VM
Varma Mutual Pension Insurance Co — Full 13F Portfolio Breakdown
Varma Mutual Pension Insurance CoCIK: 0001698484
Diversified strategyContrarian
Total reported value
$17.0B
Reporting period: 2026-03-31 · Number of holdings: 319
Varma Mutual Pension Insurance Co disclosed 319 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.0B and a quarterly turnover rate of 43.0%.
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Personality snowflake
- Concentration
- 13.94
- Portfolio Stability
- 43.04
- Momentum/Contrarian
- 0
- Sector conviction
- 52.28
- Diversification
- 100
- Sizing Uniformity
- 68.14
Varma Mutual Pension Insurance Co's disclosed holdings carry a Herfindahl concentration index of 0.035 — mathematically equivalent to about 29 equally-sized positions, well below its 319 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 3.19), 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 53% 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.
Recent moves
Trim KLMN
-41.2% -$1.2B
Trim MSFT
-1.9% -$137.3M
Add EMCS
+16.8% $136.7M
Trim NVDA
-2.7% -$67.4M
Trim AAPL
-2.4% -$60.1M
Trim KLMT
0.0% -$38.3M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
This quarter, the fund actively exited broad-market beta (sold VOO and RSP) and concentrated capital into software-focused exposure (IGV at 9.6%), while adding tactical energy (XLE) and China internet (KWEB) hedges. Capital rotation continues from index tracking into sector-specific alpha harvesting.
Macro & Fundamentals
The portfolio bets on a sustained IT super-cycle anchored by deep Financials (13.48%) and Communication Services (10.7%) underweights relative to tech dominance (33.97%). The opposing thesis argues that high-yield environments create a liquidity trap for non-megacap tech, while crowded trades in the software sub-sector risk a positioning squeeze during earnings season.
Blind Spots / Risks
IGV’s 9.6% allocation creates severe single-fund concentration risk within a diversified 319-stock framework. A sector drawdown or ETF tracking error will instantly override the portfolio’s diversification shield, leaving liquidity traps exposed during rapid rotation phases.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 9.60% | +9.60% | NEW | |
| 2 | KLMN | Invesco Msci N Amr Climt ETF | ETF-Other | 8.82% | -7.36% | -41.22% | |
| 3 | KLMT | Invesco Msci Gl Clm 500 ETF | ETF-Other | 7.97% | -0.44% | — | |
| 4 | XLE | Ss Energy Select Sector | ETF-Other | 5.08% | +5.08% | NEW | |
| 5 | EMCS | Xtracke Msci Emer Ms Etf-usd | ETF-Other | 4.51% | +0.70% | +16.77% | |
| 6 | NVDA | Nvidia CORP | Stock-Tech | 4.01% | -0.52% | -2.68% | |
| 7 | AAPL | Apple INC | Stock-Tech | 3.64% | -0.46% | -2.36% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.61% | -0.42% | -3.74% | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 2.44% | -0.89% | -1.90% | |
| 10 | LCTU | Ishares U.s. Carbon Transiti | ETF-Other | 1.99% | -0.17% | — | |
| 11 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.91% | -0.37% | -4.60% | |
| 12 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 1.49% | +1.49% | NEW | |
| 13 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.36% | +1.36% | NEW | |
