Maj Invest Holding A/S
Long book
$2.27B
Q1 2026
Positions
38
Top-10 weight
65%
concentration
Last quarter
+14.0%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsMaj Invest Holding A/S is a concentrated fundamental stock-picker, running a $2.27B US long book across 38 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, QUALCOMM INC, HP INC, CSX CORP, META PLATFORMS INC-CLASS A.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.7%
Q2 2024
+8.5%
Q3 2024
-3.4%
Q4 2024
+2.2%
Q1 2025
+5.8%
Q2 2025
+7.1%
Q3 2025
+6.3%
Q4 2025
-1.7%
Q1 2026
+14.0%
Sector allocation
Technology 33%
Financials 30%
Industrials 17%
Consumer discretionary 10%
Healthcare 7%
Materials 2%
Services media 1%
Other 0%
Long book by quarter
What does Maj Invest own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 417.3K | $200.0M | 8.8% | +12.3% |
| QCOM QUALCOMM INC | Technology | 1.4M | $179.4M | 7.9% | +41.8% |
| HPQ HP INC | Technology | 8.5M | $162.5M | 7.2% | +71.3% |
| CSX CSX CORP | Industrials | 3.6M | $147.2M | 6.5% | -0.4% |
| META META PLATFORMS INC-CLASS A | Technology | 255.8K | $146.3M | 6.4% | +60.2% |
| AMAT APPLIED MATERIALS INC | Technology | 418.6K | $143.1M | 6.3% | -31.1% |
| AMP AMERIPRISE FINANCIAL INC | Financials | 297.7K | $132.3M | 5.8% | -0.6% |
| UNP UNION PACIFIC CORP | Industrials | 523.7K | $127.1M | 5.6% | -3.5% |
| LOW LOWE'S COS INC | Consumer discretionary | 526.9K | $124.5M | 5.5% | -0.7% |
| KR KROGER CO | Consumer discretionary | 1.5M | $109.7M | 4.8% | -0.6% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 1.1M | $108.0M | 4.8% | +0.7% |
| GOOGL ALPHABET INC-CL A | Technology | 373.2K | $107.3M | 4.7% | -1.8% |
| CI THE CIGNA GROUP | Financials | 390.8K | $104.2M | 4.6% | -0.7% |
| AXP AMERICAN EXPRESS CO | Financials | 314.2K | $95.0M | 4.2% | +1.0% |
| HCA HCA HEALTHCARE INC | Healthcare | 172.5K | $81.6M | 3.6% | -1.2% |
| ZTS ZOETIS INC | Healthcare | 675.2K | $79.8M | 3.5% | New |
| ELV ELEVANCE HEALTH INC | Financials | 260.2K | $76.2M | 3.4% | -0.7% |
| AFL AFLAC INC | Financials | 574.5K | $63.0M | 2.8% | +2.7% |
| NEM NEWMONT CORP | Materials | 479.6K | $51.9M | 2.3% | -40.1% |
| SCI SERVICE CORP INTERNATIONAL | Services media | 374.9K | $30.9M | 1.4% | -0.7% |
| V VISA INC-CLASS A SHARES | Services media | 750 | $227K | 0.0% | Held |
| LMT LOCKHEED MARTIN CORP | Industrials | 315 | $191K | 0.0% | Held |
| GD GENERAL DYNAMICS CORP | Industrials | 400 | $137K | 0.0% | Held |
| USB US BANCORP | Financials | 2.5K | $130K | 0.0% | Held |
| TXN TEXAS INSTRUMENTS INC | Technology | 650 | $126K | 0.0% | Held |
| NOC NORTHROP GRUMMAN CORP | Technology | 180 | $123K | 0.0% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 470 | $115K | 0.0% | Held |
| PFE PFIZER INC | Healthcare | 4.0K | $112K | 0.0% | Held |
| MCO MOODY'S CORP | Services media | 245 | $107K | 0.0% | Held |
| INTC INTEL CORP | Technology | 2.0K | $88K | 0.0% | Held |
| ROK ROCKWELL AUTOMATION INC | Other | 240 | $86K | 0.0% | Held |
| GS GOLDMAN SACHS GROUP INC | Financials | 100 | $85K | 0.0% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 307 | $83K | 0.0% | Held |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 160 | $79K | 0.0% | Held |
| MRNA MODERNA INC | Healthcare | 990 | $50K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 38 | $2.27B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 38 | $2.15B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 42 | $2.93B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 30, 2025 | 42 | $2.86B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 29, 2025 | 45 | $2.77B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 22, 2025 | 40 | $3.04B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 10, 2024 | 39 | $3.77B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 16, 2024 | 37 | $3.60B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 29, 2024 | 36 | $3.69B | $K fixed canonical | SEC ↗ |
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