National Pension Service
Long book
$131.68B
Q1 2026
Positions
562
Top-10 weight
34%
concentration
Last quarter
+15.4%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsNational Pension Service is an institutional manager, running a $131.68B US long book across 562 positions.
The portfolio is moderately concentrated (top 10 ≈ 34% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
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 7 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.1%
Q2 2024
+5.8%
Q3 2024
+2.5%
Q4 2024
-4.2%
Q1 2025
+11.4%
Q2 2025
+8.1%
Q3 2025
+2.4%
Q4 2025
-4.1%
Q1 2026
+15.4%
Sector allocation
Technology 41%
Industrials 11%
Financials 11%
Consumer discretionary 9%
Healthcare 8%
Services media 5%
Energy 4%
Utilities 3%
Long book by quarter
What does National Pension own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 51.3M | $8.94B | 6.8% | +2.3% |
| AAPL APPLE INC | Technology | 31.0M | $7.87B | 6.0% | +2.7% |
| MSFT MICROSOFT CORP | Technology | 14.9M | $5.52B | 4.2% | +2.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 20.4M | $4.26B | 3.2% | +3.0% |
| GOOGL ALPHABET INC-CL A | Technology | 12.8M | $3.68B | 2.8% | +2.6% |
| GOOG ALPHABET INC-CL C | Technology | 10.6M | $3.04B | 2.3% | +2.1% |
| AVGO BROADCOM INC | Technology | 9.4M | $2.90B | 2.2% | +2.9% |
| META META PLATFORMS INC-CLASS A | Technology | 4.7M | $2.69B | 2.0% | +1.9% |
| TSLA TESLA INC | Industrials | 5.9M | $2.19B | 1.7% | +3.8% |
| JPM JPMORGAN CHASE & CO | Financials | 5.5M | $1.62B | 1.2% | +1.9% |
| XOM EXXON MOBIL CORP | Energy | 9.5M | $1.61B | 1.2% | +1.8% |
| LLY ELI LILLY & CO | Healthcare | 1.7M | $1.53B | 1.2% | +2.8% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.7M | $1.31B | 1.0% | +2.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 5.2M | $1.26B | 1.0% | +3.4% |
| WMT WALMART INC | Consumer discretionary | 10.0M | $1.24B | 0.9% | +1.6% |
| V VISA INC-CLASS A SHARES | Services media | 3.4M | $1.03B | 0.8% | +3.1% |
| MU MICRON TECHNOLOGY INC | Technology | 2.9M | $971.6M | 0.7% | -5.8% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 933.6K | $930.2M | 0.7% | +1.6% |
| CVX CHEVRON CORP | Energy | 4.5M | $926.8M | 0.7% | +2.7% |
| NFLX NETFLIX INC | Services media | 9.5M | $909.2M | 0.7% | +0.9% |
| MA MASTERCARD INC - A | Services media | 1.7M | $860.1M | 0.7% | +2.3% |
| ABBV ABBVIE INC | Healthcare | 3.9M | $859.0M | 0.7% | +2.4% |
| PG PROCTER & GAMBLE CO/THE | Other | 5.5M | $790.3M | 0.6% | +1.2% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 5.2M | $758.3M | 0.6% | +8.4% |
| BAC BANK OF AMERICA CORP | Financials | 15.5M | $755.1M | 0.6% | +2.2% |
| CSCO CISCO SYSTEMS INC | Technology | 9.6M | $746.6M | 0.6% | +1.0% |
| AMD ADVANCED MICRO DEVICES | Technology | 3.6M | $722.5M | 0.5% | +3.5% |
| HD HOME DEPOT INC | Consumer discretionary | 2.2M | $720.1M | 0.5% | +2.4% |
| LRCX LAM RESEARCH CORP | Industrials | 3.4M | $718.9M | 0.5% | +1.6% |
| KO COCA-COLA CO/THE | Consumer staples | 9.3M | $706.3M | 0.5% | +2.0% |
| CAT CATERPILLAR INC | Industrials | 988.7K | $700.5M | 0.5% | +1.0% |
| MRK MERCK & CO. INC. | Healthcare | 5.8M | $693.1M | 0.5% | -0.5% |
| GE GENERAL ELECTRIC | Industrials | 2.4M | $678.4M | 0.5% | +0.7% |
| AMAT APPLIED MATERIALS INC | Technology | 2.0M | $667.3M | 0.5% | +0.9% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 3.6M | $597.4M | 0.5% | +0.7% |
| LIN LINDE PLC | Materials | 1.2M | $594.7M | 0.5% | +0.1% |
| WFC WELLS FARGO & CO | Financials | 7.3M | $582.9M | 0.4% | +0.5% |
| GS GOLDMAN SACHS GROUP INC | Financials | 674.8K | $570.9M | 0.4% | +2.2% |
| ORCL ORACLE CORP | Technology | 3.8M | $555.3M | 0.4% | +2.8% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 2.3M | $553.9M | 0.4% | +0.8% |
| RTX RTX CORP | Industrials | 2.8M | $545.5M | 0.4% | +2.4% |
| KLAC KLA CORP | Other | 363.7K | $535.5M | 0.4% | -0.1% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 10.6M | $531.4M | 0.4% | +2.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 1.9M | $526.9M | 0.4% | +1.4% |
| T AT&T INC | Communications | 17.4M | $504.6M | 0.4% | -2.7% |
| MCD MCDONALD'S CORP | Consumer discretionary | 1.6M | $502.0M | 0.4% | +3.7% |
| PEP PEPSICO INC | Consumer staples | 3.2M | $501.7M | 0.4% | +2.8% |
| MS MORGAN STANLEY | Financials | 3.0M | $485.9M | 0.4% | +4.4% |
| GEV GE VERNOVA INC | Industrials | 548.4K | $478.7M | 0.4% | +15.9% |
| NEE NEXTERA ENERGY INC | Utilities | 5.1M | $473.5M | 0.4% | +4.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 562 | $131.68B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 561 | $135.07B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 552 | $128.77B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 534 | $115.83B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 540 | $104.04B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 5, 2025 | 550 | $105.67B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 30, 2024 | 511 | $103.70B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 546 | $87.03B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 539 | $83.33B | canonical | SEC ↗ |
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