VM
Varma Mutual Pension Insurance Co SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Varma Mutual Pension Insurance CoCIK: 0001698484
Diversified strategyMomentum follower
Total reported value
$18.9B
Reporting period: 2026-06-30 · Number of holdings: 313
Varma Mutual Pension Insurance Co disclosed 313 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $18.9B and a quarterly turnover rate of 40.0%.
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Personality snowflake
- Concentration
- 16.29
- Portfolio Stability
- 39.95
- Momentum
- 100
- Sector conviction
- 61.29
- Diversification
- 100
- Sizing Uniformity
- 65.68
Varma Mutual Pension Insurance Co's disclosed holdings carry a Herfindahl concentration index of 0.041 — mathematically equivalent to about 25 equally-sized positions, well below its 313 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 3.43), 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 55% 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.govTrim XLE
-91.5% -$798.2M
Add KLMN
+46.7% $1.0B
New buy RSP
Trim IGV
-25.1% -$248.2M
New buy 00461E107
Sold out KWEB
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
This quarter reads as deliberate capital rotation rather than passive drift: Varma sold out of QQQ, KWEB and VCIT outright, cut XLE from 5.05% to a 0.34% residual and trimmed IGV from 9.56% to 7.32%, freeing roughly 11 percentage points among the top changes alone, then redeployed about 9 points into three lines — a 4.6-point add lifting KLMN to 13.38%, now the largest disclosed position, a new 3.01% stake in equal-weight RSP, and an unidentified 1.48% new buy. With turnover near 40% across 313 holdings, the pattern suggests consolidation out of broad cap-weighted and sector ETF sleeves into fewer, larger positions — active repositioning, not index beta doing the work.
Macro & Fundamentals
Flagged as inference from a single quarter with partial coverage: swapping cap-weighted mega-cap beta (QQQ exit, IGV trim) for equal-weight breadth (RSP initiation) appears consistent with the broader-market rotation away from narrow index leadership, while the near-full XLE exit and KWEB liquidation line up with reduced energy and China-internet allocations. That said, sector mapping covers only ~55% of reported value and IT still holds 39% of the mapped book, so the more defensible read is index-level de-concentration rather than a tech exit — directional alignment, not a confirmed causal claim.
Blind Spots / Risks
The sharpest vulnerability sits inside the diversification statistics: assuming portfolio-level weights, KLMN alone contributes roughly 44% of the fund's HHI (0.134² ≈ 0.018 against a total of 0.041), meaning the effective breadth of only ~25 positions rests disproportionately on one line that jumped 4.6 points in a single quarter — and with sector data covering barely half of reported value, the composition of the unmapped remainder is simply unknowable from this filing, a transparency gap that is itself a risk.
Generated by AI directly from this institution's Form 13F disclosures on SEC EDGAR. Reflects historical positioning only and should not be treated as investment advice — the original filing is linked below for verification. 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 313 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | KLMN | Invesco Msci N Amr Climt ETF | ETF-Other | 13.38% | +4.60% | +46.74% | |
| 2 | KLMT | Invesco Msci Gl Clm 500 ETF | ETF-Other | 8.22% | +0.28% | — | |
| 3 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 7.32% | -2.24% | -25.10% | |
| 4 | EMCS | Xtracke Msci Emer Ms Etf-usd | ETF-Other | 5.13% | +0.64% | — | |
