Factory Mutual Insurance Co.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Factory Mutual Insurance Co. reported 195 stock positions worth $10.3 billion. Its top holding was Nvidia (NVDA) at 5.3% of the portfolio, followed by Microsoft (MSFT, 5.3%) and iShares Core Intl Stock ETF (IXUS, 4.8%). Compared with Q2 2025, it opened 35 new positions, sold out of 2, added to 25 and reduced 29. The biggest buy was SS Technology Select Sector (XLK, shares +137%) and the biggest sale iShares Core Intl Stock ETF (IXUS, shares −29%).

Most Recent 13F
Q2 2026
Location
WALTHAM, MA
CIK
0000887818
Portfolio Value
$10.3B (Q3 2025)
SEC Filing
0000887818-25-000002 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $10.3B $10.3B Q3 2025 Q4 2025: $9.9B Q4 2025 Q1 2026: $8.9B Q1 2026 Q2 2026: $10.6B Q2 2026

Holdings 195 stocks · $10.3B
NVDA Nvidia Corp. 5.34% 2,938,848 $548.3M Reduce -2.6%
MSFT Microsoft Corp. 5.30% 1,050,968 $544.3M Reduce -1.5%
IXUS iShares Core Intl Stock ETF 4.76% 5,923,560 $489.2M Reduce -28.6%
AAPL Apple Inc. 4.38% 1,767,571 $450.1M Reduce -3.2%
GOOG Alphabet Inc. Class C 3.68% 1,552,321 $378.1M Reduce -6.4%
AGG iShares Core U.S. Aggregate 3.67% 3,755,423 $376.5M Add +66.6%
XLK SS Technology Select Sector 3.23% 1,177,180 $331.8M Add +137.2%
AMZN Amazon.com Inc. 2.87% 1,342,024 $294.7M No change
JCPB JPMorgan Core Plus Bond ETF 2.71% 5,846,314 $278.0M Add +81.8%
AVGO Broadcom Inc. 2.57% 798,445 $263.4M Reduce -4.3%
META Meta Platforms Inc. Class A 2.13% 297,391 $218.4M Reduce -8.6%
DFCF Dimensional Core Fixed Inc. 1.89% 4,538,370 $194.1M Add +62.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.75% 2,062,250 $179.8M Reduce -8.6%
JPM JPMorgan Chase & Co. 1.66% 541,725 $170.9M Reduce -4.4%
DFAX Dimensional World Ex US Core 1.47% 4,806,630 $150.8M Add +68.0%
XLI SS Industrial Select Sector 1.39% 923,500 $142.4M No change
BRK.B Berkshire Hathaway Inc. Class B 1.25% 254,500 $127.9M No change
TSLA Tesla Inc. 1.17% 269,400 $119.8M No change
V Visa Inc. Class A 1.11% 334,801 $114.3M Reduce -3.0%
VGK Vanguard Ftse Europe ETF 1.10% 1,412,500 $112.7M No change
VOO Vanguard S&P 500 ETF 1.06% 178,137 $109.1M Add +30.8%
DFAE Dimensional Emerging Core Eq 0.95% 3,086,900 $97.3M No change
GLD SPDR Gold Shares 0.87% 252,100 $89.6M No change
TSM Taiwan Semiconductor-SP ADR 0.78% 288,325 $80.5M Add +39.7%
JNJ Johnson & Johnson 0.78% 434,060 $80.5M Add +0.3%
ASML ASML Holding NV-NY Reg SHS 0.77% 81,731 $79.1M Add +15.7%
XOM Exxon Mobil Corp. 0.75% 680,654 $76.7M Reduce -0.4%
NOW ServiceNow Inc. 0.75% 83,200 $76.6M Add +5.3%
CDNS Cadence Design SYS Inc. 0.72% 211,171 $74.2M Reduce -2.2%
KLAC KLA Corp. 0.72% 68,252 $73.6M No change
