PP
PFA Pension, Forsikringsaktieselskab 13F Portfolio & Top Holdings (Q2 2026)
PFA Pension, ForsikringsaktieselskabCIK: 0001730073
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$39.4B
Reporting period: 2026-06-30 · Number of holdings: 419
PFA Pension, Forsikringsaktieselskab disclosed 419 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $39.4B and a quarterly turnover rate of 37.3%.
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Personality snowflake
- Concentration
- 7.34
- Portfolio Stability
- 37.31
- Momentum
- 100
- Sector conviction
- 64.88
- Diversification
- 100
- Sizing Uniformity
- 74.11
PFA Pension, Forsikringsaktieselskab's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 54 equally-sized positions, well below its 419 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 2.59), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
+7.4% $563.4M
Add AMD
+2.4% $382.1M
Add INTC
+0.7% $246.9M
Add AMAT
+14.2% $237.7M
Trim MSFT
+4.9% $86.9M
Add LRCX
-5.7% $191.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
For the quarter ended June 30, 2026, PFA Pension maintained an exceptionally granular book — 419 names, an HHI of just 0.018, turnover near 37% — yet all eight of its largest disclosed changes were active adds, and the cluster sits squarely in the semiconductor complex: Micron's weight nearly tripled (0.64%→1.97%), while AMD (0.60%→1.47%), Intel (0.34%→0.91%) and Applied Materials (0.51%→1.03%) all expanded two-to-three-fold, consistent with capital rotation into memory, foundry and equipment rather than deeper concentration in the AI accelerator leader; both Alphabet share classes saw modest adds. Nvidia and Apple were also added on a share-count basis, but their weights edged down (7.46%→7.23%; 6.59%→6.54%), suggesting dilution from stronger performance elsewhere in the book. With no share-change percentages disclosed, the true size of each add can only be inferred from weights, and no trim or exit activity appears in this data slice.
Macro & Fundamentals
These flows appear to line up with the market-wide broadening of the AI infrastructure trade beyond the dominant GPU vendor into memory, semicap equipment and foundry — an inference drawn from positioning alone, not a confirmed causal driver. Tellingly, the portfolio's aggregate momentum tilt is essentially flat at +0.27 percentage points, so the semiconductor adds read as a targeted deviation from an otherwise benchmark-tracking structure; the 40.3% information-technology weight largely mirrors index-level tech dominance, with financials (13.3%) a distant second.
Blind Spots / Risks
The sharpest vulnerability is a crowded-trade dynamic concealed by headline diversification: 419 holdings offer limited protection when 40% of assets sit in one sector, and the fastest-growing positions are historically high-beta, cycle-exposed memory and equipment names. A weight that tripled in a single quarter (Micron) leaves thin margins for error on cycle timing, and if the AI capex narrative cracks, second-tier semis are prone to positioning squeezes with thinner liquidity support than mega-caps — neither outcome assessable from holdings data alone.
Produced with AI assistance from this institution's Form 13F data on SEC EDGAR. Historical only; not a personalized investment recommendation — the original 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
Showing top 200 holdings (of 419 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.23% | -0.23% | +0.04% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 6.54% | -0.05% | +3.19% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.09% | -0.50% | +4.89% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.25% | -0.12% | -0.01% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.23% | +0.21% | +2.11% | |
| 6 | AVGO | Broadcom Inc | Stock-Tech | 2.65% | +0.16% | +3.22% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.57% | +0.18% | +3.25% | |
| 8 | MU | Micron Technology Inc | Stock-Tech | 1.97% | +1.33% | +7.36% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.88% | -0.22% | +7.76% | |
