NM
National Mutual Insurance Federation of Agricultural Cooperatives 13F Holdings & Position Changes (Q2 2026)
National Mutual Insurance Federation of Agricultural CooperativesCIK: 0001542927
Momentum followerQuality / disciplined sizingSector-focused
Total reported value
$15.3B
Reporting period: 2026-06-30 · Number of holdings: 39
National Mutual Insurance Federation of Agricultural Cooperatives disclosed 39 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $15.3B and a quarterly turnover rate of 17.7%.
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Personality snowflake
- Concentration
- 42.64
- Portfolio Stability
- 17.68
- Momentum
- 100
- Sector conviction
- 68.88
- Diversification
- 78
- Sizing Uniformity
- 82
National Mutual Insurance Federation of Agricultural Cooperatives's disclosed holdings carry a Herfindahl concentration index of 0.107 — mathematically equivalent to about 9 equally-sized positions, well below its 39 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 1.80), 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.
Sector classification currently covers about 9% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd QQQM
+23.4% $367.0M
Add QQQ
0.0% $280.1M
Trim LQD
0.0% $323.2K
Trim IVV
0.0% $342.7M
Add MU
-24.2% $70.8M
Trim VV
0.0% $294.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
This quarter's tape shows a deliberate tilt toward broad US large-cap technology: the largest single move was adding to QQQM (weight up from 4.92% to 6.58%), alongside adds to AVGO and AAPL and a new position in data-center REIT EQIX. One nuance worth flagging: MU was trimmed on a share-count basis, yet its weight nearly doubled (0.34% to 0.76%) — arithmetically, price appreciation outran the selling. The three full exits (SPGI, CVX, DIS) summed to under half a percent, which reads as routine book-cleaning rather than a directional retreat.
Macro & Fundamentals
These flows appear consistent with the market's ongoing capital rotation into AI infrastructure and semiconductors — index-level tech beta, memory and networking silicon, and data-center real estate. That said, the disclosed changes cover only about 8.6% of reported portfolio value, so any macro read here is an inference drawn from a thin slice of the book, not a confirmed causal claim.
Blind Spots / Risks
The structural vulnerability is layered concentration: Information Technology already sits at 41.7% of the book, and scaling QQQM stacks a second, overlapping bet on the same mega-cap cohort — the ETF's top weights effectively duplicate direct holdings such as AAPL and AVGO. Headline diversification stats (39 names, HHI near 0.11) may understate true factor exposure; a positioning squeeze or de-rating in AI-linked names would transmit through both layers simultaneously.
This narrative is generated by AI from data disclosed in this institution's SEC EDGAR Form 13F filings and describes past holdings only. It is not a recommendation to buy or sell any security; the source filing is linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 17.55% | -0.47% | — | |
| 2 | VV | Vanguard Large-cap ETF | ETF-Other | 14.72% | -0.34% | — | |
| 3 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 13.14% | -0.32% | — | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 12.79% | -0.32% | — | |
| 5 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 8.47% | +0.65% | — | |
