Factory Mutual Insurance Co.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Factory Mutual Insurance Co. reported 162 stock positions worth $9.1 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 7.0% of the portfolio, followed by Microsoft (MSFT, 5.8%) and Nvidia (NVDA, 5.2%). Compared with Q1 2025, it opened 1 new position, sold out of 6, added to 27 and reduced 26. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −57%).

Most Recent 13F
Q2 2026
Location
WALTHAM, MA
CIK
0000887818
Portfolio Value
$9.1B (Q2 2025)
SEC Filing
0001085146-25-004651 ↗ filed Aug 7, 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 Q1 2025 Q2 2025: $9.1B $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 162 stocks · $9.1B
IXUS iShares Core Intl Stock ETF 7.01% 8,299,460 $641.6M Reduce -3.1%
MSFT Microsoft Corp. 5.80% 1,067,268 $530.9M Reduce -2.1%
NVDA Nvidia Corp. 5.21% 3,018,848 $476.9M Add +3.4%
AAPL Apple Inc. 4.09% 1,825,221 $374.5M Reduce -1.4%
AMZN Amazon.com Inc. 3.22% 1,342,024 $294.4M No change
GOOG Alphabet Inc. Class C 3.21% 1,658,121 $294.1M No change
META Meta Platforms Inc. Class A 2.62% 325,341 $240.1M No change
AVGO Broadcom Inc. 2.51% 833,945 $229.9M Reduce -5.0%
AGG iShares Core U.S. Aggregate 2.44% 2,253,600 $223.6M Reduce -57.4%
XLU St Sr Utl SL SE SPDR ETF-Usd 2.01% 2,257,300 $184.3M No change
JPM JPMorgan Chase & Co. 1.80% 566,725 $164.3M No change
JCPB JPMorgan Core Plus Bond ETF 1.65% 3,216,300 $151.4M Add +49.5%
XLI SS Industrial Select Sector 1.49% 923,500 $136.2M No change
XLK SS Technology Select Sector 1.37% 496,200 $125.7M New
BRK.B Berkshire Hathaway Inc. Class B 1.35% 254,500 $123.6M No change
V Visa Inc. Class A 1.34% 345,051 $122.5M No change
DFCF Dimensional Core Fixed Inc. 1.29% 2,793,770 $118.1M No change
VGK Vanguard Ftse Europe ETF 1.20% 1,412,500 $109.5M No change
IWR iShares Russell Mid-Cap ETF 0.98% 978,700 $90.0M No change
DFAE Dimensional Emerging Core Eq 0.98% 3,086,900 $89.4M No change
TSLA Tesla Inc. 0.94% 269,400 $85.6M No change
DFAX Dimensional World Ex US Core 0.92% 2,860,480 $84.0M No change
NOW ServiceNow Inc. 0.89% 79,000 $81.2M Add +22.7%
VOO Vanguard S&P 500 ETF 0.85% 136,200 $77.4M Add +182.6%
GLD SPDR Gold Shares 0.84% 252,100 $76.8M No change
PM Philip Morris International 0.84% 420,806 $76.6M No change
XOM Exxon Mobil Corp. 0.81% 683,654 $73.7M No change
XLB SS Materials Select Sector 0.80% 833,800 $73.2M No change
LLY Eli Lilly & Co. 0.74% 86,500 $67.4M Reduce -4.4%
CDNS Cadence Design SYS Inc. 0.73% 215,971 $66.6M Add +3.4%
WMT Walmart Inc. 0.73% 679,576 $66.4M Reduce -13.9%
UNH Unitedhealth Group Inc. 0.72% 212,400 $66.3M Add +9.2%
JNJ Johnson & Johnson 0.72% 432,560 $66.1M Reduce -12.5%
PG The Procter & Gamble Co. 0.69% 397,537 $63.3M No change
XLY SS Consumer Disc Select Sect 0.67% 284,000 $61.7M No change
KLAC KLA Corp. 0.67% 68,252 $61.1M Add +8.4%
NFLX Netflix Inc. 0.65% 44,348 $59.4M No change
ASML ASML Holding NV-NY Reg SHS 0.62% 70,621 $56.6M Add +3.7%
WFC Wells Fargo & Co. 0.62% 706,064 $56.6M No change
VZ Verizon Communications Inc. 0.62% 1,305,366 $56.5M No change
UNP Union Pacific Corp. 0.59% 235,150 $54.1M No change
ETN Eaton Corp. PLC 0.59% 150,119 $53.6M Reduce -11.2%
KO The Coca-Cola Co. 0.56% 726,400 $51.4M Reduce -17.2%