| 10 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.76% | -0.08% | +0.26% | |
| 11 | AMD | Advanced Micro Devices | Stock-Tech | 1.47% | +0.87% | +2.40% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.47% | +0.19% | +4.34% | |
| 13 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.29% | -0.01% | +5.47% | |
| 14 | AMAT | Applied Materials Inc | Stock-Tech | 1.03% | +0.52% | +14.16% | |
| 15 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.02% | -0.09% | +5.73% | |
| 16 | LRCX | Lam Research CORP | Stock-Tech | 1.02% | +0.39% | -5.69% | |
| 17 | INTC | Intel CORP | Stock-Tech | 0.91% | +0.57% | +0.74% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.90% | +0.01% | +5.97% | |
| 19 | CSCO | Cisco Systems Inc | Stock-Tech | 0.89% | +0.27% | +12.09% | |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.86% | -0.12% | -0.32% | |
| 21 | WMT | Walmart Inc | Stock-Consumer Staples | 0.77% | -0.17% | +6.98% | |
| 22 | ABBV | Abbvie Inc | Stock-Healthcare | 0.75% | +0.03% | +7.45% | |
| 23 | KLAC | Kla CORP | Stock-Tech | 0.72% | +0.30% | +888.88% | |
| 24 | MA | Mastercard Inc - A | Stock-Financials | 0.72% | -0.04% | +10.19% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.62% | -0.11% | +8.05% | |
| 26 | GE | General Electric | Stock-Industrials | 0.62% | +0.06% | -0.04% | |
| 27 | BAC | Bank Of America CORP | Stock-Financials | 0.56% | -0.01% | -0.06% | |
| 28 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.51% | +0.13% | +2.92% | |
| 29 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.50% | +0.02% | +2.15% | |
| 30 | GEV | GE Vernova Inc | Stock-Industrials | 0.48% | +0.05% | -2.84% | |
| 31 | NFLX | Netflix Inc | Stock-Comm Services | 0.47% | -0.22% | +8.67% | |
| 32 | IBM | Intl Business Machines CORP | Stock-Tech | 0.46% | +0.03% | +11.02% | |
| 33 | LIN | Linde plc | Stock-Materials | 0.46% | -0.13% | -12.12% | |
| 34 | MRVL | Marvell Technology Inc | Stock-Tech | 0.45% | +0.29% | +11.56% | |
| 35 | HD | Home Depot Inc | Stock-Consumer Disc | 0.45% | -0.04% | -0.03% | |
| 36 | TXN | Texas Instruments Inc | Stock-Tech | 0.44% | +0.16% | +21.87% | |
| 37 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.44% | -0.09% | -8.62% | |
| 38 | WDC | Western Digital CORP | Stock-Tech | 0.43% | +0.17% | -17.13% | |
| 39 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.39% | -0.15% | +5.98% | |
| 40 | AXP | American Express Co | Stock-Financials | 0.38% | -0.01% | +3.12% | |
| 41 | STX | Seagate Technology Holdings plc | Stock-Tech | 0.38% | +0.20% | -1.78% | |
| 42 | MS | Morgan Stanley | Stock-Financials | 0.37% | +0.05% | +8.91% | |
| 43 | ED | Consolidated Edison Inc | Stock-Utilities | 0.37% | -0.05% | +7.24% | |
| 44 | VZ | Verizon Communications Inc | Stock-Comm Services | 0.37% | -0.09% | +14.02% | |
| 45 | ORCL | Oracle CORP | Stock-Tech | 0.37% | -0.06% | +1.69% | |
| 46 | C | Citigroup Inc | Stock-Financials | 0.37% | -0.04% | -13.63% | |
| 47 | APH | Amphenol Corp-cl A | Stock-Tech | 0.37% | +0.07% | +4.61% | |
| 48 | CB | Chubb Limited | Stock-Financials | 0.35% | +0.10% | +62.15% | |
| 49 | T | At&t Inc | Stock-Comm Services | 0.35% | -0.11% | +25.75% | |
| 50 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.34% | -0.06% | +1.37% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+13.3%
- Stdev
- +19.5%
- Beta
- +1.04
- Alpha
- +1.1%
- Max Drawdown
- -1.1%
- Annualized Perf
- +28.4%
- Batting Avg vs S&P
- +66.7%
- Sortino
- +3.5
- Stutzer
- +0.45
- Treynor
- +0.26
- Sterling
- —
- Calmar
- +26.42
- Information Ratio
- +1.76
- Tracking Error
- +1.2%
- Stdev Down
- +7.7%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.51
- Sharpe
- +1.38
- Stdev Sectors
- +10.7%
- Skewness
- +0.27
- Kurtosis
- -0.78
- Upside Potential
- +5.17
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
PFA Pension, Forsikringsaktieselskab's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: Cms Energy CORP (CMS); New buy: US Bancorp (USB); New buy: Citizens Financial Group (CFG); New buy: Entergy CORP (ETR).