| 14 | VCIT | Vanguard Int-term Corporate | ETF-Corp Bonds | 1.32% | — | — | |
| 15 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.28% | -0.22% | +1.51% | |
| 16 | AVGO | Broadcom INC | Stock-Tech | 1.13% | -0.22% | -3.30% | |
| 17 | TSLA | Tesla INC | Stock-Consumer Disc | 0.91% | -0.19% | +2.48% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.78% | -0.10% | — | |
| 19 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.73% | +0.06% | — | |
| 20 | VCLT | Vanguard Long-term CORP Bond | ETF-Corp Bonds | 0.70% | — | — | |
| 21 | XOM | Exxon Mobil CORP | Stock-Energy | 0.66% | +0.18% | — | |
| 22 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.64% | -0.16% | -4.07% | |
| 23 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.55% | +0.08% | +1.33% | |
| 24 | V | Visa Inc-class A Shares | Stock-Financials | 0.52% | -0.10% | — | |
| 25 | WMT | Walmart INC | Stock-Consumer Staples | 0.49% | — | -0.37% | |
| 26 | VWOB | Vanguard Emerg Mkts Gov Bnd | ETF-Other | 0.48% | — | — | |
| 27 | EMLC | Vaneck JPM Em Local Curr Bnd | ETF-Other | 0.46% | — | — | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 0.44% | -0.07% | — | |
| 29 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.41% | +0.41% | NEW | |
| 30 | VCEB | Vanguard Esg US CORP Bond | ETF-Corp Bonds | 0.41% | — | — | |
| 31 | CVX | Chevron CORP | Stock-Energy | 0.38% | +0.10% | — | |
| 32 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.38% | — | -2.29% | |
| 33 | NFLX | Netflix INC | Stock-Comm Services | 0.35% | — | -1.90% | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.34% | — | — | |
| 35 | ABBV | Abbvie INC | Stock-Healthcare | 0.34% | — | +1.91% | |
| 36 | MU | Micron Technology INC | Stock-Tech | 0.34% | — | — | |
| 37 | ASHR | Xtrackers Harvest Csi 300 Ch | ETF-Other | 0.33% | +0.33% | NEW | |
| 38 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.32% | — | — | |
| 39 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.32% | — | — | |
| 40 | CAT | Caterpillar INC | Stock-Industrials | 0.32% | +0.06% | — | |
| 41 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.32% | — | — | |
| 42 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.32% | — | +9.82% | |
| 43 | AMAT | Applied Materials INC | Stock-Tech | 0.32% | +0.09% | +6.10% | |
| 44 | LRCX | Lam Research CORP | Stock-Tech | 0.30% | +0.06% | +4.32% | |
| 45 | ECH | Ishares Msci Chile ETF | ETF-Other | 0.30% | +0.30% | NEW | |
| 46 | AMD | Advanced Micro Devices | Stock-Tech | 0.29% | — | — | |
| 47 | HD | Home Depot INC | Stock-Consumer Disc | 0.29% | — | -3.22% | |
| 48 | GE | General Electric | Stock-Industrials | 0.29% | — | — | |
| 49 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.29% | — | +2.52% | |
| 50 | CSCO | Cisco Systems INC | Stock-Tech | 0.28% | — | -6.85% |
1–50 of 319
Portfolio Performance
Performance for Q3 2026
+3.5%
Performance Last 4 Quarters
+23.2%
Based on 74% of reported portfolio value with available pricing
- Stdev
- +13.5%
- Beta
- +1.01
- Alpha
- -0.6%
- Max Drawdown
- -8%
- Annualized Perf
- +18.6%
- Batting Avg vs S&P
- +55.6%
- Sortino
- +2.81
- Stutzer
- +0.4
- Treynor
- +0.18
- Sterling
- +1.11
- Calmar
- +2.33
- Information Ratio
- -0.14