UNH Unitedhealth Group Inc. 0.71% 212,400 $73.3M No change
IWR iShares Russell Mid-Cap ETF 0.71% 758,700 $73.3M Reduce -22.5%
WMT Walmart Inc. 0.68% 679,576 $70.0M No change
XLY SS Consumer Disc Select Sect 0.66% 284,000 $68.1M No change
LLY Eli Lilly & Co. 0.64% 86,500 $66.0M No change
PM Philip Morris International 0.60% 380,806 $61.8M Reduce -9.5%
PG The Procter & Gamble Co. 0.59% 397,537 $61.1M No change
WFC Wells Fargo & Co. 0.58% 706,064 $59.2M No change
XLB SS Materials Select Sector 0.57% 658,800 $59.0M Reduce -21.0%
VZ Verizon Communications Inc. 0.56% 1,310,366 $57.6M Add +0.4%
CVX Chevron Corp. 0.55% 363,117 $56.4M Add +2235.2%
UNP Union Pacific Corp. 0.54% 235,150 $55.6M No change
ABBV Abbvie Inc. 0.53% 233,300 $54.0M No change
ORCL Oracle Corp. 0.52% 191,556 $53.9M Reduce -3.2%
ETN Eaton Corp. PLC 0.51% 140,119 $52.4M Reduce -6.7%
MS Morgan Stanley 0.51% 329,050 $52.3M No change
USHY iShares Broad Usd High Yield 0.50% 1,355,000 $51.2M No change
HYDB iShares High Yield Systemati 0.49% 1,055,715 $50.5M New
HD Home Depot Inc. 0.49% 123,400 $50.0M Add +32.1%
KKR KKR & Co. Inc. 0.48% 379,000 $49.3M No change
APH Amphenol Corp. Class A 0.47% 393,634 $48.7M No change
KO The Coca-Cola Co. 0.47% 726,400 $48.2M No change
TMO Thermo Fisher Scientific Inc. 0.47% 98,935 $48.0M Add +2.6%
WELL Welltower Inc. 0.46% 266,800 $47.5M Add +0.6%
PLTR Palantir Technologies Inc. Class A 0.45% 250,557 $45.7M Add +35.5%
GE General Electric filed as GE AEROSPACE 0.44% 151,367 $45.5M Reduce -16.4%
CTVA Corteva Inc. 0.44% 671,058 $45.4M Add +1.2%
AMT American Tower Corp. 0.43% 227,700 $43.8M No change
DHR Danaher Corp. 0.42% 216,800 $43.0M No change
LIN Linde PLC 0.41% 88,600 $42.1M No change
UL Unilever PLC 0.40% 700,409 $41.5M Add +11.2%
MCD McDonald's Corp. 0.40% 136,200 $41.4M No change
NFLX Netflix Inc. 0.40% 34,200 $41.0M Reduce -22.9%
AME Ametek Inc. 0.37% 201,800 $37.9M No change
RTX RTX Corp. 0.36% 221,815 $37.1M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.36% 255,200 $36.9M Reduce -0.8%
MPWR Monolithic Power Systems Inc. 0.36% 39,972 $36.8M No change
KIE SS SPDR S&P Insurance ETF 0.36% 615,100 $36.5M No change
AXP American Express Co. 0.35% 108,500 $36.0M No change
BKNG Booking Holdings Inc. 0.34% 6,530 $35.3M No change
LHX L3HARRIS Technologies Inc. 0.34% 114,900 $35.1M No change
CB Chubb Ltd. 0.33% 120,200 $33.9M No change
CVS CVS Health Corp. 0.33% 449,243 $33.9M No change
DXCM Dexcom Inc. 0.33% 497,930 $33.5M No change
IWM iShares Russell 2000 ETF 0.32% 137,580 $33.3M Reduce -29.4%
CMCSA Comcast Corp. Class A 0.32% 1,046,200 $32.9M No change
HUBB Hubbell Inc. 0.30% 71,600 $30.8M No change
VPL Vanguard Ftse Pacific ETF 0.30% 350,000 $30.7M No change
