Factory Mutual Insurance Co.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Factory Mutual Insurance Co. reported 196 stock positions worth $9.9 billion. Its top holding was Nvidia (NVDA) at 5.5% of the portfolio, followed by Microsoft (MSFT, 4.9%) and Apple (AAPL, 4.8%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 29 and reduced 109. The biggest buy was a new position in JPMorgan Int Res Enh Eqty (JIRE) and the biggest sale iShares Core Intl Stock ETF (IXUS, shares −72%).

Most Recent 13F
Q2 2026
Location
WALTHAM, MA
CIK
0000887818
Portfolio Value
$9.9B (Q4 2025)
SEC Filing
0000887818-26-000001 ↗ filed Jan 23, 2026

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 Q3 2025 Q4 2025: $9.9B $9.9B Q4 2025 Q1 2026: $8.9B Q1 2026 Q2 2026: $10.6B Q2 2026

Holdings 196 stocks · $9.9B
NVDA Nvidia Corp. 5.53% 2,922,698 $545.1M Reduce -0.6%
MSFT Microsoft Corp. 4.95% 1,008,818 $487.9M Reduce -4.0%
AAPL Apple Inc. 4.76% 1,727,321 $469.6M Reduce -2.3%
GOOG Alphabet Inc. Class C 4.70% 1,478,271 $463.9M Reduce -4.8%
AGG iShares Core U.S. Aggregate 4.15% 4,096,000 $409.1M Add +9.1%
AMZN Amazon.com Inc. 3.11% 1,331,024 $307.2M Reduce -0.8%
JCPB JPMorgan Core Plus Bond ETF 2.81% 5,846,314 $276.8M No change
AVGO Broadcom Inc. 2.54% 724,445 $250.7M Reduce -9.3%
DFCF Dimensional Core Fixed Inc. 1.96% 4,538,370 $193.2M No change
META Meta Platforms Inc. Class A 1.95% 291,441 $192.4M Reduce -2.0%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.65% 3,823,850 $163.2M Reduce -7.3%
JPM JPMorgan Chase & Co. 1.61% 493,775 $159.1M Reduce -8.8%
DFAX Dimensional World Ex US Core 1.59% 4,806,630 $157.3M No change
XLK SS Technology Select Sector 1.49% 1,022,030 $147.1M Reduce -56.6%
VGK Vanguard Ftse Europe ETF 1.47% 1,729,400 $144.6M Add +22.4%
XLI SS Industrial Select Sector 1.45% 923,500 $143.3M No change
IXUS iShares Core Intl Stock ETF 1.41% 1,647,735 $139.5M Reduce -72.2%
JIRE JPMorgan Int Res Enh Eqty 1.27% 1,671,130 $125.1M New
TSLA Tesla Inc. 1.20% 262,550 $118.1M Reduce -2.5%
V Visa Inc. Class A 1.18% 332,951 $116.8M Reduce -0.6%
BRK.B Berkshire Hathaway Inc. Class B 1.18% 231,100 $116.2M Reduce -9.2%
DFAE Dimensional Emerging Core Eq 1.02% 3,086,900 $100.5M No change
HYDB iShares High Yield Systemati 1.02% 2,116,815 $100.2M Add +100.5%
GLD SPDR Gold Shares 1.01% 252,100 $99.9M No change
TSM Taiwan Semiconductor-SP ADR 0.98% 317,975 $96.6M Add +10.3%
LLY Eli Lilly & Co. 0.94% 85,900 $92.3M Reduce -0.7%
XOM Exxon Mobil Corp. 0.81% 663,004 $79.8M Reduce -2.6%
UNH Unitedhealth Group Inc. 0.81% 240,700 $79.5M Add +13.3%
JNJ Johnson & Johnson 0.79% 378,260 $78.3M Reduce -12.9%
IWR iShares Russell Mid-Cap ETF 0.74% 758,700 $73.0M No change
NOW ServiceNow Inc. 0.73% 469,850 $72.0M Add +12.9%
KLAC KLA Corp. 0.72% 58,652 $71.3M Reduce -14.1%
VOO Vanguard S&P 500 ETF 0.72% 112,887 $70.8M Reduce -36.6%
CDNS Cadence Design SYS Inc. 0.70% 220,421 $68.9M Add +4.4%
WMT Walmart Inc. 0.69% 611,826 $68.2M Reduce -10.0%
XLY SS Consumer Disc Select Sect 0.69% 568,000 $67.8M No change
PM Philip Morris International 0.68% 418,406 $67.1M Add +9.9%
ASML ASML Holding NV-NY Reg SHS 0.66% 60,681 $64.9M Reduce -25.8%
WFC Wells Fargo & Co. 0.65% 689,364 $64.2M Reduce -2.4%
XLB SS Materials Select Sector 0.61% 1,317,600 $59.8M No change
MS Morgan Stanley 0.59% 329,050 $58.4M No change
PG The Procter & Gamble Co. 0.56% 387,437 $55.5M Reduce -2.5%
