CIK: 0001608046
Total reported value
$131.7B
Reporting period: 2026-03-31 · Number of holdings: 562
National Pension Service disclosed 562 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $131.7B and a quarterly turnover rate of 13.1%.
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National Pension Service's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 59 equally-sized positions, well below its 562 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 2.92), 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
+2.8% -$1.5B
Add XOM
+1.8% $488.5M
Trim TSLA
+3.8% -$361.3M
Trim META
+1.9% -$355.1M
Add CVX
+2.7% $262.2M
Add JNJ
+3.4% $228.4M
NPS is aggressively accumulating mega-cap tech and energy positions while maintaining extreme diversification across 562 names. They are capturing momentum in AI infrastructure and power demand, deliberately stacking share count in MSFT, NVDA, AAPL, and XOM regardless of weight dilution from price appreciation. This is a high-beta index overlay with targeted sector tilt, not a defensive rotation.
The fund is pricing in a sustained infrastructure build-out cycle driven by AI data center capacity and grid constraints. They hold simultaneous long positions on compute/OS layer (MSFT/NVDA) and traditional energy transition (XOM/CVX), explicitly rejecting the opposing thesis that valuation premiums in mega-caps will compress as growth rates normalize. NPS doubles down on liquidity leaders rather than rotating into mid-cap value.
Heavy reliance on a handful of mega-caps to anchor returns creates a positioning squeeze during earnings sequences; when these names gap down, the fund’s massive position sizing discipline forces gradual accumulation into falling knives rather than tactical trimming. The breadth across 562 holdings masks concentration risk in the actual revenue drivers of the IT sector.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 562 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.79% | -0.13% | +2.33% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.98% | -0.10% | +2.73% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.19% | -1.01% | +2.82% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.23% | -0.16% | +3.02% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.79% | -0.10% | +2.60% | |
| 6 | PBUS | Invesco Msci USA ETF | ETF-Other | 2.35% | -0.05% | — | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.31% | -0.10% | +2.12% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 2.21% | -0.13% | +2.91% | |
| 9 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.04% | -0.05% | — | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.04% | -0.21% | +1.90% | |
| 11 | TSLA | Tesla INC | Stock-Consumer Disc | 1.66% | -0.23% | +3.84% | |
| 12 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.23% | -0.06% | +1.93% | |
| 13 | XOM | Exxon Mobil CORP | Stock-Energy | 1.22% | +0.39% | +1.79% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.16% | -0.13% | +2.82% | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.99% | — | +2.90% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.96% | +0.20% | +3.39% | |
| 17 | WMT | Walmart INC | Stock-Consumer Staples | 0.94% | +0.13% | +1.60% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.78% | -0.08% | +3.10% | |
| 19 | MU | Micron Technology INC | Stock-Tech | 0.74% | +0.10% | -5.76% | |
| 20 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.71% | +0.12% | +1.56% | |
| 21 | CVX | Chevron CORP | Stock-Energy | 0.70% | +0.21% | +2.73% | |
| 22 | NFLX | Netflix INC | Stock-Comm Services | 0.69% | — | +0.89% | |
| 23 | MA | Mastercard INC - A | Stock-Financials | 0.65% | -0.06% | +2.34% | |
| 24 | ABBV | Abbvie INC | Stock-Healthcare | 0.65% | — | +2.41% | |
| 25 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.60% | — | +1.25% | |
| 26 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.58% | -0.05% | +8.37% | |
| 27 | BAC | Bank Of America CORP | Stock-Financials | 0.57% | — | +2.15% | |
