.07% | |
| 30 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.53% | — | -3.46% | |
| 31 | AMAT | Applied Materials INC | Stock-Tech | 0.51% | +0.17% | +5.63% | |
| 32 | HD | Home Depot INC | Stock-Consumer Disc | 0.49% | — | -0.03% | |
| 33 | GS | Goldman Sachs Group INC | Stock-Financials | 0.48% | — | -0.06% | |
| 34 | BKR | Baker Hughes Co | Stock-Energy | 0.47% | +0.13% | -0.13% | |
| 35 | T | At&t INC | Stock-Comm Services | 0.46% | +0.10% | +4.23% | |
| 36 | VZ | Verizon Communications INC | Stock-Comm Services | 0.46% | +0.12% | +4.51% | |
| 37 | WFC | Wells Fargo & Co | Stock-Financials | 0.44% | -0.05% | -0.03% | |
| 38 | ORCL | Oracle CORP | Stock-Tech | 0.43% | -0.09% | +6.21% | |
| 39 | GEV | GE Vernova INC | Stock-Industrials | 0.43% | +0.15% | +12.02% | |
| 40 | IBM | Intl Business Machines CORP | Stock-Tech | 0.43% | -0.07% | -0.03% | |
| 41 | KLAC | Kla CORP | Stock-Tech | 0.42% | — | -0.75% | |
| 42 | ED | Consolidated Edison INC | Stock-Utilities | 0.42% | +0.10% | +8.32% | |
| 43 | C | Citigroup INC | Stock-Financials | 0.41% | — | -0.04% | |
| 44 | HAL | Halliburton Co | Stock-Energy | 0.40% | +0.12% | -0.08% | |
| 45 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.40% | -0.05% | +0.04% | |
| 46 | AXP | American Express Co | Stock-Financials | 0.39% | -0.08% | -2.94% | |
| 47 | EXC | Exelon CORP | Stock-Utilities | 0.39% | — | -2.34% | |
| 48 | PEP | Pepsico INC | Stock-Consumer Staples | 0.39% | — | +0.59% | |
| 49 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.38% | -0.07% | -0.08% | |
| 50 | ATO | Atmos Energy CORP | Stock-Utilities | 0.37% | — | +4.54% |
Performance for Q3 2026
+3.5%
Performance Last 4 Quarters
+10.6%
Based on 5 months of available history
Based on 77% of reported portfolio value with available pricing
PFA Pension, Forsikringsaktieselskab's most significant position changes for 2026-03-31: Trim: Microsoft CORP (MSFT) — shares -0.42%; Trim: Tesla INC (TSLA) — shares -0.04%; Add: Johnson & Johnson (JNJ) — shares +1.01%; Trim: Meta Platforms Inc-class A (META) — shares -0.14%; Add: Corning INC (GLW) — shares +236.93%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | JNJ | Johnson & Johnson | +0.2% | +1.01% | Add |
| 2 | GLW | Corning INC | +0.2% | +236.93% | Add |
| 3 | AMAT | Applied Materials INC | +0.2% | +5.63% | Add |
| 4 | GEV | GE Vernova INC | +0.2% | +12.02% | Add |
| 5 | LRCX | Lam Research CORP | +0.1% | -1.20% | Trim |
| 6 | WMT | Walmart INC | +0.1% | -0.04% | Trim |
| 7 | BKR | Baker Hughes Co | +0.1% | -0.13% | Trim |
| 8 | HEI | Heico CORP | +0.1% | +556.97% | Add |
| 9 | WDC | Western Digital CORP | +0.1% | +13.78% | Add |
| 10 | HAL | Halliburton Co | +0.1% | -0.08% | Trim |
| 11 | VZ | Verizon Communications INC | +0.1% | +4.51% | Add |
| 12 | COST | Costco Wholesale CORP | +0.1% | -1.43% | Trim |
| 13 | MU | Micron Technology INC | +0.1% | -1.00% | Trim |
| 14 | STX | Seagate Technology Holdings plc | +0.1% | +83.67% | Add |
| 15 | LIN | Linde plc | +0.1% | -0.05% | Trim |
| 16 | T | At&t INC | +0.1% | +4.23% | Add |
| 17 | ED | Consolidated Edison INC | +0.1% | +8.32% | Add |
| 18 | NVDA | Nvidia CORP | 0% | +1.21% | Add |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -3.13% | Trim |
| 20 | BAC | Bank Of America CORP | 0% | -0.03% | Trim |
| 21 | JPM | Jpmorgan Chase & Co | -0.1% | +0.07% | Add |
| 22 | WFC | Wells Fargo & Co | -0.1% | -0.03% | Trim |
| 23 | DIS | Walt Disney Co/the | -0.1% | +0.04% | Add |
| 24 | MA | Mastercard INC - A | -0.1% | +0.28% | Add |
| 25 | CTSH | Cognizant Tech Solutions-a | -0.1% | -4.46% | Trim |
| 26 | IBM | Intl Business Machines CORP | -0.1% | -0.03% | Trim |
| 27 | COF | Capital One Financial CORP | -0.1% | -0.05% | Trim |
| 28 | ACN | Accenture plc | -0.1% | -0.08% | Trim |
| 29 | UNH | Unitedhealth Group INC | -0.1% | -0.08% | Trim |
| 30 | GOOG | Alphabet Inc-cl C | -0.1% | +0.19% | Add |
| 31 | AXP | American Express Co | -0.1% | -2.94% | Trim |
| 32 | QCOM | Qualcomm INC | -0.1% | -3.38% | Trim |
| 33 | BSX | Boston Scientific CORP | -0.1% | -0.10% | Trim |
| 34 | NOW | Servicenow INC | -0.1% | -0.10% | Trim |
| 35 | GOOGL | Alphabet Inc-cl A | -0.1% | -0.03% | Trim |
| 36 | V | Visa Inc-class A Shares | -0.1% | +0.18% | Add |
| 37 | PLTR | Palantir Technologies Inc-a | -0.1% | -0.07% | Trim |
| 38 | SPGI | S&p Global INC | -0.1% | -13.19% | Trim |
| 39 | ADP | Automatic Data Processing | -0.1% | -7.14% | Trim |
| 40 | ORCL | Oracle CORP | -0.1% | +6.21% | Add |
| 41 | AAPL | Apple INC | -0.1% | -0.11% | Trim |
| 42 | APP | Applovin Corp-class A | -0.1% | +5.22% | Add |
| 43 | INTU | Intuit INC | -0.1% | -0.07% | Trim |
| 44 | CRM | Salesforce INC | -0.1% | -0.07% | Trim |
| 45 | AVGO | Broadcom INC | -0.1% | +1.31% | Add |
| 46 | LLY | Eli Lilly & Co | -0.1% | +0.74% | Add |
| 47 | AMZN | Amazon.com INC | -0.2% | +0.73% | Add |
| 48 | META | Meta Platforms Inc-class A | -0.2% | -0.14% | Trim |
| 49 | TSLA | Tesla INC | -0.3% | -0.04% | Trim |
| 50 | MSFT | Microsoft CORP | -1.1% | -0.42% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-28 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
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