Factory Mutual Insurance Co.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 24, 2025), Factory Mutual Insurance Co. reported 172 stock positions worth $9.2 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 6.1% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 6.1%) and Apple (AAPL, 5.2%). Compared with Q3 2024, it opened 4 new positions, sold out of 5, added to 21 and reduced 40. The biggest buy was Tesla (TSLA, shares +17%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −14%).

Most Recent 13F
Q2 2026
Location
WALTHAM, MA
CIK
0000887818
Portfolio Value
$9.2B (Q4 2024)
SEC Filing
0001085146-25-000453 ↗ filed Jan 24, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $8.7B Q1 2024 Q2 2024: $8.8B Q2 2024 Q3 2024: $9.7B Q3 2024 Q4 2024: $9.2B $9.2B Q4 2024 Q1 2025: $8.6B Q1 2025 Q2 2025: $9.1B Q2 2025 Q3 2025: $10.3B Q3 2025 Q4 2025: $9.9B Q4 2025 Q1 2026: $8.9B Q1 2026 Q2 2026: $10.6B Q2 2026

Holdings 172 stocks · $9.2B
IXUS iShares Core Intl Stock ETF 6.15% 8,597,060 $568.6M Add +7.5%
AGG iShares Core U.S. Aggregate 6.08% 5,798,857 $561.9M Reduce -14.1%
AAPL Apple Inc. 5.24% 1,934,521 $484.4M No change
MSFT Microsoft Corp. 5.03% 1,103,168 $465.0M Reduce -1.1%
NVDA Nvidia Corp. 4.32% 2,972,148 $399.1M Reduce -4.3%
GOOG Alphabet Inc. Class C 3.41% 1,658,121 $315.8M Reduce -1.3%
AMZN Amazon.com Inc. 3.35% 1,414,024 $310.2M Reduce -5.0%
AVGO Broadcom Inc. 2.26% 901,145 $208.9M Reduce -13.1%
META Meta Platforms Inc. Class A 2.09% 329,541 $192.9M Reduce -5.9%
XLK SS Technology Select Sector 2.01% 799,885 $186.0M Reduce -14.1%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.85% 2,257,300 $170.9M No change
XLI SS Industrial Select Sector 1.58% 1,108,500 $146.1M No change
JPM JPMorgan Chase & Co. 1.47% 566,725 $135.8M Reduce -4.3%
IWM iShares Russell 2000 ETF 1.41% 589,455 $130.2M Add +3.1%
BRK.B Berkshire Hathaway Inc. Class B 1.25% 254,500 $115.4M No change
V Visa Inc. Class A 1.18% 345,051 $109.0M Reduce -7.6%
TSLA Tesla Inc. 1.18% 269,400 $108.8M Add +16.5%
XLB SS Materials Select Sector 1.02% 1,124,300 $94.6M No change
UNH Unitedhealth Group Inc. 1.01% 184,600 $93.4M Reduce -17.0%
IWR iShares Russell Mid-Cap ETF 0.94% 978,700 $86.5M No change
WMT Walmart Inc. 0.86% 883,576 $79.8M No change
DFAE Dimensional Emerging Core Eq 0.85% 3,086,900 $78.3M No change
XOM Exxon Mobil Corp. 0.80% 683,654 $73.5M No change
JNJ Johnson & Johnson 0.77% 494,560 $71.5M No change
IEMG iShares Core MSCI Emerging 0.77% 1,365,000 $71.3M Reduce -30.0%
LLY Eli Lilly & Co. 0.76% 90,500 $69.9M Reduce -6.3%
NOW ServiceNow Inc. 0.74% 64,400 $68.3M Reduce -17.3%
PG The Procter & Gamble Co. 0.72% 397,537 $66.6M No change
DFCF Dimensional Core Fixed Inc. 0.72% 1,611,770 $66.5M No change
EEM iShares MSCI Emerging Market 0.70% 1,546,400 $64.7M No change
MS Morgan Stanley 0.69% 508,850 $64.0M Reduce -22.3%
XLY SS Consumer Disc Select Sect 0.69% 284,000 $63.7M No change
GLD SPDR Gold Shares 0.66% 252,100 $61.0M No change