CVX Chevron Corp. 0.54% 352,367 $53.7M Reduce -3.0%
ACN Accenture PLC Class A 0.54% 199,600 $53.6M Add +92.7%
UNP Union Pacific Corp. 0.53% 227,950 $52.7M Reduce -3.1%
APH Amphenol Corp. Class A 0.53% 384,034 $51.9M Reduce -2.4%
USHY iShares Broad Usd High Yield 0.51% 1,355,000 $50.7M No change
KO The Coca-Cola Co. 0.50% 707,950 $49.5M Reduce -2.5%
PLTR Palantir Technologies Inc. Class A 0.50% 276,357 $49.1M Add +10.3%
TMO Thermo Fisher Scientific Inc. 0.49% 84,085 $48.7M Reduce -15.0%
DHR Danaher Corp. 0.49% 211,300 $48.4M Reduce -2.5%
KKR KKR & Co. Inc. 0.49% 377,300 $48.1M Reduce -0.5%
HD Home Depot Inc. 0.47% 135,100 $46.5M Add +9.5%
WELL Welltower Inc. 0.46% 245,600 $45.6M Reduce -8.0%
GE General Electric filed as GE AEROSPACE 0.46% 147,517 $45.4M Reduce -2.5%
ETN Eaton Corp. PLC 0.45% 139,269 $44.4M Reduce -0.6%
AME Ametek Inc. 0.45% 215,100 $44.2M Add +6.6%
MU Micron Technology Inc. 0.44% 152,345 $43.5M Add +15.6%
ANET Arista Networks Inc. 0.44% 328,420 $43.0M Add +114.6%
ABBV Abbvie Inc. 0.43% 185,150 $42.3M Reduce -20.6%
LIN Linde PLC 0.42% 97,700 $41.7M Add +10.3%
RTX RTX Corp. 0.41% 220,115 $40.4M Reduce -0.8%
AMD Advanced Micro Devices 0.41% 186,972 $40.0M Add +155.9%
MCD McDonald's Corp. 0.41% 131,000 $40.0M Reduce -3.8%
AMT American Tower Corp. 0.40% 221,900 $39.0M Reduce -2.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.39% 251,850 $38.7M Reduce -1.3%
ORCL Oracle Corp. 0.38% 190,356 $37.1M Reduce -0.6%
CAT Caterpillar Inc. 0.37% 63,600 $36.4M Reduce -0.8%
KIE SS SPDR S&P Insurance ETF 0.37% 605,150 $36.4M Reduce -1.6%
CB Chubb Ltd. 0.37% 116,500 $36.4M Reduce -3.1%
AXP American Express Co. 0.36% 96,600 $35.7M Reduce -11.0%
INTU Intuit Inc. 0.36% 53,900 $35.7M Add +27.7%
MPWR Monolithic Power Systems Inc. 0.36% 39,272 $35.6M Reduce -1.8%
BKNG Booking Holdings Inc. 0.35% 6,530 $35.0M No change
IWM iShares Russell 2000 ETF 0.34% 137,580 $33.9M No change
VZ Verizon Communications Inc. 0.34% 829,816 $33.8M Reduce -36.7%
LHX L3HARRIS Technologies Inc. 0.34% 112,550 $33.0M Reduce -2.0%
DXCM Dexcom Inc. 0.33% 490,130 $32.5M Reduce -1.6%
VPL Vanguard Ftse Pacific ETF 0.32% 350,000 $31.6M No change
HUBB Hubbell Inc. 0.32% 71,000 $31.5M Reduce -0.8%
NFLX Netflix Inc. 0.32% 333,250 $31.2M Reduce -2.6%
IDXX Idexx Laboratories Inc. 0.31% 45,400 $30.7M Reduce -0.9%
UL Unilever PLC-Sponsored ADR 0.30% 457,195 $29.9M Reduce -26.5%
GEV GE Vernova Inc. 0.30% 45,265 $29.6M No change
MRK Merck & Co. Inc. 0.30% 277,374 $29.2M Reduce -1.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.29% 527,130 $29.0M Reduce -1.5%
NXPI NXP Semiconductors NV 0.29% 133,050 $28.9M Add +16.3%
APO Apollo Global Management Inc. 0.29% 197,400 $28.6M Reduce -1.0%
LVS Las Vegas Sands Corp. 0.28% 426,250 $27.7M Reduce -3.0%
VLTO Veralto Corp. 0.28% 272,616 $27.2M Reduce -2.7%
XLRE SS Real Estate Select Sector 0.27% 659,000 $26.6M No change
DE Deere & Co. 0.27% 56,600 $26.4M Reduce -3.9%
XLP SS Consumer Staples Sel Sect 0.27% 336,700 $26.2M No change
NOC Northrop Grumman Corp. 0.26% 45,000 $25.7M Reduce -2.8%
ECL Ecolab Inc. 0.26% 97,400 $25.6M Reduce -3.9%
CNQ Canadian Natural Resources 0.26% 747,803 $25.3M Reduce -3.3%
ISRG Intuitive Surgical Inc. 0.26% 44,500 $25.2M Add +190.8%
BKLN Invesco Senior Loan ETF 0.26% 1,200,000 $25.2M No change
CTVA Corteva Inc. 0.26% 375,908 $25.2M Reduce -44.0%
BN Brookfield Corp. 0.25% 547,650 $25.1M Reduce -2.4%

