Factory Mutual Insurance Co.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Factory Mutual Insurance Co. reported 167 stock positions worth $8.6 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 6.9% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 6.1%) and Apple (AAPL, 4.8%). Compared with Q4 2024, it opened 7 new positions, sold out of 12, added to 22 and reduced 30. The biggest buy was a new position in JPMorgan Core Plus Bond ETF (JCPB) and the biggest sale an exit from SS Technology Select Sector (XLK).

Most Recent 13F
Q2 2026
Location
WALTHAM, MA
CIK
0000887818
Portfolio Value
$8.6B (Q1 2025)
SEC Filing
0001085146-25-002161 ↗ filed Apr 17, 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 Q4 2024 Q1 2025: $8.6B $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 167 stocks · $8.6B
IXUS iShares Core Intl Stock ETF 6.94% 8,566,760 $598.0M Reduce -0.3%
AGG iShares Core U.S. Aggregate 6.07% 5,292,657 $523.5M Reduce -8.7%
AAPL Apple Inc. 4.77% 1,851,021 $411.2M Reduce -4.3%
MSFT Microsoft Corp. 4.75% 1,089,768 $409.1M Reduce -1.2%
NVDA Nvidia Corp. 3.67% 2,919,848 $316.5M Reduce -1.8%
GOOG Alphabet Inc. Class C 3.01% 1,658,121 $259.0M No change
AMZN Amazon.com Inc. 2.96% 1,342,024 $255.3M Reduce -5.1%
META Meta Platforms Inc. Class A 2.18% 325,341 $187.5M Reduce -1.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 2.06% 2,257,300 $178.0M No change
AVGO Broadcom Inc. 1.70% 877,445 $146.9M Reduce -2.6%
JPM JPMorgan Chase & Co. 1.61% 566,725 $139.0M No change
BRK.B Berkshire Hathaway Inc. Class B 1.57% 254,500 $135.5M No change
XLI SS Industrial Select Sector 1.40% 923,500 $121.0M Reduce -16.7%
V Visa Inc. Class A 1.40% 345,051 $120.9M No change
DFCF Dimensional Core Fixed Inc. 1.36% 2,793,770 $117.5M Add +73.3%
UNH Unitedhealth Group Inc. 1.18% 194,600 $101.9M Add +5.4%
JCPB JPMorgan Core Plus Bond ETF 1.17% 2,151,300 $101.2M New
VGK Vanguard Ftse Europe ETF 1.15% 1,412,500 $99.2M New
IWR iShares Russell Mid-Cap ETF 0.97% 978,700 $83.3M No change
JNJ Johnson & Johnson 0.95% 494,560 $82.0M No change
XOM Exxon Mobil Corp. 0.94% 683,654 $81.3M No change
DFAE Dimensional Emerging Core Eq 0.93% 3,086,900 $79.9M No change
DFAX Dimensional World Ex US Core 0.87% 2,860,480 $74.9M Add +47.6%
LLY Eli Lilly & Co. 0.87% 90,500 $74.7M No change
IEMG iShares Core MSCI Emerging 0.85% 1,365,000 $73.7M No change
GLD SPDR Gold Shares 0.84% 252,100 $72.6M No change
XLB SS Materials Select Sector 0.83% 833,800 $71.7M Reduce -25.8%
TSLA Tesla Inc. 0.81% 269,400 $69.8M No change
WMT Walmart Inc. 0.80% 789,576 $69.3M Reduce -10.6%
PG The Procter & Gamble Co. 0.79% 397,537 $67.7M No change
PM Philip Morris International 0.77% 420,806 $66.8M No change
KO The Coca-Cola Co. 0.73% 877,400 $62.8M No change
VZ Verizon Communications Inc. 0.69% 1,305,366 $59.2M Add +12.6%
ABBV Abbvie Inc. 0.67% 276,300 $57.9M No change
XLY SS Consumer Disc Select Sect 0.65% 284,000 $56.1M No change
UNP Union Pacific Corp. 0.64% 235,150 $55.6M No change
HES Hess Corp. 0.64% 342,700 $54.7M No change
CDNS Cadence Design SYS Inc. 0.62% 208,971 $53.1M Add +18.7%
TMUS T-Mobile US Inc. 0.60% 192,907 $51.5M Reduce -11.8%
NOW ServiceNow Inc. 0.59% 64,400 $51.3M No change
WFC Wells Fargo & Co. 0.59% 706,064 $50.7M No change
USHY iShares Broad Usd High Yield 0.58% 1,355,000 $49.9M New
AMT American Tower Corp. 0.57% 227,700 $49.5M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.56% 86,550 $48.4M Add +1.6%