| 5 | NVDA | Nvidia CORP | Stock-Tech | 4.16% | +0.16% | +0.31% | |
| 6 | AAPL | Apple Inc | Stock-Tech | 3.81% | +0.06% | -1.27% | |
| 7 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 3.01% | +3.01% | NEW | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.97% | +0.27% | -1.97% | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 2.26% | -0.28% | -2.31% | |
| 10 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.17% | +0.15% | +3.90% | |
| 11 | LCTU | Ishares U.s. Carbon Transiti | ETF-Other | 2.05% | +0.06% | — | |
| 12 | ✓ | Invesco Qqq Tr | Stock-Other | 1.48% | +1.48% | NEW | |
| 13 | AVGO | Broadcom Inc | Stock-Tech | 1.28% | +0.15% | +3.20% | |
| 14 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.12% | -0.16% | -1.79% | |
| 15 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.94% | +0.22% | +2.25% | |
| 16 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.92% | +0.02% | -0.07% | |
| 17 | MU | Micron Technology Inc | Stock-Tech | 0.84% | +0.50% | -18.82% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.80% | +0.02% | +2.42% | |
| 19 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.74% | +0.10% | -1.70% | |
| 20 | AMD | Advanced Micro Devices | Stock-Tech | 0.71% | +0.42% | -5.02% | |
| 21 | V | Visa Inc-class A Shares | Stock-Financials | 0.55% | +0.03% | +3.09% | |
| 22 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.52% | -0.03% | +1.39% | |
| 23 | AMAT | Applied Materials Inc | Stock-Tech | 0.52% | +0.21% | -14.11% | |
| 24 | XOM | Exxon Mobil CORP | Stock-Energy | 0.48% | -0.18% | +0.66% | |
| 25 | INTC | Intel CORP | Stock-Tech | 0.48% | +0.30% | -5.94% | |
| 26 | INDA | Ishares Msci India ETF | ETF-Other | 0.47% | +0.30% | +196.77% | |
| 27 | LRCX | Lam Research CORP | Stock-Tech | 0.46% | +0.16% | -16.84% | |
| 28 | VWOB | Vanguard Emerg Mkts Gov Bnd | ETF-Other | 0.45% | -0.03% | — | |
| 29 | EMLC | Vaneck JPM Em Local Curr Bnd | ETF-Other | 0.42% | -0.04% | — | |
| 30 | CAT | Caterpillar Inc | Stock-Industrials | 0.42% | +0.10% | -3.01% | |
| 31 | WMT | Walmart Inc | Stock-Consumer Staples | 0.41% | -0.07% | +2.25% | |
| 32 | MA | Mastercard Inc - A | Stock-Financials | 0.41% | -0.02% | +1.21% | |
| 33 | CSCO | Cisco Systems Inc | Stock-Tech | 0.39% | +0.11% | +2.34% | |
| 34 | VCEB | Vanguard Esg US CORP Bond | ETF-Corp Bonds | 0.37% | -0.04% | — | |
| 35 | BAC | Bank Of America CORP | Stock-Financials | 0.37% | +0.03% | +1.11% | |
| 36 | ABBV | Abbvie Inc | Stock-Healthcare | 0.36% | +0.02% | +1.39% | |
| 37 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.36% | +0.04% | — | |
| 38 | KLAC | Kla CORP | Stock-Tech | 0.36% | +0.09% | +619.03% | |
| 39 | XLE | Ss Energy Select Sector | ETF-Other | 0.34% | -4.71% | -91.49% | |
| 40 | HD | Home Depot Inc | Stock-Consumer Disc | 0.32% | +0.03% | +15.46% | |
| 41 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.32% | +0.10% | +4.71% | |
| 42 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.32% | -0.05% | — | |
| 43 | GE | General Electric | Stock-Industrials | 0.30% | +0.01% | -11.68% | |
| 44 | KSTR | Kraneshares Sse Star Mkt 50 | ETF-Other | 0.30% | +0.19% | +67.27% | |
| 45 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.30% | +0.03% | +0.36% | |
| 46 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.29% | -0.03% | -2.64% | |
| 47 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.29% | -0.03% | -6.32% | |
| 48 | ECH | Ishares Msci Chile ETF | ETF-Other | 0.27% | -0.03% | — | |
| 49 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.27% | -0.02% | -1.79% | |
| 50 | CVX | Chevron CORP | Stock-Energy | 0.27% | -0.10% | +0.26% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+23.8%
- Stdev