ETN Eaton Corp. PLC 0.61% 169,119 $56.1M Reduce -20.3%
MRK Merck & Co. Inc. 0.60% 558,980 $55.6M No change
KO The Coca-Cola Co. 0.59% 877,400 $54.6M No change
KLAC KLA Corp. 0.59% 86,552 $54.5M Add +25.3%
UNP Union Pacific Corp. 0.58% 235,150 $53.6M Add +25.2%
CDNS Cadence Design SYS Inc. 0.57% 176,071 $52.9M Add +19.1%
PM Philip Morris International 0.55% 420,806 $50.6M Reduce -13.1%
LCTD iShares World Ex U.S. Carbon 0.54% 1,147,970 $50.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.54% 85,200 $49.9M Add +25.9%
WFC Wells Fargo & Co. 0.54% 706,064 $49.6M Add +16.6%
ABBV Abbvie Inc. 0.53% 276,300 $49.1M No change
TMUS T-Mobile US Inc. 0.52% 218,607 $48.3M Reduce -30.9%
DFAX Dimensional World Ex US Core 0.52% 1,937,480 $48.2M No change
DHR Danaher Corp. 0.51% 206,400 $47.4M No change
TMO Thermo Fisher Scientific Inc. 0.51% 90,735 $47.2M No change
MDLZ Mondelez International Inc. Class A 0.51% 789,500 $47.2M No change
VZ Verizon Communications Inc. 0.50% 1,159,366 $46.4M No change
HES Hess Corp. 0.49% 342,700 $45.6M No change
NFLX Netflix Inc. 0.48% 49,348 $44.0M Reduce -31.9%
AMT American Tower Corp. 0.45% 227,700 $41.8M Add +25.4%
ASML ASML Holding NV-NY Reg SHS 0.45% 59,921 $41.5M No change
QQQ Invesco QQQ Trust Series 1 0.44% 80,154 $41.0M No change
LCTU iShares U.S. Carbon Transiti 0.44% 637,908 $40.9M No change
ADBE Adobe Inc. 0.43% 89,150 $39.6M Add +32.0%
MCD McDonald's Corp. 0.43% 136,200 $39.5M No change
CMCSA Comcast Corp. Class A 0.42% 1,046,200 $39.3M No change
CTVA Corteva Inc. 0.41% 663,058 $37.8M No change
DXCM Dexcom Inc. 0.41% 481,630 $37.5M Add +19.1%
LIN Linde PLC 0.40% 88,600 $37.1M Add +16.1%
HD Home Depot Inc. 0.39% 93,400 $36.3M No change
HON Honeywell International Inc. 0.39% 159,400 $36.0M Reduce -31.1%
ALGN Align Technology Inc. 0.38% 168,293 $35.1M No change
KIE SS SPDR S&P Insurance ETF 0.38% 615,100 $34.8M No change
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.37% 384,237 $34.3M Reduce -25.1%
TSM Taiwan Semiconductor-SP ADR 0.37% 173,420 $34.2M Add +18.4%
WELL Welltower Inc. 0.36% 265,300 $33.4M Add +52.6%
INTU Intuit Inc. 0.36% 52,900 $33.2M New
CB Chubb Ltd. 0.36% 120,200 $33.2M No change
BKNG Booking Holdings Inc. 0.35% 6,530 $32.4M No change
ACWI iShares MSCI Acwi ETF 0.35% 275,000 $32.3M No change
AXP American Express Co. 0.35% 108,500 $32.2M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.34% 257,200 $31.1M Reduce -20.8%
AME Ametek Inc. 0.33% 171,300 $30.9M No change
NOC Northrop Grumman Corp. 0.33% 65,200 $30.6M No change
GE General Electric filed as GE AEROSPACE 0.33% 181,067 $30.2M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.31% 662,080 $29.1M Reduce -16.3%
MDT Medtronic PLC 0.31% 362,740 $29.0M No change
FISV Fiserv Inc. 0.31% 140,500 $28.9M Reduce -32.6%
LVS Las Vegas Sands Corp. 0.31% 554,600 $28.5M No change
KKR KKR & Co. Inc. 0.30% 190,000 $28.1M Reduce -9.5%
SPG Simon Property Group Inc. 0.30% 160,592 $27.7M No change
USFD US Foods Holding Corp. 0.29% 404,100 $27.3M Reduce -16.9%