Show all 196 holdings

Portfolio Sells Q3 2025 → Q4 2025
IXUS iShares Core Intl Stock ETF Reduce -72.2% 1.41% −3.35
XLK SS Technology Select Sector Reduce -56.6% 1.49% −1.74
MSFT Microsoft Corp. Reduce -4.0% 4.95% −0.35
VOO Vanguard S&P 500 ETF Reduce -36.6% 0.72% −0.34
CMCSA Comcast Corp. Class A Sold out 0.00% −0.32
BJ Bj's Wholesale Club Holdings Sold out 0.00% −0.27
FISV Fiserv Inc. Reduce -96.0% 0.01% −0.27
VZ Verizon Communications Inc. Reduce -36.7% 0.34% −0.22
CTVA Corteva Inc. Reduce -44.0% 0.26% −0.19
META Meta Platforms Inc. Class A Reduce -2.0% 1.95% −0.18
ORCL Oracle Corp. Reduce -0.6% 0.38% −0.15
EXAS Exact Sciences Corp. Sold out 0.00% −0.14
TMUS T-Mobile US Inc. Reduce -48.5% 0.11% −0.13
ASML ASML Holding NV-NY Reg SHS Reduce -25.8% 0.66% −0.11
UL Unilever PLC-Sponsored ADR Reduce -26.5% 0.30% −0.10
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.10
ABBV Abbvie Inc. Reduce -20.6% 0.43% −0.10
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -7.3% 1.65% −0.10
NFLX Netflix Inc. Reduce -2.6% 0.32% −0.08
CVS CVS Health Corp. Reduce -31.4% 0.25% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -9.2% 1.18% −0.07
ETN Eaton Corp. PLC Reduce -0.6% 0.45% −0.06
ALGN Align Technology Inc. Reduce -39.0% 0.23% −0.06
AON Aon PLC Class A Reduce -35.9% 0.12% −0.06
SPG Simon Property Group Inc. Reduce -20.7% 0.24% −0.05
JPM JPMorgan Chase & Co. Reduce -8.8% 1.61% −0.05
UBER Uber Technologies Inc. Reduce -3.9% 0.20% −0.04
PG The Procter & Gamble Co. Reduce -2.5% 0.56% −0.03
AMT American Tower Corp. Reduce -2.5% 0.40% −0.03
MDLZ Mondelez International Inc. Class A Reduce -1.3% 0.23% −0.03
DDOG Datadog Inc. Class A Reduce -11.8% 0.21% −0.03
LEN Lennar Corp. Class A Reduce -2.0% 0.14% −0.03
AVGO Broadcom Inc. Reduce -9.3% 2.54% −0.02
MICC The Magnum Ice Cream Co. NV Reduce -89.9% 0.00% −0.02
BLK BlackRock Inc. Reduce -3.9% 0.22% −0.02
COST Costco Wholesale Corp. Reduce -3.8% 0.25% −0.02
CRM Salesforce Inc. Reduce -26.1% 0.10% −0.02
ABT Abbott Laboratories Reduce -3.8% 0.24% −0.02
PGR Progressive Corp. Reduce -3.9% 0.19% −0.02
NKE Nike Inc. Class B Reduce -2.2% 0.21% −0.02
VLTO Veralto Corp. Reduce -2.7% 0.28% −0.01
CRBG Corebridge Financial Inc. Reduce -3.9% 0.24% −0.01
NOC Northrop Grumman Corp. Reduce -2.8% 0.26% −0.01
SYY Sysco Corp. Reduce -1.5% 0.14% −0.01
MRSH Marsh & McLennan Cos Reduce -3.8% 0.14% −0.01
ECL Ecolab Inc. Reduce -3.9% 0.26% −0.01
HON Honeywell International Inc. Reduce -2.4% 0.16% −0.01
GFI Gold Fields Ltd.-Spons ADR Reduce -24.8% 0.04% −0.01
LHX L3HARRIS Technologies Inc. Reduce -2.0% 0.34% −0.01
UNP Union Pacific Corp. Reduce -3.1% 0.53% −0.01