CAT Caterpillar Inc. 0.30% 64,100 $30.6M No change
SPG Simon Property Group Inc. 0.29% 160,592 $30.1M No change
ALGN Align Technology Inc. 0.29% 240,293 $30.1M Add +9.1%
VLTO Veralto Corp. 0.29% 280,066 $29.9M No change
IDXX Idexx Laboratories Inc. 0.28% 45,800 $29.3M Reduce -25.0%
INTU Intuit Inc. 0.28% 42,200 $28.8M No change
FISV Fiserv Inc. 0.28% 219,600 $28.3M Add +39.9%
NOC Northrop Grumman Corp. 0.27% 46,300 $28.2M Reduce -1.1%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.27% 301,537 $28.1M No change
GEV GE Vernova Inc. 0.27% 45,265 $27.8M No change
ECL Ecolab Inc. 0.27% 101,400 $27.8M No change
XLRE SS Real Estate Select Sector 0.27% 659,000 $27.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 535,080 $27.6M No change
COST Costco Wholesale Corp. 0.26% 29,200 $27.0M No change
DE Deere & Co. 0.26% 58,900 $26.9M No change
MDLZ Mondelez International Inc. Class A 0.26% 427,500 $26.7M Reduce -20.8%
APO Apollo Global Management Inc. 0.26% 199,400 $26.6M No change
ABT Abbott Laboratories 0.26% 198,300 $26.6M No change
XLP SS Consumer Staples Sel Sect 0.26% 336,700 $26.4M No change
CRBG Corebridge Financial Inc. 0.25% 815,400 $26.1M No change
NXPI NXP Semiconductors NV 0.25% 114,400 $26.1M No change
BN Brookfield Corp. 0.25% 374,000 $25.6M No change

Show all 195 holdings

Portfolio Sells Q2 2025 → Q3 2025
IXUS iShares Core Intl Stock ETF Reduce -28.6% 4.76% −2.25
HES Hess Corp. Sold out 0.00% −0.52
MSFT Microsoft Corp. Reduce -1.5% 5.30% −0.50
META Meta Platforms Inc. Class A Reduce -8.6% 2.13% −0.50
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.30
IWR iShares Russell Mid-Cap ETF Reduce -22.5% 0.71% −0.27
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -8.6% 1.75% −0.26
NFLX Netflix Inc. Reduce -22.9% 0.40% −0.25
PM Philip Morris International Reduce -9.5% 0.60% −0.24
V Visa Inc. Class A Reduce -3.0% 1.11% −0.23
XLB SS Materials Select Sector Reduce -21.0% 0.57% −0.23
TMUS T-Mobile US Inc. Reduce -35.9% 0.24% −0.18
MDLZ Mondelez International Inc. Class A Reduce -20.8% 0.26% −0.14
IWM iShares Russell 2000 ETF Reduce -29.4% 0.32% −0.14
WBD Warner Bros Discovery Inc. Reduce -72.1% 0.10% −0.13
JPM JPMorgan Chase & Co. Reduce -4.4% 1.66% −0.13
ETN Eaton Corp. PLC Reduce -6.7% 0.51% −0.08
IDXX Idexx Laboratories Inc. Reduce -25.0% 0.28% −0.07
GE General Electric Reduce -16.4% 0.44% −0.07
XOM Exxon Mobil Corp. Reduce -0.4% 0.75% −0.06
LVS Las Vegas Sands Corp. Reduce -20.7% 0.23% −0.03
USFD US Foods Holding Corp. Reduce -4.6% 0.16% −0.03
CDNS Cadence Design SYS Inc. Reduce -2.2% 0.72% −0.01
TJX TJX Companies Inc. Reduce -0.8% 0.36% +0.01
NOC Northrop Grumman Corp. Reduce -1.1% 0.27% +0.02
ANET Arista Networks Inc. Reduce -8.1% 0.22% +0.03
