CIK: 0000869589
Total reported value
$18.9B
Reporting period: 2026-03-31 · Number of holdings: 666
NISSAY ASSET MANAGEMENT CORP /JAPAN disclosed 666 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $18.9B and a quarterly turnover rate of 15.8%.
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Nissay Asset Management CORP /japan's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 51 equally-sized positions, well below its 666 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 3.46), 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 70% 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.
Trim MSFT
-4.0% -$223.2M
Add XLF
+57.4% $145.0M
Trim XLV
-13.2% -$85.8M
Add GE
+178.6% $69.6M
Add VOO
+49.6% $63.1M
Trim TMO
-50.5% -$67.5M
Nissay Asset Management is actively rotating capital from mega-cap tech (MSFT trim) and defensive sector hedges (QYLD, XYLD sold out) into cyclical value proxies (XLF add, GE add) and a broad-market S&P 500 bet (VOO add), signaling a conviction that the momentum baton is passing from growth to value in Q1 2026.
The liquidation of QYLD/XYLD — both covered call ETFs that cap upside — and the simultaneous increase in XLF and GE telegraph an expectation that the macro regime is shifting from defensive/range-bound to pro-cyclical acceleration, likely anticipating steeper yield curves and reflation; the opposing thesis is that this rotation is a momentum-driven mirage— if the AI/growth narrative holds, Nissay will be left underweight its primary source of alpha while chasing second-derivative plays.
Nissay's extreme momentum score (100) layered atop a 666-stock portfolio creates a hidden correlation factory: in a momentum reversal, hundreds of individually small positions will compress simultaneously as factors crowd, turning diversification into a liability — the portfolio will suffer a factor-driven liquidity trap, not a stock-picking drawdown.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 6.23% | -0.16% | — | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.55% | -0.04% | +4.27% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.35% | -0.11% | +2.52% | |
| 4 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 4.05% | -0.12% | — | |
| 5 | KOKU | Xtrackers Msci Kokusai Eqty | ETF-Other | 3.66% | -0.04% | +1.67% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 3.27% | -1.10% | -4.03% | |
| 7 | XLF | Ss Financial Select Sector | ETF-Other | 2.60% | +0.80% | +57.42% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.51% | — | +13.39% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.51% | — | +6.35% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 2.42% | -0.20% | +1.75% | |
| 11 | XLV | Ss Health Care Select Sector | ETF-Other | 2.10% | -0.41% | -13.21% | |
| 12 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 2.02% | -0.09% | — | |
| 13 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.95% | — | +8.28% | |
| 14 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.78% | -0.11% | +6.87% | |
| 15 | TSLA | Tesla INC | Stock-Consumer Disc | 1.53% | -0.07% | +13.35% | |
| 16 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.41% | -0.06% | +2.40% | |
| 17 | XLK | Ss Technology Select Sector | ETF-Tech | 1.40% | -0.09% | — | |
| 18 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 1.12% | +0.35% | +49.58% | |
| 19 | QQQM | Invesco Nasdaq 100 ETF | ETF-Tech | 1.03% | +0.27% | +42.03% | |
| 20 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 0.99% | — | — | |
| 21 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-Large Cap & Growth | 0.96% | — | — | |
| 22 | WMT | Walmart INC | Stock-Consumer Staples | 0.96% | +0.34% | +37.25% | |
