National Mutual Insurance Federation of Agricultural Cooperatives
Long book
$12.99B
Q1 2026
Positions
41
Top-10 weight
90%
concentration
Last quarter
+15.8%
SPY +14.8%
Turnover
2%
of book per quarter
Strategy in plain words
auto-generated from filingsNational Mutual Insurance Federation of Agricultural Cooperatives is a wealth-management firm allocating client money, running a $12.99B US long book across 41 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ISHARES CORE S&P 500 ETF, VANGUARD LARGE-CAP ETF, VANGUARD S&P 500 ETF, SS SPDR S&P 500 ETF TRUST-US, INVESCO QQQ TRUST SERIES 1.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.2%
Q2 2024
+5.4%
Q3 2024
+2.6%
Q4 2024
-4.6%
Q1 2025
+11.7%
Q2 2025
+7.9%
Q3 2025
+2.8%
Q4 2025
-4.6%
Q1 2026
+15.8%
Sector allocation
Technology 46%
Consumer discretionary 13%
Financials 11%
Services media 10%
Healthcare 6%
Industrials 6%
Energy 4%
Other 2%
Long book by quarter
What does National Mutual own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOGL ALPHABET INC-CL A | Technology | 340.0K | $97.8M | 0.8% | -5.7% |
| NVDA NVIDIA CORP | Technology | 511.0K | $89.1M | 0.7% | Held |
| AAPL APPLE INC | Technology | 319.4K | $81.1M | 0.6% | Held |
| MSFT MICROSOFT CORP | Technology | 177.9K | $65.9M | 0.5% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 270.0K | $56.2M | 0.4% | Held |
| META META PLATFORMS INC-CLASS A | Technology | 92.6K | $53.0M | 0.4% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 160.9K | $47.3M | 0.4% | Held |
| MU MICRON TECHNOLOGY INC | Technology | 132.0K | $44.6M | 0.3% | Held |
| WMT WALMART INC | Consumer discretionary | 339.1K | $42.1M | 0.3% | Held |
| AMAT APPLIED MATERIALS INC | Technology | 105.0K | $35.9M | 0.3% | Held |
| MA MASTERCARD INC - A | Services media | 68.1K | $34.0M | 0.3% | Held |
| LLY ELI LILLY & CO | Healthcare | 36.3K | $33.4M | 0.3% | Held |
| V VISA INC-CLASS A SHARES | Services media | 110.3K | $33.3M | 0.3% | Held |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 72.2K | $33.3M | 0.3% | Held |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 203.0K | $31.9M | 0.2% | Held |
| AVGO BROADCOM INC | Technology | 99.0K | $30.6M | 0.2% | +120.0% |
| ETN EATON CORP PLC | Industrials | 84.3K | $30.2M | 0.2% | Held |
| XOM EXXON MOBIL CORP | Energy | 166.7K | $28.3M | 0.2% | Held |
| BLK BLACKROCK INC | Financials | 29.4K | $28.3M | 0.2% | Held |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 55.9K | $27.5M | 0.2% | Held |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 23.7K | $23.6M | 0.2% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 308.5K | $23.5M | 0.2% | Held |
| AZO AUTOZONE INC | Consumer discretionary | 6.8K | $23.0M | 0.2% | Held |
| SPGI S&P GLOBAL INC | Services media | 52.8K | $22.5M | 0.2% | Held |
| EMR EMERSON ELECTRIC CO | Industrials | 170.8K | $22.4M | 0.2% | Held |
| CVX CHEVRON CORP | Energy | 99.0K | $20.5M | 0.2% | Held |
| DIS WALT DISNEY CO/THE | Services media | 193.0K | $18.6M | 0.1% | Held |
| INTU INTUIT INC | Technology | 42.9K | $18.5M | 0.1% | Held |
| TRV TRAVELERS COS INC/THE | Financials | 50.0K | $14.6M | 0.1% | Held |
| DE DEERE & CO | Industrials | 20.0K | $11.3M | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 28, 2026 | 41 | $12.99B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 4, 2026 | 42 | $13.64B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 42 | $13.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 43 | $12.36B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 5, 2025 | 43 | $11.13B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 31, 2025 | 45 | $11.67B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 45 | $11.12B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 31, 2024 | 45 | $10.03B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 24, 2024 | 43 | $9.46B | canonical | SEC ↗ |