Portfolio Buys Q3 2025 → Q4 2025
JIRE JPMorgan Int Res Enh Eqty New 1.27% +1.27
HYDB iShares High Yield Systemati Add +100.5% 1.02% +0.52
AGG iShares Core U.S. Aggregate Add +9.1% 4.15% +0.48
VGK Vanguard Ftse Europe ETF Add +22.4% 1.47% +0.37
ACN Accenture PLC Class A Add +92.7% 0.54% +0.29
AMD Advanced Micro Devices Add +155.9% 0.41% +0.29
MU Micron Technology Inc. Add +15.6% 0.44% +0.23
ANET Arista Networks Inc. Add +114.6% 0.44% +0.22
TSM Taiwan Semiconductor-SP ADR Add +10.3% 0.98% +0.20
ISRG Intuitive Surgical Inc. Add +190.8% 0.26% +0.19
UNH Unitedhealth Group Inc. Add +13.3% 0.81% +0.09
PFGC Performance Food Group Co. Add +122.2% 0.18% +0.09
INTU Intuit Inc. Add +27.7% 0.36% +0.08
PM Philip Morris International Add +9.9% 0.68% +0.08
AME Ametek Inc. Add +6.6% 0.45% +0.08
BTI British American Tob-SP ADR Add +170.6% 0.10% +0.07
DIS The Walt Disney Co. Add +40.8% 0.21% +0.07
TXN Texas Instruments Inc. Add +46.9% 0.19% +0.06
PLTR Palantir Technologies Inc. Class A Add +10.3% 0.50% +0.05
NXPI NXP Semiconductors NV Add +16.3% 0.29% +0.04
SHEL Shell PLC-ADR Add +101.9% 0.05% +0.03
BE Bloom Energy Corp. Class A New 0.02% +0.02
AJG Arthur J Gallagher & Co. Add +30.3% 0.17% +0.02
LIN Linde PLC Add +10.3% 0.42% +0.01
TME Tencent Music Entertainm-ADR New 0.01% +0.01
BIDU Baidu Inc. - Spon ADR New 0.01% +0.01
UBS UBS Group AG-Reg Add +12.0% 0.04% +0.01
TCOM Trip.com Group Ltd.-ADR Add +50.9% 0.01% +0.00
BABA Alibaba Group Holding-SP ADR Add +12.0% 0.08% −0.00
SE Sea Ltd.-ADR Add +6.5% 0.01% −0.00
HD Home Depot Inc. Add +9.5% 0.47% −0.02
NOW ServiceNow Inc. Add +12.9% 0.73% −0.02
CDNS Cadence Design SYS Inc. Add +4.4% 0.70% −0.02

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