Showing top 200 changes by size (of 446 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.3% | +7.36% | Add |
| 2 | AMD | Advanced Micro Devices | +0.9% | +2.40% | Add |
| 3 | INTC | Intel CORP | +0.6% | +0.74% | Add |
| 4 | AMAT | Applied Materials Inc | +0.5% | +14.16% | Add |
| 5 | LRCX | Lam Research CORP | +0.4% | -5.69% | Trim |
| 6 | KLAC | Kla CORP | +0.3% | +888.88% | Add |
| 7 | MRVL | Marvell Technology Inc | +0.3% | +11.56% | Add |
| 8 | CSCO | Cisco Systems Inc | +0.3% | +12.09% | Add |
| 9 | CMS | Cms Energy CORP | +0.2% | NEW | New buy |
| 10 | USB | US Bancorp | +0.2% | NEW | New buy |
| 11 | ITW | Illinois Tool Works | +0.2% | +1345.07% | Add |
| 12 | GOOGL | Alphabet Inc-cl A | +0.2% | +2.11% | Add |
| 13 | STX | Seagate Technology Holdings plc | +0.2% | -1.78% | Trim |
| 14 | CFG | Citizens Financial Group | +0.2% | NEW | New buy |
| 15 | LLY | Eli Lilly & Co | +0.2% | +4.34% | Add |
| 16 | ETR | Entergy CORP | +0.2% | NEW | New buy |
| 17 | RF | Regions Financial CORP | +0.2% | NEW | New buy |
| 18 | STT | State Street CORP | +0.2% | NEW | New buy |
| 19 | GOOG | Alphabet Inc-cl C | +0.2% | +3.25% | Add |
| 20 | FLEX | Flex Ltd. | +0.2% | +46.11% | Add |
| 21 | HIG | Hartford Insurance Group Inc | +0.2% | +4053.39% | Add |
| 22 | KIM | Kimco Realty CORP | +0.2% | +744.83% | Add |
| 23 | WDC | Western Digital CORP | +0.2% | -17.13% | Trim |
| 24 | NDSN | Nordson CORP | +0.2% | NEW | New buy |
| 25 | AVGO | Broadcom Inc | +0.2% | +3.22% | Add |
| 26 | TXN | Texas Instruments Inc | +0.2% | +21.87% | Add |
| 27 | AME | Ametek Inc | +0.2% | +101.47% | Add |
| 28 | ✓ | +0.2% | NEW | New buy | |
| 29 | DELL | Dell Technologies -c | +0.2% | -11.20% | Trim |
| 30 | O | Realty Income CORP | +0.2% | NEW | New buy |
| 31 | MKL | Markel Group Inc | +0.2% | NEW | New buy |
| 32 | ROST | Ross Stores Inc | +0.1% | +820.78% | Add |
| 33 | KEY | Keycorp | +0.1% | NEW | New buy |
| 34 | UNH | Unitedhealth Group Inc | +0.1% | +2.92% | Add |
| 35 | GWW | Ww Grainger Inc | +0.1% | +2304.79% | Add |
| 36 | CINF | Cincinnati Financial CORP | +0.1% | +133.84% | Add |
| 37 | EMR | Emerson Electric Co | +0.1% | NEW | New buy |
| 38 | ✓ | +0.1% | NEW | New buy | |
| 39 | FTV | Fortive CORP | +0.1% | NEW | New buy |
| 40 | ✓ | +0.1% | NEW | New buy | |
| 41 | MTB | M & T Bank CORP | +0.1% | +237.62% | Add |
| 42 | TDY | Teledyne Technologies Inc | +0.1% | NEW | New buy |
| 43 | GLPI | Gaming And Leisure Propertie | +0.1% | NEW | New buy |
| 44 | CW | Curtiss-wright CORP | +0.1% | NEW | New buy |
| 45 | WELL | Welltower Inc | +0.1% | +549.29% | Add |
| 46 | GLW | Corning Inc | +0.1% | -1.75% | Trim |
| 47 | BE | Bloom Energy Corp- A | +0.1% | NEW | New buy |
| 48 | CIEN | Ciena CORP | +0.1% | NEW | New buy |
| 49 | BDX | Becton Dickinson And Co | +0.1% | NEW | New buy |
| 50 | NDAQ | Nasdaq Inc | +0.1% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is PFA Pension, Forsikringsaktieselskab and what type of investor is it?
PFA Pension, Forsikringsaktieselskab 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 $39.4B, spread across 419 disclosed positions.
What are PFA Pension, Forsikringsaktieselskab's largest equity positions?
Based on the latest 13F filing, PFA Pension, Forsikringsaktieselskab's top holdings by market value are:
1. Nvidia CORP (NVDA) — $2.8B (7.2%)
2. Apple Inc (AAPL) — $2.6B (6.5%)
3. Microsoft CORP (MSFT) — $1.6B (4.1%)
4. Amazon.com Inc (AMZN) — $1.3B (3.3%)
5. Alphabet Inc-cl A (GOOGL) — $1.3B (3.2%)
What changes did PFA Pension, Forsikringsaktieselskab make in its most recent portfolio filing?
In the latest reported quarter, PFA Pension, Forsikringsaktieselskab made 200 notable position adjustments: 49 new positions were initiated, 71 existing holdings were added to, 71 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: Cms Energy CORP (CMS); New buy: US Bancorp (USB); New buy: Citizens Financial Group (CFG); New buy: Entergy CORP (ETR)
What sectors does PFA Pension, Forsikringsaktieselskab focus on?
PFA Pension, Forsikringsaktieselskab is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 40.3%
• Financials: 13.3%
• Communication Services: 10.3%
• Consumer Discretionary: 9.1%
• Health Care: 9.0%
• Industrials: 8.2%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
PFA Pension, Forsikringsaktieselskab returned an annualized 28.4% over the trailing 6 months — outperforming the S&P 500 by 1.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.04 (roughly in line with the market) and a 67% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 40.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 37 over the past 2 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$589.8M, now $774.5M), while trimming HLT over the same stretch (-$110.4M, still holding $338.7K).
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