GS Goldman Sachs Group Inc. 0.29% 47,200 $27.0M No change
XLRE SS Real Estate Select Sector 0.29% 659,000 $26.8M No change
COST Costco Wholesale Corp. 0.29% 29,200 $26.8M No change
XLP SS Consumer Staples Sel Sect 0.29% 336,700 $26.5M No change
TXN Texas Instruments Inc. 0.28% 139,000 $26.1M No change
VLTO Veralto Corp. 0.28% 252,166 $25.7M No change
RTX RTX Corp. 0.28% 221,815 $25.7M No change
NKE Nike Inc. Class B 0.27% 335,400 $25.4M No change
BKLN Invesco Senior Loan ETF 0.27% 1,200,000 $25.3M No change
DE Deere & Co. 0.27% 58,900 $25.0M No change
VPL Vanguard Ftse Pacific ETF 0.27% 350,000 $24.9M No change
APH Amphenol Corp. Class A 0.26% 352,634 $24.5M No change
CRBG Corebridge Financial Inc. 0.26% 808,400 $24.2M No change
NXPI NXP Semiconductors NV 0.26% 114,400 $23.8M Add +109.5%
ECL Ecolab Inc. 0.26% 101,400 $23.8M No change
XLE SS Energy Select Sector 0.26% 276,600 $23.7M Reduce -36.9%
H Hyatt Hotels Corp. Class A 0.26% 150,548 $23.6M No change
WH Wyndham Hotels & Resorts Inc. 0.25% 232,200 $23.4M No change
CAT Caterpillar Inc. 0.25% 64,100 $23.3M No change
ABT Abbott Laboratories 0.24% 198,300 $22.4M No change
EWY iShares MSCI South Korea ETF 0.24% 437,000 $22.2M No change
EWT iShares MSCI Taiwan ETF 0.24% 427,152 $22.1M No change
SPGI S&P Global Inc. 0.24% 44,100 $22.0M No change
DDOG Datadog Inc. Class A 0.24% 152,495 $21.8M Add +103.8%
BN Brookfield Corp. 0.23% 374,000 $21.5M Add +34.5%
BLK BlackRock Inc. 0.23% 20,700 $21.2M No change
MA Mastercard Inc. Class A 0.23% 40,100 $21.1M No change
CVX Chevron Corp. 0.23% 144,550 $20.9M No change
PGR Progressive Corp. 0.23% 87,100 $20.9M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.22% 539,147 $20.7M No change
PNC PNC Financial Services Group 0.22% 107,000 $20.6M Reduce -22.4%
CRM Salesforce Inc. 0.22% 60,100 $20.1M Reduce -22.6%
CNQ Canadian Natural Resources 0.22% 649,200 $20.0M Add +12.5%
WBD Warner Bros Discovery Inc. 0.21% 1,831,406 $19.4M No change
LEN Lennar Corp. Class A 0.21% 139,500 $19.0M No change
MPWR Monolithic Power Systems Inc. 0.20% 31,272 $18.5M Add +132.1%
ANET Arista Networks Inc. 0.20% 166,520 $18.4M Add +42.9%
LOW Lowe's Cos Inc. 0.18% 68,600 $16.9M Reduce -49.3%
AMGN Amgen Inc. 0.18% 64,800 $16.9M Reduce -32.4%
MRSH Marsh & McLennan Cos 0.18% 79,400 $16.9M No change
HUBB Hubbell Inc. 0.18% 40,000 $16.8M No change
PLTR Palantir Technologies Inc. Class A 0.18% 218,857 $16.6M Reduce -18.6%
MRVL Marvell Technology Inc. 0.18% 148,809 $16.4M No change
FDX FedEx Corp. 0.17% 55,600 $15.6M No change
UPS United Parcel Service Class B 0.17% 123,700 $15.6M No change
LHX L3HARRIS Technologies Inc. 0.17% 73,100 $15.4M No change
FXI iShares China Large-Cap ETF 0.16% 498,000 $15.2M No change
UBER Uber Technologies Inc. 0.16% 247,200 $14.9M No change
GEV GE Vernova Inc. 0.16% 45,265 $14.9M No change
ILMN Illumina Inc. 0.16% 111,000 $14.8M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 130,606 $14.5M No change
PFE Pfizer Inc. 0.16% 545,400 $14.5M No change