USHY iShares Broad Usd High Yield 0.56% 1,355,000 $50.8M No change
KKR KKR & Co. Inc. 0.55% 379,000 $50.4M Add +27.8%
AMT American Tower Corp. 0.55% 227,700 $50.3M No change
CTVA Corteva Inc. 0.54% 663,058 $49.4M No change
HES Hess Corp. 0.52% 342,700 $47.5M No change
TSM Taiwan Semiconductor-SP ADR 0.51% 206,420 $46.8M Add +19.0%
GE General Electric filed as GE AEROSPACE 0.51% 181,067 $46.6M No change
MS Morgan Stanley 0.51% 329,050 $46.3M Reduce -19.0%
DXCM Dexcom Inc. 0.48% 497,930 $43.5M Reduce -4.5%
ABBV Abbvie Inc. 0.47% 233,300 $43.3M Reduce -15.6%
ORCL Oracle Corp. 0.47% 197,956 $43.3M No change
DHR Danaher Corp. 0.47% 216,800 $42.8M No change
IWM iShares Russell 2000 ETF 0.46% 194,755 $42.0M No change
ALGN Align Technology Inc. 0.46% 220,293 $41.7M Add +8.6%
LIN Linde PLC 0.45% 88,600 $41.6M No change
WELL Welltower Inc. 0.45% 265,300 $40.8M No change
MCD McDonald's Corp. 0.43% 136,200 $39.8M No change
TMO Thermo Fisher Scientific Inc. 0.43% 96,435 $39.1M Add +6.3%
APH Amphenol Corp. Class A 0.42% 393,634 $38.9M No change
UL Unilever PLC 0.42% 629,900 $38.5M Add +8.6%
BKNG Booking Holdings Inc. 0.41% 6,530 $37.8M No change
TMUS T-Mobile US Inc. 0.41% 157,907 $37.6M Reduce -18.1%
CMCSA Comcast Corp. Class A 0.41% 1,046,200 $37.3M No change
KIE SS SPDR S&P Insurance ETF 0.40% 615,100 $36.7M No change
AME Ametek Inc. 0.40% 201,800 $36.5M Add +17.8%
MDLZ Mondelez International Inc. Class A 0.40% 539,500 $36.4M Reduce -8.5%
CB Chubb Ltd. 0.38% 120,200 $34.8M No change
AXP American Express Co. 0.38% 108,500 $34.6M No change
HD Home Depot Inc. 0.37% 93,400 $34.2M No change
INTU Intuit Inc. 0.36% 42,200 $33.2M Reduce -27.2%
IDXX Idexx Laboratories Inc. 0.36% 61,100 $32.8M Add +28.4%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.36% 301,537 $32.5M Reduce -6.4%
RTX RTX Corp. 0.35% 221,815 $32.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.35% 257,200 $31.8M No change
CVS CVS Health Corp. 0.34% 449,243 $31.0M No change
DE Deere & Co. 0.33% 58,900 $30.0M No change
HUBB Hubbell Inc. 0.32% 71,600 $29.2M Add +79.0%
MPWR Monolithic Power Systems Inc. 0.32% 39,972 $29.2M No change
CRBG Corebridge Financial Inc. 0.32% 815,400 $28.9M Add +27.5%
COST Costco Wholesale Corp. 0.32% 29,200 $28.9M No change
LHX L3HARRIS Technologies Inc. 0.32% 114,900 $28.8M Add +25.3%
VPL Vanguard Ftse Pacific ETF 0.31% 350,000 $28.8M No change
APO Apollo Global Management Inc. 0.31% 199,400 $28.3M Add +26.0%
VLTO Veralto Corp. 0.31% 280,066 $28.3M Add +11.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.30% 44,550 $27.5M Reduce -48.5%
ECL Ecolab Inc. 0.30% 101,400 $27.3M No change
XLRE SS Real Estate Select Sector 0.30% 659,000 $27.3M No change
XLP SS Consumer Staples Sel Sect 0.30% 336,700 $27.3M No change
FISV Fiserv Inc. 0.30% 157,000 $27.1M Add +11.7%
ABT Abbott Laboratories 0.29% 198,300 $27.0M No change
SPG Simon Property Group Inc. 0.28% 160,592 $25.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 535,080 $25.3M Reduce -19.2%
PLTR Palantir Technologies Inc. Class A 0.28% 184,857 $25.2M Reduce -15.5%
BKLN Invesco Senior Loan ETF 0.27% 1,200,000 $25.1M No change
NXPI NXP Semiconductors NV 0.27% 114,400 $25.0M No change
CAT Caterpillar Inc. 0.27% 64,100 $24.9M No change
LVS Las Vegas Sands Corp. 0.26% 554,600 $24.1M No change