| 6 | QQQM | Invesco Nasdaq 100 ETF | ETF-Tech | 6.58% | +1.66% | +23.45% | |
| 7 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 6.50% | -0.14% | — | |
| 8 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 5.48% | -0.14% | — | |
| 9 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 2.88% | -0.51% | — | |
| 10 | IWB | Ishares Russell 1000 ETF | ETF-Other | 2.12% | -0.05% | — | |
| 11 | BBUS | Jpmorgan Betabuilders US Equ | ETF-Other | 1.12% | -0.03% | — | |
| 12 | MU | Micron Technology Inc | Stock-Tech | 0.76% | +0.42% | -24.24% | |
| 13 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.71% | -0.04% | -10.29% | |
| 14 | AAPL | Apple Inc | Stock-Tech | 0.69% | +0.07% | +14.09% | |
| 15 | NVDA | Nvidia CORP | Stock-Tech | 0.67% | -0.02% | — | |
| 16 | MSFT | Microsoft CORP | Stock-Tech | 0.54% | +0.03% | +23.61% | |
| 17 | AMAT | Applied Materials Inc | Stock-Tech | 0.50% | +0.22% | — | |
| 18 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.42% | -0.01% | — | |
| 19 | AVGO | Broadcom Inc | Stock-Tech | 0.39% | +0.15% | +57.58% | |
| 20 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.34% | -0.02% | — | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.34% | -0.07% | — | |
| 22 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.28% | +0.02% | — | |
| 23 | XOM | Exxon Mobil CORP | Stock-Energy | 0.26% | +0.04% | +73.79% | |
| 24 | WMT | Walmart Inc | Stock-Consumer Staples | 0.25% | -0.07% | — | |
| 25 | V | Visa Inc-class A Shares | Stock-Financials | 0.25% | -0.01% | — | |
| 26 | ETN | Eaton Corporation plc | Stock-Industrials | 0.23% | +0.01% | — | |
| 27 | MA | Mastercard Inc - A | Stock-Financials | 0.23% | -0.03% | — | |
| 28 | ISRG | Intuitive Surgical Inc | Stock-Healthcare | 0.19% | -0.07% | — | |
| 29 | BLK | Blackrock Inc | Stock-Financials | 0.18% | -0.04% | — | |
| 30 | EQIX | Equinix Inc | Stock-Real Estate | 0.18% | +0.18% | NEW | |
| 31 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 0.18% | -0.03% | — | |
| 32 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.16% | -0.02% | — | |
| 33 | ICE | Intercontinental Exchange In | Stock-Financials | 0.16% | -0.09% | — | |
| 34 | EMR | Emerson Electric Co | Stock-Industrials | 0.16% | -0.01% | — | |
| 35 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.15% | -0.04% | — | |
| 36 | AZO | Autozone Inc | Stock-Consumer Disc | 0.14% | -0.04% | — | |
| 37 | TRV | Travelers Cos Inc/the | Stock-Financials | 0.11% | — | — | |
| 38 | DE | Deere & Co | Stock-Industrials | 0.08% | -0.01% | — | |
| 39 | AMD | Advanced Micro Devices | Stock-Tech | 0.07% | +0.07% | NEW |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
+1.3%
Performance Last 4 Quarters
+21.1%
- Stdev
- +13.3%
- Beta
- +1.02
- Alpha
- -0.3%
- Max Drawdown
- -7.6%
- Annualized Perf
- +21.1%
- Batting Avg vs S&P
- +50%
- Sortino
- +3.3
- Stutzer
- +0.45
- Treynor
- +0.2
- Sterling
- +1.33
- Calmar
- +2.77
- Information Ratio
- +0.14
- Tracking Error
- +1%
- Stdev Down
- +6.1%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +37%
- Worst 12 Months
- +7.7%
- Efficiency Ratio
- +0.65
- Sharpe
- +1.52
- Stdev Sectors
- +11.5%
- Skewness
- +0.15
- Kurtosis
- -0.11
- Upside Potential
- +4.91
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 39 | $15.3B | 18 | ||
| 2026 Q1 | 41 | $13.0B | 6 | ||
| 2025 Q4 | 42 | $13.6B | 4 | ||