- +13%
- Beta
- +0.99
- Alpha
- 0%
- Max Drawdown
- -6.9%
- Annualized Perf
- +20.8%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +3.22
- Stutzer
- +0.45
- Treynor
- +0.2
- Sterling
- +1.35
- Calmar
- +2.99
- Information Ratio
- -0.07
- Tracking Error
- +2.4%
- Stdev Down
- +6.2%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +35.1%
- Worst 12 Months
- +6.7%
- Efficiency Ratio
- +0.64
- Sharpe
- +1.52
- Stdev Sectors
- +10.2%
- Skewness
- +0.1
- Kurtosis
- -0.19
- Upside Potential
- +4.82
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 313 | $18.9B | 40 | ||
| 2026 Q1 | 319 | $17.1B | 42 | ||
| 2025 Q4 | 308 | $16.5B | 24 | ||
| 2025 Q3 | 312 | $15.6B | 38 | ||
| 2025 Q2 | 309 | $13.6B | 0 | ||
| 2025 Q1 | 320 | $11.6B | 100 | ||
| 2024 Q4 | 322 | $13.2B | 0 | ||
| 2024 Q3 | 317 | $12.6B | 0 | ||
| 2024 Q2 | 346 | $12.4B | 0 | ||
| 2024 Q1 | 355 | $11.5B | 0 | ||
| 2023 Q4 | 280 | $8.9B | 0 | ||
| 2023 Q3 | 210 | $8.3B | 0 | ||
| 2023 Q2 | 214 | $8.4B | 0 | ||
| 2023 Q1 | 215 | $8.2B | 0 | ||
| 2022 Q4 | 230 | $7.1B | 0 | ||
| 2022 Q3 | 205 | $5.9B | 0 | ||
| 2022 Q2 | 190 | $6.2B | 0 | ||
| 2022 Q1 | 205 | $8.6B | 0 | ||
| 2021 Q4 | 217 | $6.9B | 0 | ||
| 2021 Q3 | 224 | $6.6B | 0 | ||
| 2021 Q2 | 228 | $6.8B | 100 | ||
| 2021 Q1 | 234 | $6.9B | 95 | ||
| 2020 Q4 | 201 | $5.7B | 100 | ||
| 2020 Q3 | 181 | $3.6B | 88 | ||
| 2020 Q2 | 152 | $4.3B | 100 | ||
| 2020 Q1 | 88 | $3.3B | 90 | ||
| 2019 Q4 | 72 | $5.2B | 49 | ||
| 2019 Q3 | 68 | $6.5B | 62 | ||
| 2019 Q2 | 64 | $5.0B | 74 | ||
| 2019 Q1 | 56 | $5.6B | 100 | ||
| 2018 Q4 | 48 | $2.1B | 99 | ||
| 2018 Q3 | 90 | $3.4B | 67 | ||
| 2018 Q2 | 85 | $4.2B | 81 | ||
| 2018 Q1 | 85 | $6.6B | 48 | ||
| 2017 Q4 | 85 | $6.6B | — |
Holding changes this quarter
Varma Mutual Pension Insurance Co's most significant position changes for 2026-06-30: New buy: Invesco S&p 500 Equal Weight (RSP); New buy: Invesco Qqq Tr; Sold out: Kranesh Csi China Internet (KWEB); Sold out: Invesco Qqq Trust Series 1 (QQQ); Sold out: Vanguard Int-term Corporate (VCIT).
Showing top 200 changes by size (of 359 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KLMN | Invesco Msci N Amr Climt ETF | +4.6% | +46.74% | Add |
| 2 | RSP | Invesco S&p 500 Equal Weight | +3% | NEW | New buy |
| 3 | ✓ | Invesco Qqq Tr | +1.5% | NEW | New buy |
| 4 | EMCS | Xtracke Msci Emer Ms Etf-usd | +0.6% | — | Unchanged |
| 5 | MU | Micron Technology Inc | +0.5% | -18.82% | Trim |
| 6 | AMD | Advanced Micro Devices | +0.4% | -5.02% | Trim |
| 7 | INDA | Ishares Msci India ETF | +0.3% | +196.77% | Add |
| 8 | INTC | Intel CORP | +0.3% | -5.94% | Trim |
| 9 | KLMT | Invesco Msci Gl Clm 500 ETF | +0.3% | — | Unchanged |
| 10 | GOOGL | Alphabet Inc-cl A | +0.3% | -1.97% | Trim |
| 11 | PM | Philip Morris International | +0.2% | NEW | New buy |
| 12 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | +2.25% | Add |
| 13 | ✓ | Rtx Corporation | +0.2% | NEW | New buy |
| 14 | AMAT | Applied Materials Inc | +0.2% | -14.11% | Trim |
| 15 | KSTR | Kraneshares Sse Star Mkt 50 | +0.2% | +67.27% | Add |
| 16 | NVDA | Nvidia CORP | +0.2% | +0.31% | Add |
| 17 | LRCX | Lam Research CORP | +0.2% | -16.84% | Trim |
| 18 | AMZN | Amazon.com Inc | +0.2% | +3.90% | Add |
| 19 | AVGO | Broadcom Inc | +0.2% | +3.20% | Add |
| 20 | MRVL | Marvell Technology Inc | +0.1% | -0.40% | Trim |
| 21 | BA | Boeing Co/the | +0.1% | NEW | New buy |
| 22 | CSCO | Cisco Systems Inc | +0.1% | +2.34% | Add |
| 23 | MO | Altria Group Inc | +0.1% | NEW | New buy |
| 24 | ✓ | Quanta Svcs Inc | +0.1% | NEW | New buy |
| 25 | LLY | Eli Lilly & Co | +0.1% | -1.70% | Trim |
| 26 | CAT | Caterpillar Inc | +0.1% | -3.01% | Trim |