MS Morgan Stanley 0.55% 406,350 $47.4M Reduce -20.1%
ETN Eaton Corp. PLC 0.53% 169,119 $46.0M No change
TMO Thermo Fisher Scientific Inc. 0.52% 90,735 $45.1M No change
ASML ASML Holding NV-NY Reg SHS 0.52% 68,121 $45.1M Add +13.7%
DHR Danaher Corp. 0.52% 216,800 $44.4M Add +5.0%
MRK Merck & Co. Inc. 0.51% 487,780 $43.8M Reduce -12.7%
KLAC KLA Corp. 0.50% 62,952 $42.8M Reduce -27.3%
MCD McDonald's Corp. 0.49% 136,200 $42.5M No change
CTVA Corteva Inc. 0.48% 663,058 $41.7M No change
NFLX Netflix Inc. 0.48% 44,348 $41.4M Reduce -10.1%
LIN Linde PLC 0.48% 88,600 $41.3M No change
WELL Welltower Inc. 0.47% 265,300 $40.6M No change
EEM iShares MSCI Emerging Market 0.47% 923,400 $40.4M Reduce -40.3%
MDLZ Mondelez International Inc. Class A 0.46% 589,500 $40.0M Reduce -25.3%
IWM iShares Russell 2000 ETF 0.45% 194,755 $38.9M Reduce -67.0%
CMCSA Comcast Corp. Class A 0.45% 1,046,200 $38.6M No change
KIE SS SPDR S&P Insurance ETF 0.43% 615,100 $37.2M No change
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.43% 322,237 $36.8M Reduce -16.1%
CB Chubb Ltd. 0.42% 120,200 $36.3M No change
GE General Electric filed as GE AEROSPACE 0.42% 181,067 $36.2M No change
DXCM Dexcom Inc. 0.41% 521,630 $35.6M Add +8.3%
INTU Intuit Inc. 0.41% 58,000 $35.6M Add +9.6%
UL Unilever PLC 0.40% 579,900 $34.5M New
KKR KKR & Co. Inc. 0.40% 296,500 $34.3M Add +56.0%
HD Home Depot Inc. 0.40% 93,400 $34.2M No change
ADBE Adobe Inc. 0.40% 89,150 $34.2M No change
HON Honeywell International Inc. 0.39% 159,400 $33.8M No change
NOC Northrop Grumman Corp. 0.39% 65,200 $33.4M No change
ALGN Align Technology Inc. 0.37% 202,793 $32.2M Add +20.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.36% 257,200 $31.3M No change
FISV Fiserv Inc. 0.36% 140,500 $31.0M No change
CVS CVS Health Corp. 0.35% 449,243 $30.4M Add +123.2%
BKNG Booking Holdings Inc. 0.35% 6,530 $30.1M No change
AME Ametek Inc. 0.34% 171,300 $29.5M No change
RTX RTX Corp. 0.34% 221,815 $29.4M No change
AXP American Express Co. 0.34% 108,500 $29.2M No change
TSM Taiwan Semiconductor-SP ADR 0.33% 173,420 $28.8M No change
ORCL Oracle Corp. 0.32% 197,956 $27.7M Add +165.9%
DE Deere & Co. 0.32% 58,900 $27.6M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.32% 662,080 $27.6M No change
COST Costco Wholesale Corp. 0.32% 29,200 $27.6M No change
XLRE SS Real Estate Select Sector 0.32% 659,000 $27.6M No change
XLP SS Consumer Staples Sel Sect 0.32% 336,700 $27.5M No change
SPG Simon Property Group Inc. 0.31% 160,592 $26.7M No change
ABT Abbott Laboratories 0.31% 198,300 $26.3M No change
XLE SS Energy Select Sector 0.30% 276,600 $25.8M No change
APH Amphenol Corp. Class A 0.30% 393,634 $25.8M Add +11.6%
ECL Ecolab Inc. 0.30% 101,400 $25.7M No change
VPL Vanguard Ftse Pacific ETF 0.29% 350,000 $25.4M No change
BKLN Invesco Senior Loan ETF 0.29% 1,200,000 $24.8M No change
VOO Vanguard S&P 500 ETF 0.29% 48,200 $24.8M New
PGR Progressive Corp. 0.29% 87,100 $24.7M No change
VLTO Veralto Corp. 0.29% 252,166 $24.6M No change
MPWR Monolithic Power Systems Inc. 0.27% 39,972 $23.2M Add +27.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.26% 539,147 $22.5M No change
SPGI S&P Global Inc. 0.26% 44,100 $22.4M No change

Show all 167 holdings

Portfolio Sells Q4 2024 → Q1 2025
XLK SS Technology Select Sector Sold out 0.00% −2.01
IWM iShares Russell 2000 ETF Reduce -67.0% 0.45% −0.96
NVDA Nvidia Corp. Reduce -1.8% 3.67% −0.64