ACN Accenture PLC Class A 0.15% 40,600 $14.3M No change
EXAS Exact Sciences Corp. 0.15% 253,500 $14.2M No change
IDXX Idexx Laboratories Inc. 0.15% 33,400 $13.8M New
ZBH Zimmer Biomet Holdings Inc. 0.15% 129,600 $13.7M No change
BA The Boeing Co. 0.14% 71,100 $12.6M No change
CI The Cigna Group 0.14% 45,200 $12.5M No change
ORCL Oracle Corp. 0.13% 74,456 $12.4M Reduce -39.5%
AON Aon PLC Class A 0.13% 34,000 $12.2M No change
OTIS Otis Worldwide Corp. 0.13% 130,800 $12.1M Reduce -46.4%
VRTX Vertex Pharmaceuticals Inc. 0.13% 29,900 $12.0M No change
PEP Pepsico Inc. 0.13% 77,000 $11.7M Reduce -38.6%
APO Apollo Global Management Inc. 0.13% 70,600 $11.7M Reduce -49.8%
QCOM Qualcomm Inc. 0.12% 73,300 $11.3M No change
EWA iShares MSCI Australia ETF 0.12% 465,100 $11.1M No change
MU Micron Technology Inc. 0.12% 131,745 $11.1M Add +53.6%
SBUX Starbucks Corp. 0.12% 121,300 $11.1M Reduce -62.5%
IBB iShares Biotechnology ETF 0.10% 71,000 $9.4M No change
AIG American International Group 0.10% 126,800 $9.2M No change
CVS CVS Health Corp. 0.10% 201,243 $9.0M No change
ORLY O'reilly Automotive Inc. 0.10% 7,500 $8.9M No change
AMD Advanced Micro Devices 0.10% 73,072 $8.8M No change
ISRG Intuitive Surgical Inc. 0.09% 15,300 $8.0M Reduce -25.4%
BIIB Biogen Inc. 0.08% 49,200 $7.5M No change
DAL Delta Air Lines Inc. 0.08% 118,000 $7.1M No change
BSX Boston Scientific Corp. 0.07% 71,100 $6.4M Reduce -54.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 28,800 $6.3M No change
MET Metlife Inc. 0.06% 68,800 $5.6M No change
EW Edwards Lifesciences Corp. 0.06% 75,100 $5.6M No change
HUM Humana Inc. 0.06% 21,600 $5.5M New
ACWX iShares MSCI Acwi Ex US ETF 0.05% 90,000 $4.7M Reduce -92.3%
REGN Regeneron Pharmaceuticals 0.03% 3,900 $2.8M New
VWO Vanguard Ftse Emerging Marke 0.01% 28,100 $1.2M No change
GOOGL Alphabet Inc. Class A 0.01% 5,000 $947K No change
VEU Vanguard Ftse All-World Ex-U 0.01% 12,000 $689K No change
GILD Gilead Sciences Inc. 0.01% 6,000 $554K No change

Portfolio Sells Q3 2024 → Q4 2024
AGG iShares Core U.S. Aggregate Reduce -14.1% 6.08% −0.99
ACWX iShares MSCI Acwi Ex US ETF Reduce -92.3% 0.05% −0.64
VGK Vanguard Ftse Europe ETF Sold out 0.00% −0.58
IEMG iShares Core MSCI Emerging Reduce -30.0% 0.77% −0.39
UNH Unitedhealth Group Inc. Reduce -17.0% 1.01% −0.34
CCI Crown Castle Inc. Sold out 0.00% −0.24
DD Dupont DE Nemours Inc. Sold out 0.00% −0.24
SBUX Starbucks Corp. Reduce -62.5% 0.12% −0.21
LOW Lowe's Cos Inc. Reduce -49.3% 0.18% −0.20
XLK SS Technology Select Sector Reduce -14.1% 2.01% −0.16
TMUS T-Mobile US Inc. Reduce -30.9% 0.52% −0.15
XLE SS Energy Select Sector Reduce -36.9% 0.26% −0.14
AMGN Amgen Inc. Reduce -32.4% 0.18% −0.14
OTIS Otis Worldwide Corp. Reduce -46.4% 0.13% −0.13
LLY Eli Lilly & Co. Reduce -6.3% 0.76% −0.13
ETN Eaton Corp. PLC Reduce -20.3% 0.61% −0.12
HON Honeywell International Inc. Reduce -31.1% 0.39% −0.11
PEP Pepsico Inc. Reduce -38.6% 0.13% −0.09
ORCL Oracle Corp. Reduce -39.5% 0.13% −0.08