ORCL Oracle Corp. Reduce -3.2% 0.52% +0.05
AVGO Broadcom Inc. Reduce -4.3% 2.57% +0.05
NVDA Nvidia Corp. Reduce -2.6% 5.34% +0.13
AAPL Apple Inc. Reduce -3.2% 4.38% +0.29
GOOG Alphabet Inc. Class C Reduce -6.4% 3.68% +0.47

Portfolio Buys Q2 2025 → Q3 2025
XLK SS Technology Select Sector Add +137.2% 3.23% +1.86
AGG iShares Core U.S. Aggregate Add +66.6% 3.67% +1.22
JCPB JPMorgan Core Plus Bond ETF Add +81.8% 2.71% +1.05
DFCF Dimensional Core Fixed Inc. Add +62.5% 1.89% +0.60
DFAX Dimensional World Ex US Core Add +68.0% 1.47% +0.55
CVX Chevron Corp. Add +2235.2% 0.55% +0.52
HYDB iShares High Yield Systemati New 0.49% +0.49
TSM Taiwan Semiconductor-SP ADR Add +39.7% 0.78% +0.27
VOO Vanguard S&P 500 ETF Add +30.8% 1.06% +0.22
PLTR Palantir Technologies Inc. Class A Add +35.5% 0.45% +0.17
ASML ASML Holding NV-NY Reg SHS Add +15.7% 0.77% +0.15
ACN Accenture PLC Class A Add +155.2% 0.25% +0.12
HD Home Depot Inc. Add +32.1% 0.49% +0.11
AJG Arthur J Gallagher & Co. Add +241.4% 0.15% +0.10
PFGC Performance Food Group Co. New 0.09% +0.09
BABA Alibaba Group Holding-SP ADR New 0.08% +0.08
JNJ Johnson & Johnson Add +0.3% 0.78% +0.06
MUFG Mitsubishi Ufj Finl-Spon ADR New 0.06% +0.06
HSBC HSBC Holdings PLC-Spons ADR New 0.05% +0.05
SAN Banco Santander SA-Spon ADR New 0.05% +0.05
HDB HDFC Bank Ltd.-ADR New 0.05% +0.05
SAP Sap SE-Sponsored ADR New 0.05% +0.05
GFI Gold Fields Ltd.-Spons ADR New 0.05% +0.05
TM Toyota Motor Corp. -Spon ADR New 0.05% +0.05
BHP BHP Group Ltd.-Spon ADR New 0.05% +0.05
SONY Sony Group Corp. - SP ADR New 0.05% +0.05
NVS Novartis AG-Sponsored ADR New 0.04% +0.04
AZN Astrazeneca PLC-Spons ADR New 0.04% +0.04
NGG National Grid PLC-SP ADR New 0.04% +0.04
TMO Thermo Fisher Scientific Inc. Add +2.6% 0.47% +0.04
BTI British American Tob-SP ADR New 0.03% +0.03
NVO Novo-Nordisk A/S-Spons ADR New 0.03% +0.03
SMFG Sumitomo Mitsui-Spons ADR New 0.03% +0.03
UBS UBS Group AG-Reg New 0.03% +0.03
FMX Fomento Economico Mex-SP ADR New 0.03% +0.03
SHEL Shell PLC-ADR New 0.02% +0.02
EDU New Oriental Educatio-SP ADR New 0.02% +0.02
NU Nu Holdings Ltd./Cayman Isl-A New 0.02% +0.02
DEO Diageo PLC-Sponsored ADR New 0.02% +0.02
FUTU Futu Holdings Ltd.-ADR New 0.02% +0.02
SE Sea Ltd.-ADR New 0.02% +0.02
CNQ Canadian Natural Resources Add +19.1% 0.24% +0.02
FMS Fresenius Medical Care-ADR New 0.02% +0.02
WELL Welltower Inc. Add +0.6% 0.46% +0.02
AEG Aegon Ltd.-NY Reg SHR New 0.02% +0.02
B Barrick Mining Corp. New 0.02% +0.02
HUBS HubSpot Inc. New 0.02% +0.02
TLK Telkom Indonesia Persero-ADR New 0.02% +0.02
MELI MercadoLibre Inc. New 0.01% +0.01
TTE Totalenergies SE -Spon ADR New 0.01% +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