| 28 | CSCO | Cisco Systems INC | Stock-Tech | 0.57% | — | +0.95% | |
| 29 | AMD | Advanced Micro Devices | Stock-Tech | 0.55% | — | +3.51% | |
| 30 | HD | Home Depot INC | Stock-Consumer Disc | 0.55% | — | +2.43% | |
| 31 | LRCX | Lam Research CORP | Stock-Tech | 0.55% | +0.13% | +1.58% | |
| 32 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.54% | — | +2.00% | |
| 33 | CAT | Caterpillar INC | Stock-Industrials | 0.53% | +0.11% | +0.99% | |
| 34 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.53% | +0.08% | -0.47% | |
| 35 | GE | General Electric | Stock-Industrials | 0.52% | — | +0.67% | |
| 36 | AMAT | Applied Materials INC | Stock-Tech | 0.51% | +0.14% | +0.86% | |
| 37 | TGRW | T Rowe Price Growth Stock Et | ETF-Other | 0.49% | -0.05% | — | |
| 38 | PM | Philip Morris International | Stock-Consumer Staples | 0.45% | — | +0.71% | |
| 39 | LIN | Linde plc | Stock-Materials | 0.45% | +0.07% | +0.09% | |
| 40 | WFC | Wells Fargo & Co | Stock-Financials | 0.44% | -0.06% | +0.53% | |
| 41 | INFO | Harbor Panagora Dyc Lcc ETF | ETF-Other | 0.44% | — | — | |
| 42 | GS | Goldman Sachs Group INC | Stock-Financials | 0.43% | — | +2.24% | |
| 43 | ORCL | Oracle CORP | Stock-Tech | 0.42% | -0.11% | +2.76% | |
| 44 | IBM | Intl Business Machines CORP | Stock-Tech | 0.42% | -0.08% | +0.77% | |
| 45 | RTX | Rtx CORP | Stock-Industrials | 0.41% | — | +2.41% | |
| 46 | KLAC | Kla CORP | Stock-Tech | 0.41% | +0.08% | -0.11% | |
| 47 | LSVD | Lsv Disciplined Value ETF | ETF-Other | 0.40% | — | — | |
| 48 | VZ | Verizon Communications INC | Stock-Comm Services | 0.40% | +0.09% | +2.52% | |
| 49 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.40% | -0.07% | +1.40% | |
| 50 | T | At&t INC | Stock-Comm Services | 0.38% | — | -2.72% |
Performance for Q3 2026
+3.4%
Performance Last 4 Quarters
+23%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 562 | $131.7B | 13 | |
| 2025-12-31 | 561 | $135.1B | 15 | |
| 2025-09-30 | 552 | $128.8B | 28 | |
| 2025-06-30 | 534 | $115.8B | 0 | |
| 2025-03-31 | 540 | $104.0B | 100 | |
| 2024-12-31 | 550 | $105.7B | 0 | |
| 2024-09-30 | 511 | $103.7B | 0 | |
| 2024-06-30 | 546 | $87.0B | 0 | |
| 2024-03-31 | 539 | $83.3B | 0 | |
| 2023-12-31 | 513 | $71.8B | 0 | |
| 2023-09-30 | 514 | $62.5B | 0 | |
| 2023-06-30 | 506 | $62.0B | 0 | |
| 2023-03-31 | 514 | $54.9B | 0 | |
| 2022-12-31 | 526 | $50.8B | 0 | |
| 2022-09-30 | 532 | $47.9B | 0 | |
| 2022-06-30 | 529 | $48.5B | 0 | |
| 2022-03-31 | 529 | $54.8B | 0 | |
| 2021-12-31 | 525 | $57.3B | 0 | |
| 2021-09-30 | 504 | $52.5B | 0 | |
| 2021-06-30 | 504 | $52.6B | 11 | |
| 2021-03-31 | 507 | $47.8B | 20 | |
| 2020-12-31 | 483 | $43.9B | 17 | |
| 2020-09-30 | 471 | $38.1B | 12 | |
| 2020-06-30 | 469 | $35.0B | 31 | |
| 2020-03-31 | 484 | $29.5B | 23 | |
| 2019-12-31 | 485 | $36.5B | 21 | |
| 2019-09-30 | 486 | $31.6B | 10 | |
| 2019-06-30 | 495 | $29.9B | 17 | |
| 2019-03-31 | 455 | $26.0B | 9 | |
| 2018-12-31 | 453 | $24.2B | 11 | |
| 2018-09-30 | 461 | $24.6B | 14 | |
| 2018-06-30 | 461 | $22.1B | 13 | |
| 2018-03-31 | 451 | $20.2B | 10 | |
| 2017-12-31 | 441 | $20.0B | 15 | |
| 2017-09-30 | 451 | $18.2B | 11 | |
| 2017-06-30 | 451 | $16.8B | 13 | |
| 2017-03-31 | 459 | $14.9B | 20 | |
| 2016-12-31 | 492 | $14.6B | 18 | |
| 2016-09-30 | 447 | $12.5B | 13 | |
| 2016-06-30 | 448 | $11.3B | 18 | |
| 2016-03-31 | 474 | $10.0B | 10 | |
| 2015-12-31 | 422 | $9.5B | 22 | |
| 2015-09-30 | 416 | $7.9B | 51 | |
| 2015-06-30 | 416 | $7.7B | 44 | |
| 2015-03-31 | 416 | $6.9B | 18 | |
| 2014-12-31 | 420 | $5.9B | 14 | |
| 2014-09-30 | 407 | $6.3B | — |
National Pension Service's most significant position changes for 2026-03-31: Sold out: Marsh & Mclennan Cos (MRSH); Add: Microsoft CORP (MSFT) — shares +2.82%; Add: Exxon Mobil CORP (XOM) — shares +1.79%; Add: Tesla INC (TSLA) — shares +3.84%; Add: Meta Platforms Inc-class A (META) — shares +1.90%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | +1.79% | Add |
| 2 | CVX | Chevron CORP | +0.2% | +2.73% | Add |