- Tracking Error
- +2.7%
- Stdev Down
- +6.4%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +36.1%
- Worst 12 Months
- +7.2%
- Efficiency Ratio
- +0.56
- Sharpe
- +1.34
- Stdev Sectors
- +8.7%
- Skewness
- +0.25
- Kurtosis
- -0.07
- Upside Potential
- +4.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 319 | $17.0B | 43 | |
| 2025-12-31 | 308 | $16.5B | 24 | |
| 2025-09-30 | 312 | $15.6B | 38 | |
| 2025-06-30 | 309 | $13.6B | 0 | |
| 2025-03-31 | 320 | $11.6B | 100 | |
| 2024-12-31 | 322 | $13.2B | 0 | |
| 2024-09-30 | 317 | $12.6B | 0 | |
| 2024-06-30 | 346 | $12.4B | 0 | |
| 2024-03-31 | 355 | $11.5B | 0 | |
| 2023-12-31 | 280 | $8.9B | 0 | |
| 2023-09-30 | 210 | $8.3B | 0 | |
| 2023-06-30 | 214 | $8.4B | 0 | |
| 2023-03-31 | 215 | $8.2B | 0 | |
| 2022-12-31 | 230 | $7.1B | 0 | |
| 2022-09-30 | 205 | $5.9B | 0 | |
| 2022-06-30 | 190 | $6.2B | 0 | |
| 2022-03-31 | 205 | $8.6B | 0 | |
| 2021-12-31 | 217 | $6.9B | 0 | |
| 2021-09-30 | 224 | $6.6B | 0 | |
| 2021-06-30 | 228 | $6.8B | 100 | |
| 2021-03-31 | 234 | $6.9B | 95 | |
| 2020-12-31 | 201 | $5.7B | 100 | |
| 2020-09-30 | 181 | $3.6B | 88 | |
| 2020-06-30 | 152 | $4.3B | 100 | |
| 2020-03-31 | 88 | $3.3B | 90 | |
| 2019-12-31 | 72 | $5.2B | 49 | |
| 2019-09-30 | 68 | $6.5B | 62 | |
| 2019-06-30 | 64 | $5.0B | 74 | |
| 2019-03-31 | 56 | $5.6B | 100 | |
| 2018-12-31 | 48 | $2.1B | 99 | |
| 2018-09-30 | 90 | $3.4B | 67 | |
| 2018-06-30 | 85 | $4.2B | 81 | |
| 2018-03-31 | 85 | $6.6B | 48 | |
| 2017-12-31 | 85 | $6.6B | — |
Holding changes this quarter
Varma Mutual Pension Insurance Co's most significant position changes for 2026-03-31: New buy: Ishares Expanded Tech-softwa (IGV); New buy: Ss Energy Select Sector (XLE); Sold out: Vanguard S&p 500 ETF (VOO); Sold out: Invesco S&p 500 Equal Weight (RSP); New buy: Kranesh Csi China Internet (KWEB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EMCS | Xtracke Msci Emer Ms Etf-usd | +0.7% | +16.77% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.2% | — | Unchanged |
| 3 | CVX | Chevron CORP | +0.1% | — | Unchanged |
| 4 | KLAC | Kla CORP | +0.1% | +26.05% | Add |
| 5 | AMAT | Applied Materials INC | +0.1% | +6.10% | Add |
| 6 | JNJ | Johnson & Johnson | +0.1% | +1.33% | Add |
| 7 | EBND | State Street Spdr Bloomberg | +0.1% | +100.00% | Add |
| 8 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | — | Unchanged |
| 9 | LRCX | Lam Research CORP | +0.1% | +4.32% | Add |
| 10 | GEV | GE Vernova INC | +0.1% | +3.41% | Add |
| 11 | CAT | Caterpillar INC | +0.1% | — | Unchanged |
| 12 | COP | Conocophillips | +0.1% | — | Unchanged |
| 13 | APP | Applovin Corp-class A | -0.1% | — | Unchanged |
| 14 | ACN | Accenture plc | -0.1% | -9.49% | Trim |
| 15 | IBM | Intl Business Machines CORP | -0.1% | -5.02% | Trim |
| 16 | NOW | Servicenow INC | -0.1% | -3.42% | Trim |
| 17 | BSX | Boston Scientific CORP | -0.1% | — | Unchanged |
| 18 | MA | Mastercard INC - A | -0.1% | — | Unchanged |
| 19 | ADBE | Adobe INC | -0.1% | -30.00% | Trim |
| 20 | INTU | Intuit INC | -0.1% | -7.47% | Trim |
| 21 | CRM | Salesforce INC | -0.1% | -5.85% | Trim |
| 22 | V | Visa Inc-class A Shares | -0.1% | — | Unchanged |
| 23 | JPM | Jpmorgan Chase & Co | -0.1% | — | Unchanged |