| 23 | AMAT | Applied Materials INC | Stock-Tech | 0.82% | +0.17% | -7.53% | |
| 24 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.80% | +0.25% | +24.24% | |
| 25 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.80% | -0.06% | +6.63% | |
| 26 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.76% | — | — | |
| 27 | AMD | Advanced Micro Devices | Stock-Tech | 0.75% | — | -0.36% | |
| 28 | MU | Micron Technology INC | Stock-Tech | 0.72% | +0.18% | +9.75% | |
| 29 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.62% | -0.16% | -15.10% | |
| 30 | NFLX | Netflix INC | Stock-Comm Services | 0.61% | — | -5.06% | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.61% | — | +9.77% | |
| 32 | GE | General Electric | Stock-Industrials | 0.60% | +0.37% | +178.64% | |
| 33 | C | Citigroup INC | Stock-Financials | 0.57% | — | +5.13% | |
| 34 | ABBV | Abbvie INC | Stock-Healthcare | 0.57% | — | +14.86% | |
| 35 | APH | Amphenol Corp-cl A | Stock-Tech | 0.54% | -0.26% | -28.87% | |
| 36 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 0.53% | -0.11% | -22.59% | |
| 37 | XOM | Exxon Mobil CORP | Stock-Energy | 0.49% | +0.15% | +0.44% | |
| 38 | LRCX | Lam Research CORP | Stock-Tech | 0.49% | +0.10% | -1.38% | |
| 39 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.49% | -0.09% | +2.14% | |
| 40 | MA | Mastercard INC - A | Stock-Financials | 0.48% | — | +19.27% | |
| 41 | ADI | Analog Devices INC | Stock-Tech | 0.47% | +0.21% | +53.19% | |
| 42 | CSCO | Cisco Systems INC | Stock-Tech | 0.46% | — | +2.99% | |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.45% | — | +1.18% | |
| 44 | GEV | GE Vernova INC | Stock-Industrials | 0.43% | — | -17.27% | |
| 45 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.42% | +0.08% | +1.69% | |
| 46 | GLDM | Spdr Gold Minishares Trust | ETF-Commodities | 0.41% | +0.14% | +35.60% | |
| 47 | INTC | Intel CORP | Stock-Tech | 0.40% | +0.09% | +7.14% | |
| 48 | RSG | Republic Services INC | Stock-Industrials | 0.40% | +0.33% | +406.33% | |
| 49 | KLAC | Kla CORP | Stock-Tech | 0.38% | +0.08% | +1.50% | |
| 50 | ORCL | Oracle CORP | Stock-Tech | 0.37% | -0.09% | +4.52% |
Performance for Q3 2026
+4%
Performance Last 4 Quarters
+24.6%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 666 | $18.9B | 16 | |
| 2025-12-31 | 669 | $19.2B | 15 | |
| 2025-09-30 | 667 | $18.1B | 39 | |
| 2025-06-30 | 695 | $17.1B | 0 | |
| 2025-03-31 | 728 | $15.4B | 100 | |
| 2024-12-31 | 741 | $16.4B | 0 | |
| 2024-09-30 | 749 | $15.8B | 0 | |
| 2024-06-30 | 756 | $15.1B | 0 | |
| 2024-03-31 | 762 | $14.4B | 0 | |
| 2023-12-31 | 742 | $12.4B | 0 | |
| 2023-09-30 | 766 | $11.3B | 0 | |
| 2023-06-30 | 766 | $11.6B | 0 | |
| 2023-03-31 | 752 | $11.2B | 0 | |
| 2022-12-31 | 747 | $10.5B | 0 | |
| 2022-09-30 | 743 | $9.5B | 0 | |
| 2022-06-30 | 744 | $10.0B | 0 | |
| 2022-03-31 | 758 | $11.5B | 0 | |
| 2021-12-31 | 763 | $13.1B | 0 | |
| 2021-09-30 | 757 | $11.8B | 0 | |
| 2021-06-30 | 763 | $11.4B | 94 | |
| 2021-03-31 | 742 | $10.1B | 58 | |
| 2020-12-31 | 728 | $6.7B | 20 | |
| 2020-09-30 | 726 | $5.9B | 28 | |
| 2020-06-30 | 725 | $5.2B | 31 | |
| 2020-03-31 | 725 | $3.9B | 26 | |
| 2019-12-31 | 736 | $4.5B | 100 | |
| 2019-09-30 | 732 | $4.0B | 0 | |
| 2019-06-30 | 744 | $4.0B | 16 | |
| 2019-03-31 | 727 | $3.8B | 19 | |
| 2018-12-31 | 716 | $3.3B | 22 | |
| 2018-09-30 | 719 | $3.7B | 14 | |
| 2018-06-30 | 719 | $3.4B | 16 | |
| 2018-03-31 | 719 | $3.2B | 12 | |
| 2017-12-31 | 719 | $3.3B | 0 |