FISV Fiserv Inc. Reduce -32.6% 0.31% −0.08
BSX Boston Scientific Corp. Reduce -54.5% 0.07% −0.07
BJ Bj's Wholesale Club Holdings Reduce -25.1% 0.37% −0.07
PM Philip Morris International Reduce -13.1% 0.55% −0.06
TJX TJX Companies Inc. Reduce -20.8% 0.34% −0.06
NFLX Netflix Inc. Reduce -31.9% 0.48% −0.06
APO Apollo Global Management Inc. Reduce -49.8% 0.13% −0.06
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.04
PNC PNC Financial Services Group Reduce -22.4% 0.22% −0.04
MRNA Moderna Inc. Sold out 0.00% −0.03
ISRG Intuitive Surgical Inc. Reduce -25.4% 0.09% −0.02
MS Morgan Stanley Reduce -22.3% 0.69% −0.01
USFD US Foods Holding Corp. Reduce -16.9% 0.29% −0.01
BAC Bank of America Corp. Reduce -16.3% 0.31% −0.01
CRM Salesforce Inc. Reduce -22.6% 0.22% −0.00
META Meta Platforms Inc. Class A Reduce -5.9% 2.09% +0.01
NOW ServiceNow Inc. Reduce -17.3% 0.74% +0.02
KKR KKR & Co. Inc. Reduce -9.5% 0.30% +0.02
MSFT Microsoft Corp. Reduce -1.1% 5.03% +0.07
PLTR Palantir Technologies Inc. Class A Reduce -18.6% 0.18% +0.08
V Visa Inc. Class A Reduce -7.6% 1.18% +0.12
JPM JPMorgan Chase & Co. Reduce -4.3% 1.47% +0.18
AVGO Broadcom Inc. Reduce -13.1% 2.26% +0.41
NVDA Nvidia Corp. Reduce -4.3% 4.32% +0.41
AMZN Amazon.com Inc. Reduce -5.0% 3.35% +0.49
GOOG Alphabet Inc. Class C Reduce -1.3% 3.41% +0.51

Portfolio Buys Q3 2024 → Q4 2024
TSLA Tesla Inc. Add +16.5% 1.18% +0.55
INTU Intuit Inc. New 0.36% +0.36
WFC Wells Fargo & Co. Add +16.6% 0.54% +0.18
CDNS Cadence Design SYS Inc. Add +19.1% 0.57% +0.16
IDXX Idexx Laboratories Inc. New 0.15% +0.15
DDOG Datadog Inc. Class A Add +103.8% 0.24% +0.15
IXUS iShares Core Intl Stock ETF Add +7.5% 6.15% +0.14
SPY SS SPDR S&P 500 ETF Trust-US Add +25.9% 0.54% +0.14
WELL Welltower Inc. Add +52.6% 0.36% +0.13
DXCM Dexcom Inc. Add +19.1% 0.41% +0.12
NXPI NXP Semiconductors NV Add +109.5% 0.26% +0.12
TSM Taiwan Semiconductor-SP ADR Add +18.4% 0.37% +0.11
IWM iShares Russell 2000 ETF Add +3.1% 1.41% +0.10
UNP Union Pacific Corp. Add +25.2% 0.58% +0.10
ANET Arista Networks Inc. Add +42.9% 0.20% +0.08
BN Brookfield Corp. Add +34.5% 0.23% +0.08
MPWR Monolithic Power Systems Inc. Add +132.1% 0.20% +0.07
ADBE Adobe Inc. Add +32.0% 0.43% +0.07
HUM Humana Inc. New 0.06% +0.06
KLAC KLA Corp. Add +25.3% 0.59% +0.04
REGN Regeneron Pharmaceuticals New 0.03% +0.03
MU Micron Technology Inc. Add +53.6% 0.12% +0.03
LIN Linde PLC Add +16.1% 0.40% +0.02
CNQ Canadian Natural Resources Add +12.5% 0.22% +0.02
AMT American Tower Corp. Add +25.4% 0.45% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 205$10.6BNVDA, GOOG, AAPL, DFCF, JCPB
Q1 2026 196$8.9BNVDA, AAPL, GOOG, MSFT, AMZN
Q4 2025 196$9.9BNVDA, MSFT, AAPL, GOOG, AGG
Q3 2025 195$10.3BNVDA, MSFT, IXUS, AAPL, GOOG
Q2 2025 162$9.1BIXUS, MSFT, NVDA, AAPL, AMZN
Q1 2025 167$8.6BIXUS, AGG, AAPL, MSFT, NVDA
Q4 2024 172$9.2BIXUS, AGG, AAPL, MSFT, NVDA
Q3 2024 173$9.7BAGG, IXUS, MSFT, AAPL, NVDA
Q2 2024 170$8.8BAGG, MSFT, IXUS, AAPL, NVDA
Q1 2024 169$8.7BAGG, MSFT, XLK, AAPL, IXUS