| 2025 Q3 | 42 | $13.2B | 17 | ||
| 2025 Q2 | 43 | $12.4B | 0 | ||
| 2025 Q1 | 43 | $11.1B | 100 | ||
| 2024 Q4 | 45 | $11.7B | 0 | ||
| 2024 Q3 | 45 | $11.1B | 0 | ||
| 2024 Q2 | 45 | $10.0B | 0 | ||
| 2024 Q1 | 43 | $9.5B | 0 | ||
| 2023 Q4 | 43 | $8.8B | 0 | ||
| 2023 Q3 | 44 | $8.1B | 0 | ||
| 2023 Q2 | 44 | $8.5B | 0 | ||
| 2023 Q1 | 44 | $8.1B | 0 | ||
| 2022 Q4 | 43 | $8.2B | 0 | ||
| 2022 Q3 | 44 | $8.9B | 0 | ||
| 2022 Q2 | 45 | $9.4B | 0 | ||
| 2022 Q1 | 46 | $11.3B | 0 | ||
| 2021 Q4 | 46 | $12.4B | 0 | ||
| 2021 Q3 | 44 | $11.5B | 0 | ||
| 2021 Q2 | 46 | $11.6B | 95 | ||
| 2021 Q1 | 48 | $10.4B | 8 | ||
| 2020 Q4 | 51 | $10.2B | 19 | ||
| 2020 Q3 | 55 | $9.4B | 17 | ||
| 2020 Q2 | 55 | $8.3B | 25 | ||
| 2020 Q1 | 55 | $6.8B | 33 | ||
| 2019 Q4 | 63 | $8.4B | 19 | ||
| 2019 Q3 | 63 | $7.9B | 24 | ||
| 2019 Q2 | 63 | $8.0B | 16 | ||
| 2019 Q1 | 57 | $8.2B | 10 | ||
| 2018 Q4 | 55 | $7.4B | 24 | ||
| 2018 Q3 | 54 | $7.8B | 12 | ||
| 2018 Q2 | 55 | $8.0B | 39 | ||
| 2018 Q1 | 59 | $6.0B | 10 | ||
| 2017 Q4 | 60 | $5.6B | 15 | ||
| 2017 Q3 | 58 | $4.9B | 22 | ||
| 2017 Q2 | 53 | $5.0B | 11 | ||
| 2017 Q1 | 53 | $4.8B | 15 | ||
| 2016 Q4 | 53 | $4.3B | 17 | ||
| 2016 Q3 | 50 | $4.0B | 29 | ||
| 2016 Q2 | 50 | $3.2B | 37 | ||
| 2016 Q1 | 51 | $2.6B | 18 | ||
| 2015 Q4 | 56 | $2.9B | 22 | ||
| 2015 Q3 | 55 | $2.7B | 36 | ||
| 2015 Q2 | 58 | $2.7B | 14 | ||
| 2015 Q1 | 58 | $2.5B | 8 | ||
| 2014 Q4 | 59 | $2.3B | 16 | ||
| 2014 Q3 | 59 | $2.0B | 27 | ||
| 2014 Q2 | 58 | $1.6B | 29 | ||
| 2014 Q1 | 56 | $1.3B | 43 | ||
| 2013 Q4 | 55 | $1.5B | 10 | ||
| 2013 Q3 | 54 | $1.5B | 11 | ||
| 2013 Q2 | 55 | $1.5B | 0 |
Holding changes this quarter
National Mutual Insurance Federation of Agricultural Cooperatives's most significant position changes for 2026-06-30: New buy: Equinix Inc (EQIX); Sold out: S&p Global Inc (SPGI); Sold out: Chevron CORP (CVX); Sold out: Walt Disney Co/the (DIS); Sold out: Intuit Inc (INTU).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QQQM | Invesco Nasdaq 100 ETF | +1.7% | +23.45% | Add |
| 2 | QQQ | Invesco Qqq Trust Series 1 | +0.7% | — | Unchanged |
| 3 | MU | Micron Technology Inc | +0.4% | -24.24% | Trim |
| 4 | AMAT | Applied Materials Inc | +0.2% | — | Unchanged |
| 5 | EQIX | Equinix Inc | +0.2% | NEW | New buy |
| 6 | AVGO | Broadcom Inc | +0.2% | +57.58% | Add |
| 7 | AAPL | Apple Inc | +0.1% | +14.09% | Add |
| 8 | AMD | Advanced Micro Devices | +0.1% | NEW | New buy |
| 9 | XOM | Exxon Mobil CORP | 0% | +73.79% | Add |
| 10 | MSFT | Microsoft CORP | 0% | +23.61% | Add |
| 11 | LLY | Eli Lilly & Co | 0% | — | Unchanged |
| 12 | ETN | Eaton Corporation plc | 0% | — | Unchanged |
| 13 | TRV | Travelers Cos Inc/the | — | — | Unchanged |
| 14 | AMZN | Amazon.com Inc | 0% | — | Unchanged |
| 15 | V | Visa Inc-class A Shares | 0% | — | Unchanged |
| 16 | EMR | Emerson Electric Co | 0% | — | Unchanged |
| 17 | DE | Deere & Co | 0% | — | Unchanged |
| 18 | NVDA | Nvidia CORP | 0% | — | Unchanged |
| 19 | JPM | Jpmorgan Chase & Co | 0% | — | Unchanged |
| 20 | KO | Coca-cola Co/the | 0% | — | Unchanged |
| 21 | BBUS | Jpmorgan Betabuilders US Equ | 0% | — | Unchanged |
| 22 | MA | Mastercard Inc - A | 0% | — | Unchanged |
| 23 | TMO | Thermo Fisher Scientific Inc | 0% | — | Unchanged |
| 24 | GOOGL | Alphabet Inc-cl A | 0% | -10.29% | Trim |