| 24 | ORCL | Oracle CORP | -0.1% | -11.79% | Trim |
| 25 | LLY | Eli Lilly & Co | -0.2% | -4.07% | Trim |
| 26 | LCTU | Ishares U.s. Carbon Transiti | -0.2% | — | Unchanged |
| 27 | TSLA | Tesla INC | -0.2% | +2.48% | Add |
| 28 | AVGO | Broadcom INC | -0.2% | -3.30% | Trim |
| 29 | META | Meta Platforms Inc-class A | -0.2% | +1.51% | Add |
| 30 | AMZN | Amazon.com INC | -0.4% | -4.60% | Trim |
| 31 | GOOGL | Alphabet Inc-cl A | -0.4% | -3.74% | Trim |
| 32 | KLMT | Invesco Msci Gl Clm 500 ETF | -0.4% | — | Unchanged |
| 33 | AAPL | Apple INC | -0.5% | -2.36% | Trim |
| 34 | NVDA | Nvidia CORP | -0.5% | -2.68% | Trim |
| 35 | MSFT | Microsoft CORP | -0.9% | -1.90% | Trim |
| 36 | KLMN | Invesco Msci N Amr Climt ETF | -7.4% | -41.22% | Trim |
| 37 | IGV | Ishares Expanded Tech-softwa | — | NEW | New buy |
| 38 | XLE | Ss Energy Select Sector | — | NEW | New buy |
| 39 | VOO | Vanguard S&p 500 ETF | — | EXIT | Sold out |
| 40 | RSP | Invesco S&p 500 Equal Weight | — | EXIT | Sold out |
| 41 | KWEB | Kranesh Csi China Internet | — | NEW | New buy |
| 42 | QQQ | Invesco Qqq Trust Series 1 | — | NEW | New buy |
| 43 | EWZ | Ishares Msci Brazil ETF | — | NEW | New buy |
| 44 | ASHR | Xtrackers Harvest Csi 300 Ch | — | NEW | New buy |
| 45 | FALN | Ishares Fallen Angels ETF | — | EXIT | Sold out |
| 46 | ECH | Ishares Msci Chile ETF | — | NEW | New buy |
| 47 | EWY | Ishares Msci South Korea ETF | — | NEW | New buy |
| 48 | KSTR | Kraneshares Sse Star Mkt 50 | — | NEW | New buy |
| 49 | AMCR | Amcor plc | — | EXIT | Sold out |
| 50 | AMCR | Amcor plc | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-06 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-06 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-11 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-06 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-30 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-20 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-03-23 | 13F-HR | View on EDGAR |
FAQ
What is Varma Mutual Pension Insurance Co and what type of investor is it?
Varma Mutual Pension Insurance Co is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $17.0B, spread across 319 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. Ishares Expanded Tech-softwa (IGV) — $1.6B (9.6%)
2. Invesco Msci N Amr Climt ETF (KLMN) — $1.5B (8.8%)
3. Invesco Msci Gl Clm 500 ETF (KLMT) — $1.4B (8.0%)
4. Ss Energy Select Sector (XLE) — $861.8M (5.1%)
5. Xtracke Msci Emer Ms Etf-usd (EMCS) — $766.1M (4.5%)
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 38 notable position adjustments: 10 new positions were initiated, 9 existing holdings were added to, 15 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Ishares Expanded Tech-softwa (IGV); New buy: Ss Energy Select Sector (XLE); Sold out: Vanguard S&p 500 ETF (VOO); Sold out: Invesco S&p 500 Equal Weight (RSP); New buy: Kranesh Csi China Internet (KWEB)
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: 34.0%
• Financials: 13.5%
• Communication Services: 10.7%
• Consumer Discretionary: 9.7%
• Health Care: 9.2%
• Industrials: 7.5%
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