Nissay Asset Management CORP /japan's most significant position changes for 2026-03-31: Sold out: Global X Nasd 100 Cov Call (QYLD); Sold out: Global X S&p 500 Cove Call E (XYLD); New buy: Ishares Jp Morgan Usd Emergi (EMB); New buy: Ishares Semiconductor ETF (SOXX); Trim: Microsoft CORP (MSFT) — shares -4.03%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XLF | Ss Financial Select Sector | +0.8% | +57.42% | Add |
| 2 | GE | General Electric | +0.4% | +178.64% | Add |
| 3 | VOO | Vanguard S&p 500 ETF | +0.4% | +49.58% | Add |
| 4 | WMT | Walmart INC | +0.3% | +37.25% | Add |
| 5 | RSG | Republic Services INC | +0.3% | +406.33% | Add |
| 6 | QQQM | Invesco Nasdaq 100 ETF | +0.3% | +42.03% | Add |
| 7 | PNC | Pnc Financial Services Group | +0.3% | +443.90% | Add |
| 8 | COST | Costco Wholesale CORP | +0.3% | +24.24% | Add |
| 9 | ADI | Analog Devices INC | +0.2% | +53.19% | Add |
| 10 | MU | Micron Technology INC | +0.2% | +9.75% | Add |
| 11 | AMAT | Applied Materials INC | +0.2% | -7.53% | Trim |
| 12 | XOM | Exxon Mobil CORP | +0.2% | +0.44% | Add |
| 13 | GLDM | Spdr Gold Minishares Trust | +0.1% | +35.60% | Add |
| 14 | LRCX | Lam Research CORP | +0.1% | -1.38% | Trim |
| 15 | INTC | Intel CORP | +0.1% | +7.14% | Add |
| 16 | MAR | Marriott International -cl A | +0.1% | +62.17% | Add |
| 17 | JNJ | Johnson & Johnson | +0.1% | +1.69% | Add |
| 18 | KLAC | Kla CORP | +0.1% | +1.50% | Add |
| 19 | CVX | Chevron CORP | +0.1% | +0.09% | Add |
| 20 | MRVL | Marvell Technology INC | +0.1% | +15.25% | Add |
| 21 | NVDA | Nvidia CORP | 0% | +4.27% | Add |
| 22 | KOKU | Xtrackers Msci Kokusai Eqty | 0% | +1.67% | Add |
| 23 | GOOG | Alphabet Inc-cl C | -0.1% | +2.40% | Add |
| 24 | LLY | Eli Lilly & Co | -0.1% | +6.63% | Add |
| 25 | ADBE | Adobe INC | -0.1% | +1.66% | Add |
| 26 | TSLA | Tesla INC | -0.1% | +13.35% | Add |
| 27 | QQQ | Invesco Qqq Trust Series 1 | -0.1% | — | Unchanged |
| 28 | XLK | Ss Technology Select Sector | -0.1% | — | Unchanged |
| 29 | ORCL | Oracle CORP | -0.1% | +4.52% | Add |
| 30 | PLTR | Palantir Technologies Inc-a | -0.1% | +2.14% | Add |
| 31 | APP | Applovin Corp-class A | -0.1% | +2.29% | Add |
| 32 | AAPL | Apple INC | -0.1% | +2.52% | Add |
| 33 | META | Meta Platforms Inc-class A | -0.1% | +6.87% | Add |
| 34 | DE | Deere & Co | -0.1% | -47.60% | Trim |
| 35 | XLP | Ss Consumer Staples Sel Sect | -0.1% | -22.59% | Trim |
| 36 | SPYM | Ste Str Spdr Pt S&p 500 ETF | -0.1% | — | Unchanged |
| 37 | VTI | Vanguard Total Stock Mkt ETF | -0.2% | — | Unchanged |
| 38 | JPM | Jpmorgan Chase & Co | -0.2% | -15.10% | Trim |
| 39 | GS | Goldman Sachs Group INC | -0.2% | -36.57% | Trim |
| 40 | AVGO | Broadcom INC | -0.2% | +1.75% | Add |
| 41 | INTU | Intuit INC | -0.2% | -32.00% | Trim |
| 42 | ROK | Rockwell Automation INC | -0.2% | -71.12% | Trim |
| 43 | APH | Amphenol Corp-cl A | -0.3% | -28.87% | Trim |
| 44 | TMO | Thermo Fisher Scientific INC | -0.3% | -50.48% | Trim |
| 45 | XLV | Ss Health Care Select Sector | -0.4% | -13.21% | Trim |
| 46 | MSFT | Microsoft CORP | -1.1% | -4.03% | Trim |
| 47 | QYLD | Global X Nasd 100 Cov Call | — | EXIT | Sold out |
| 48 | XYLD | Global X S&p 500 Cove Call E | — | EXIT | Sold out |
| 49 | EMB | Ishares Jp Morgan Usd Emergi | — | NEW | New buy |
| 50 | SOXX | Ishares Semiconductor ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-20 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-27 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2020-02-14 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-03 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-30 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-08 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
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