| 3 | JNJ | Johnson & Johnson | +0.2% | +3.39% | Add |
| 4 | AMAT | Applied Materials INC | +0.1% | +0.86% | Add |
| 5 | GEV | GE Vernova INC | +0.1% | +15.87% | Add |
| 6 | LRCX | Lam Research CORP | +0.1% | +1.58% | Add |
| 7 | WMT | Walmart INC | +0.1% | +1.60% | Add |
| 8 | COST | Costco Wholesale CORP | +0.1% | +1.56% | Add |
| 9 | CAT | Caterpillar INC | +0.1% | +0.99% | Add |
| 10 | MU | Micron Technology INC | +0.1% | -5.76% | Trim |
| 11 | COP | Conocophillips | +0.1% | -1.47% | Trim |
| 12 | VZ | Verizon Communications INC | +0.1% | +2.52% | Add |
| 13 | GLW | Corning INC | +0.1% | -4.19% | Trim |
| 14 | WDC | Western Digital CORP | +0.1% | -15.00% | Trim |
| 15 | KLAC | Kla CORP | +0.1% | -0.11% | Trim |
| 16 | MRK | Merck & Co. INC. | +0.1% | -0.47% | Trim |
| 17 | INTC | Intel CORP | +0.1% | +5.04% | Add |
| 18 | LMT | Lockheed Martin CORP | +0.1% | +2.65% | Add |
| 19 | LIN | Linde plc | +0.1% | +0.09% | Add |
| 20 | PBUS | Invesco Msci USA ETF | -0.1% | — | Unchanged |
| 21 | IVV | Ishares Core S&p 500 ETF | -0.1% | — | Unchanged |
| 22 | PLTR | Palantir Technologies Inc-a | -0.1% | +8.37% | Add |
| 23 | TGRW | T Rowe Price Growth Stock Et | -0.1% | — | Unchanged |
| 24 | JPM | Jpmorgan Chase & Co | -0.1% | +1.93% | Add |
| 25 | MA | Mastercard INC - A | -0.1% | +2.34% | Add |
| 26 | WFC | Wells Fargo & Co | -0.1% | +0.53% | Add |
| 27 | ACN | Accenture plc | -0.1% | +5.07% | Add |
| 28 | QCOM | Qualcomm INC | -0.1% | +0.13% | Add |
| 29 | UNH | Unitedhealth Group INC | -0.1% | +1.40% | Add |
| 30 | COF | Capital One Financial CORP | -0.1% | -2.85% | Trim |
| 31 | ADBE | Adobe INC | -0.1% | +7.22% | Add |
| 32 | V | Visa Inc-class A Shares | -0.1% | +3.10% | Add |
| 33 | IBM | Intl Business Machines CORP | -0.1% | +0.77% | Add |
| 34 | BSX | Boston Scientific CORP | -0.1% | -1.67% | Trim |
| 35 | NOW | Servicenow INC | -0.1% | +1.38% | Add |
| 36 | AAPL | Apple INC | -0.1% | +2.73% | Add |
| 37 | GOOGL | Alphabet Inc-cl A | -0.1% | +2.60% | Add |
| 38 | GOOG | Alphabet Inc-cl C | -0.1% | +2.12% | Add |
| 39 | CRM | Salesforce INC | -0.1% | +3.31% | Add |
| 40 | INTU | Intuit INC | -0.1% | +3.02% | Add |
| 41 | ORCL | Oracle CORP | -0.1% | +2.76% | Add |
| 42 | NVDA | Nvidia CORP | -0.1% | +2.33% | Add |
| 43 | AVGO | Broadcom INC | -0.1% | +2.91% | Add |
| 44 | LLY | Eli Lilly & Co | -0.1% | +2.82% | Add |
| 45 | AMZN | Amazon.com INC | -0.2% | +3.02% | Add |
| 46 | APP | Applovin Corp-class A | -0.2% | -20.61% | Trim |
| 47 | META | Meta Platforms Inc-class A | -0.2% | +1.90% | Add |
| 48 | TSLA | Tesla INC | -0.2% | +3.84% | Add |
| 49 | MSFT | Microsoft CORP | -1% | +2.82% | Add |
| 50 | MRSH | Marsh & Mclennan Cos | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-05 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-30 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-15 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-16 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-24 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-21 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-02-24 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-18 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-17 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-18 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-17 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-19 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-27 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-15 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-13 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-17 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-16 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-13 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-18 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-15 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-15 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-07 | 13F-HR | View on EDGAR |
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