Show all 162 holdings

Portfolio Sells Q1 2025 → Q2 2025
AGG iShares Core U.S. Aggregate Reduce -57.4% 2.44% −3.63
IEMG iShares Core MSCI Emerging Sold out 0.00% −0.85
AAPL Apple Inc. Reduce -1.4% 4.09% −0.68
EEM iShares MSCI Emerging Market Sold out 0.00% −0.47
MRK Merck & Co. Inc. Reduce -42.4% 0.24% −0.26
SPY SS SPDR S&P 500 ETF Trust-US Reduce -48.5% 0.30% −0.26
JNJ Johnson & Johnson Reduce -12.5% 0.72% −0.23
ABBV Abbvie Inc. Reduce -15.6% 0.47% −0.20
ADBE Adobe Inc. Reduce -44.3% 0.21% −0.19
TMUS T-Mobile US Inc. Reduce -18.1% 0.41% −0.19
HON Honeywell International Inc. Reduce -48.3% 0.21% −0.18
ZBH Zimmer Biomet Holdings Inc. Sold out 0.00% −0.17
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.17
KO The Coca-Cola Co. Reduce -17.2% 0.56% −0.17
NOC Northrop Grumman Corp. Reduce -28.2% 0.26% −0.13
LLY Eli Lilly & Co. Reduce -4.4% 0.74% −0.13
BIIB Biogen Inc. Sold out 0.00% −0.08
WMT Walmart Inc. Reduce -13.9% 0.73% −0.08
QCOM Qualcomm Inc. Reduce -53.5% 0.06% −0.07
BJ Bj's Wholesale Club Holdings Reduce -6.4% 0.36% −0.07
HUM Humana Inc. Sold out 0.00% −0.07
MDLZ Mondelez International Inc. Class A Reduce -8.5% 0.40% −0.07
INTU Intuit Inc. Reduce -27.2% 0.36% −0.05
BAC Bank of America Corp. Reduce -19.2% 0.28% −0.04
MS Morgan Stanley Reduce -19.0% 0.51% −0.04
USFD US Foods Holding Corp. Reduce -12.6% 0.18% −0.01
ETN Eaton Corp. PLC Reduce -11.2% 0.59% +0.05
PLTR Palantir Technologies Inc. Class A Reduce -15.5% 0.28% +0.06
DXCM Dexcom Inc. Reduce -4.5% 0.48% +0.06
IXUS iShares Core Intl Stock ETF Reduce -3.1% 7.01% +0.08
AVGO Broadcom Inc. Reduce -5.0% 2.51% +0.81
MSFT Microsoft Corp. Reduce -2.1% 5.80% +1.06

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +3.4% 5.21% +1.54
XLK SS Technology Select Sector New 1.37% +1.37
VOO Vanguard S&P 500 ETF Add +182.6% 0.85% +0.56
JCPB JPMorgan Core Plus Bond ETF Add +49.5% 1.65% +0.48
NOW ServiceNow Inc. Add +22.7% 0.89% +0.29
TSM Taiwan Semiconductor-SP ADR Add +19.0% 0.51% +0.18
KLAC KLA Corp. Add +8.4% 0.67% +0.17
HUBB Hubbell Inc. Add +79.0% 0.32% +0.17
KKR KKR & Co. Inc. Add +27.8% 0.55% +0.15
IDXX Idexx Laboratories Inc. Add +28.4% 0.36% +0.13
CDNS Cadence Design SYS Inc. Add +3.4% 0.73% +0.11
ASML ASML Holding NV-NY Reg SHS Add +3.7% 0.62% +0.09
LHX L3HARRIS Technologies Inc. Add +25.3% 0.32% +0.09
SYY Sysco Corp. Add +139.0% 0.16% +0.09
CRBG Corebridge Financial Inc. Add +27.5% 0.32% +0.08
ALGN Align Technology Inc. Add +8.6% 0.46% +0.08
APO Apollo Global Management Inc. Add +26.0% 0.31% +0.06
REGN Regeneron Pharmaceuticals Add +111.6% 0.15% +0.06
AME Ametek Inc. Add +17.8% 0.40% +0.06
DDOG Datadog Inc. Class A Add +2.3% 0.23% +0.05
VLTO Veralto Corp. Add +11.1% 0.31% +0.02
AJG Arthur J Gallagher & Co. Add +107.1% 0.05% +0.02
UL Unilever PLC Add +8.6% 0.42% +0.02
WH Wyndham Hotels & Resorts Inc. Add +24.6% 0.14% +0.01
AON Aon PLC Class A Add +12.2% 0.18% −0.01
FISV Fiserv Inc. Add +11.7% 0.30% −0.06
TMO Thermo Fisher Scientific Inc. Add +6.3% 0.43% −0.10
UNH Unitedhealth Group Inc. Add +9.2% 0.72% −0.46

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