| 27 | UNH | Unitedhealth Group Inc | +0.1% | +4.71% | Add |
| 28 | PANW | Palo Alto Networks Inc | +0.1% | +2.99% | Add |
| 29 | DELL | Dell Technologies -c | +0.1% | +42.11% | Add |
| 30 | LMT | Lockheed Martin CORP | +0.1% | NEW | New buy |
| 31 | TER | Teradyne Inc | +0.1% | NEW | New buy |
| 32 | KLAC | Kla CORP | +0.1% | +619.03% | Add |
| 33 | TXN | Texas Instruments Inc | +0.1% | +16.91% | Add |
| 34 | FTNT | Fortinet, Inc. | +0.1% | NEW | New buy |
| 35 | ✓ | Travelers Companies Inc | +0.1% | NEW | New buy |
| 36 | COHR | Coherent CORP | +0.1% | NEW | New buy |
| 37 | FIX | Comfort Systems USA Inc | +0.1% | NEW | New buy |
| 38 | GD | General Dynamics CORP | +0.1% | NEW | New buy |
| 39 | FLEX | Flex Ltd. | +0.1% | NEW | New buy |
| 40 | LITE | Lumentum Holdings Inc | +0.1% | NEW | New buy |
| 41 | LHX | L3harris Technologies Inc | +0.1% | NEW | New buy |
| 42 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | +1.46% | Add |
| 43 | STX | Seagate Technology Holdings plc | +0.1% | -24.49% | Trim |
| 44 | WDC | Western Digital CORP | +0.1% | -27.33% | Trim |
| 45 | ALAB | Astera Labs Inc | +0.1% | NEW | New buy |
| 46 | ✓ | +0.1% | NEW | New buy | |
| 47 | ✓ | +0.1% | NEW | New buy | |
| 48 | BE | Bloom Energy Corp- A | +0.1% | NEW | New buy |
| 49 | HPE | Hewlett Packard Enterprise | +0.1% | NEW | New buy |
| 50 | ✓ | Cencora Inc | +0.1% | NEW | New buy |
1–50 of 200
* 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.
Filing History
FAQ
What is Varma Mutual Pension Insurance Co and what type of investor is it?
Varma Mutual Pension Insurance Co 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 $18.9B, spread across 313 disclosed positions.
What are Varma Mutual Pension Insurance Co's largest equity positions?
Based on the latest 13F filing, Varma Mutual Pension Insurance Co's top holdings by market value are:
1. Invesco Msci N Amr Climt ETF (KLMN) — $2.5B (13.4%)
2. Invesco Msci Gl Clm 500 ETF (KLMT) — $1.6B (8.2%)
3. Ishares Expanded Tech-softwa (IGV) — $1.4B (7.3%)
4. Xtracke Msci Emer Ms Etf-usd (EMCS) — $967.3M (5.1%)
5. Nvidia CORP (NVDA) — $784.5M (4.2%)
What changes did Varma Mutual Pension Insurance Co make in its most recent portfolio filing?
In the latest reported quarter, Varma Mutual Pension Insurance Co made 195 notable position adjustments: 40 new positions were initiated, 58 existing holdings were added to, 53 positions were partially reduced, and 44 were completely exited. The largest of these moves: New buy: Invesco S&p 500 Equal Weight (RSP); New buy: Invesco Qqq Tr; Sold out: Kranesh Csi China Internet (KWEB); Sold out: Invesco Qqq Trust Series 1 (QQQ); Sold out: Vanguard Int-term Corporate (VCIT)
What sectors does Varma Mutual Pension Insurance Co focus on?
Varma Mutual Pension Insurance Co is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 39.0%
• Financials: 12.7%
• Communication Services: 10.0%
• Consumer Discretionary: 9.5%
• Health Care: 8.2%
• Industrials: 7.8%
Investment Profile
Varma Mutual Pension Insurance Co returned an annualized 20.8% over the trailing 36 months — outperforming the S&P 500 by 0.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.99 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 39.0% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 40 over the past 4 quarters — a shift toward more active trading.
It has added to its EMCS position over the past two quarters (+$338.0M, now $967.3M), while trimming MSFT over the same stretch (-$125.5M, still holding $425.6M).
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Developer Access
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REST API
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