| 25 | COST | Costco Wholesale CORP | 0% | — | Unchanged |
| 26 | AZO | Autozone Inc | 0% | — | Unchanged |
| 27 | BLK | Blackrock Inc | 0% | — | Unchanged |
| 28 | IWB | Ishares Russell 1000 ETF | -0.1% | — | Unchanged |
| 29 | ISRG | Intuitive Surgical Inc | -0.1% | — | Unchanged |
| 30 | WMT | Walmart Inc | -0.1% | — | Unchanged |
| 31 | META | Meta Platforms Inc-class A | -0.1% | — | Unchanged |
| 32 | ICE | Intercontinental Exchange In | -0.1% | — | Unchanged |
| 33 | VTI | Vanguard Total Stock Mkt ETF | -0.1% | — | Unchanged |
| 34 | SPYM | Ste Str Spdr Pt S&p 500 ETF | -0.1% | — | Unchanged |
| 35 | DIS | Walt Disney Co/the | -0.1% | EXIT | Sold out |
| 36 | INTU | Intuit Inc | -0.1% | EXIT | Sold out |
| 37 | CVX | Chevron CORP | -0.2% | EXIT | Sold out |
| 38 | SPGI | S&p Global Inc | -0.2% | EXIT | Sold out |
| 39 | VOO | Vanguard S&p 500 ETF | -0.3% | — | Unchanged |
| 40 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.3% | — | Unchanged |
| 41 | VV | Vanguard Large-cap ETF | -0.3% | — | Unchanged |
| 42 | IVV | Ishares Core S&p 500 ETF | -0.5% | — | Unchanged |
| 43 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | -0.5% | — | Unchanged |
Filing History
FAQ
What is National Mutual Insurance Federation of Agricultural Cooperatives and what type of investor is it?
National Mutual Insurance Federation of Agricultural Cooperatives is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $15.3B, spread across 39 disclosed positions.
What are National Mutual Insurance Federation of Agricultural Cooperatives's largest equity positions?
Based on the latest 13F filing, National Mutual Insurance Federation of Agricultural Cooperatives's top holdings by market value are:
1. Ishares Core S&p 500 ETF (IVV) — $2.7B (17.6%)
2. Vanguard Large-cap ETF (VV) — $2.3B (14.7%)
3. Vanguard S&p 500 ETF (VOO) — $2.0B (13.1%)
4. Ss Spdr S&p 500 ETF Trust-us (SPY) — $2.0B (12.8%)
5. Invesco Qqq Trust Series 1 (QQQ) — $1.3B (8.5%)
What changes did National Mutual Insurance Federation of Agricultural Cooperatives make in its most recent portfolio filing?
In the latest reported quarter, National Mutual Insurance Federation of Agricultural Cooperatives made 13 notable position adjustments: 2 new positions were initiated, 5 existing holdings were added to, 2 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Equinix Inc (EQIX); Sold out: S&p Global Inc (SPGI); Sold out: Chevron CORP (CVX); Sold out: Walt Disney Co/the (DIS); Sold out: Intuit Inc (INTU)
What sectors does National Mutual Insurance Federation of Agricultural Cooperatives focus on?
National Mutual Insurance Federation of Agricultural Cooperatives is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 41.7%
• Financials: 14.8%
• Communication Services: 12.2%
• Health Care: 7.6%
• Consumer Discretionary: 6.5%
• Consumer Staples: 6.5%
Investment Profile
National Mutual Insurance Federation of Agricultural Cooperatives returned an annualized 21.1% over the trailing 36 months — underperforming the S&P 500 by 0.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.02 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 41.7% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 18 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$77.8M, now $115.4M), while trimming ISRG over the same stretch (-$12.2M, still holding $28.7M).
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