AVGO Broadcom Inc. Reduce -2.6% 1.70% −0.55
LCTD iShares World Ex U.S. Carbon Sold out 0.00% −0.54
AAPL Apple Inc. Reduce -4.3% 4.77% −0.47
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.44
LCTU iShares U.S. Carbon Transiti Sold out 0.00% −0.44
AMZN Amazon.com Inc. Reduce -5.1% 2.96% −0.39
ACWI iShares MSCI Acwi ETF Sold out 0.00% −0.35
MSFT Microsoft Corp. Reduce -1.2% 4.75% −0.28
EWY iShares MSCI South Korea ETF Sold out 0.00% −0.24
EWT iShares MSCI Taiwan ETF Sold out 0.00% −0.24
EEM iShares MSCI Emerging Market Reduce -40.3% 0.47% −0.23
CVX Chevron Corp. Reduce -89.2% 0.03% −0.20
XLB SS Materials Select Sector Reduce -25.8% 0.83% −0.19
XLI SS Industrial Select Sector Reduce -16.7% 1.40% −0.18
UPS United Parcel Service Class B Sold out 0.00% −0.17
FXI iShares China Large-Cap ETF Sold out 0.00% −0.16
ILMN Illumina Inc. Sold out 0.00% −0.16
MS Morgan Stanley Reduce -20.1% 0.55% −0.14
CI The Cigna Group Sold out 0.00% −0.14
TXN Texas Instruments Inc. Reduce -47.5% 0.15% −0.13
WH Wyndham Hotels & Resorts Inc. Reduce -46.5% 0.13% −0.12
EWA iShares MSCI Australia ETF Sold out 0.00% −0.12
GS Goldman Sachs Group Inc. Reduce -39.4% 0.18% −0.11
USFD US Foods Holding Corp. Reduce -38.4% 0.19% −0.11
MRK Merck & Co. Inc. Reduce -12.7% 0.51% −0.09
KLAC KLA Corp. Reduce -27.3% 0.50% −0.09
H Hyatt Hotels Corp. Class A Reduce -19.9% 0.17% −0.08
WMT Walmart Inc. Reduce -10.6% 0.80% −0.06
MDT Medtronic PLC Reduce -32.3% 0.26% −0.06
CRM Salesforce Inc. Reduce -13.8% 0.16% −0.06
MDLZ Mondelez International Inc. Class A Reduce -25.3% 0.46% −0.05
CRBG Corebridge Financial Inc. Reduce -20.9% 0.23% −0.03
PFE Pfizer Inc. Reduce -18.9% 0.13% −0.03
AGG iShares Core U.S. Aggregate Reduce -8.7% 6.07% −0.00
NFLX Netflix Inc. Reduce -10.1% 0.48% +0.00
BJ Bj's Wholesale Club Holdings Reduce -16.1% 0.43% +0.06
TMUS T-Mobile US Inc. Reduce -11.8% 0.60% +0.08
META Meta Platforms Inc. Class A Reduce -1.3% 2.18% +0.09
IXUS iShares Core Intl Stock ETF Reduce -0.3% 6.94% +0.79

Portfolio Buys Q4 2024 → Q1 2025
JCPB JPMorgan Core Plus Bond ETF New 1.17% +1.17
VGK Vanguard Ftse Europe ETF New 1.15% +1.15
DFCF Dimensional Core Fixed Inc. Add +73.3% 1.36% +0.64
USHY iShares Broad Usd High Yield New 0.58% +0.58
UL Unilever PLC New 0.40% +0.40
DFAX Dimensional World Ex US Core Add +47.6% 0.87% +0.35
VOO Vanguard S&P 500 ETF New 0.29% +0.29
CVS CVS Health Corp. Add +123.2% 0.35% +0.26
ORCL Oracle Corp. Add +165.9% 0.32% +0.19
VZ Verizon Communications Inc. Add +12.6% 0.69% +0.19
UNH Unitedhealth Group Inc. Add +5.4% 1.18% +0.17
APO Apollo Global Management Inc. Add +124.1% 0.25% +0.13
KKR KKR & Co. Inc. Add +56.0% 0.40% +0.09
IDXX Idexx Laboratories Inc. Add +42.5% 0.23% +0.08
FDX FedEx Corp. Add +55.8% 0.24% +0.08
ASML ASML Holding NV-NY Reg SHS Add +13.7% 0.52% +0.07
SYY Sysco Corp. New 0.07% +0.07
MPWR Monolithic Power Systems Inc. Add +27.8% 0.27% +0.07
REGN Regeneron Pharmaceuticals Add +210.3% 0.09% +0.06
AON Aon PLC Class A Add +20.6% 0.19% +0.06
LHX L3HARRIS Technologies Inc. Add +25.4% 0.22% +0.06
INTU Intuit Inc. Add +9.6% 0.41% +0.05
CDNS Cadence Design SYS Inc. Add +18.7% 0.62% +0.04
APH Amphenol Corp. Class A Add +11.6% 0.30% +0.03
AJG Arthur J Gallagher & Co. New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +1.6% 0.56% +0.02
DXCM Dexcom Inc. Add +8.3% 0.41% +0.01
DHR Danaher Corp. Add +5.0% 0.52% +0.00
ALGN Align Technology Inc. Add +20.5% 0.37% −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