Ilmarinen Mutual Pension Insurance Co

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Ilmarinen Mutual Pension Insurance Co reported 331 stock positions worth $12.5 billion. Its top holding was iShares Climate Conscious (USCL) at 18.0% of the portfolio, followed by Xtrack MSCI USA Clim Act Eq (USCA, 18.0%) and SS SPDR P High Yield ETF (SPHY, 4.4%). Compared with Q3 2025, it opened 48 new positions, sold out of 20, added to 50 and reduced 69. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale iShares Climate Conscious (USCL, shares −15%).

Most Recent 13F
Q2 2026
Location
HELSINKI, H9
CIK
0001661580
Portfolio Value
$12.5B (Q4 2025)
SEC Filing
0001661580-26-000001 ↗ filed Feb 10, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $8.2B Q1 2024 Q2 2024: $8.6B Q2 2024 Q3 2024: $9.2B Q3 2024 Q4 2024: $11.7B Q4 2024 Q1 2025: $11.3B Q1 2025 Q2 2025: $12.4B Q2 2025 Q3 2025: $13.3B Q3 2025 Q4 2025: $12.5B $12.5B Q4 2025 Q1 2026: $12.7B Q1 2026 Q2 2026: $14.8B Q2 2026

Holdings 331 stocks · $12.5B
USCL iShares Climate Conscious 18.05% 28,476,890 $2.3B Reduce -14.9%
USCA Xtrack MSCI USA Clim Act Eq 18.02% 54,001,846 $2.3B Reduce -14.8%
SPHY SS SPDR P High Yield ETF 4.35% 23,050,000 $545.6M Reduce -22.3%
USHY iShares Broad Usd High Yield 4.20% 14,080,000 $526.5M Reduce -19.2%
NVDA Nvidia Corp. 3.12% 2,096,147 $390.9M Reduce -23.8%
MSFT Microsoft Corp. 2.99% 774,011 $374.3M Reduce -2.5%
GOOGL Alphabet Inc. Class A 2.82% 1,128,697 $353.3M Reduce -32.2%
AVGO Broadcom Inc. 2.47% 894,300 $309.5M New
AMZN Amazon.com Inc. 2.30% 1,251,716 $288.9M Reduce -5.4%
META Meta Platforms Inc. Class A 1.88% 357,334 $235.9M Reduce -0.0%
TSLA Tesla Inc. 1.65% 459,500 $206.6M Reduce -1.2%
JPM JPMorgan Chase & Co. 1.18% 457,869 $147.5M No change
LLY Eli Lilly & Co. 1.16% 135,300 $145.4M Reduce -2.0%
V Visa Inc. Class A 0.94% 336,260 $117.9M Add +5.9%
IYR iShares US Real Estate ETF 0.90% 1,196,577 $112.3M Reduce -8.2%
MA Mastercard Inc. Class A 0.77% 169,325 $96.7M Add +2.0%
XOM Exxon Mobil Corp. 0.71% 735,000 $88.5M Reduce -3.9%
JNJ Johnson & Johnson 0.67% 406,100 $84.0M Reduce -0.7%
WMT Walmart Inc. 0.65% 729,000 $81.2M No change
ORCL Oracle Corp. 0.56% 362,587 $70.7M Reduce -7.6%
PLTR Palantir Technologies Inc. Class A 0.56% 395,591 $70.3M Reduce -9.0%
CRM Salesforce Inc. 0.56% 263,519 $69.8M Add +1.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.56% 1,268,620 $69.8M Reduce -2.8%
AMD Advanced Micro Devices 0.55% 321,205 $68.8M Reduce -4.7%
ABBV Abbvie Inc. 0.52% 287,500 $65.7M No change
HD Home Depot Inc. 0.48% 175,096 $60.3M No change
PG The Procter & Gamble Co. 0.48% 417,000 $59.8M Reduce -7.0%
NFLX Netflix Inc. 0.47% 633,320 $59.4M Reduce -7.5%
CSCO Cisco Systems Inc. 0.42% 690,820 $53.2M Reduce -16.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.42% 176,736 $52.4M Reduce -5.9%
KO The Coca-Cola Co. 0.41% 744,000 $52.0M Reduce -7.6%
UNH Unitedhealth Group Inc. 0.41% 157,300 $51.9M Reduce -12.9%
ACN Accenture PLC Class A 0.41% 190,432 $51.1M Add +9.5%
BLK BlackRock Inc. 0.37% 43,553 $46.6M No change
MRK Merck & Co. Inc. 0.37% 441,500 $46.5M Add +2.0%
EEM iShares MSCI Emerging Market 0.37% 840,469 $46.0M Add +350.2%
ADBE Adobe Inc. 0.36% 128,235 $44.9M Add +5.3%
CAT Caterpillar Inc. 0.35% 76,800 $44.0M Add +8.5%
MCD McDonald's Corp. 0.34% 138,397 $42.3M No change
PGR Progressive Corp. 0.34% 184,895 $42.1M Add +7.3%
C Citigroup Inc. 0.32% 349,000 $40.7M Add +88.7%
TMO Thermo Fisher Scientific Inc. 0.31% 67,300 $39.0M No change
INTU Intuit Inc. 0.30% 57,529 $38.1M Reduce -9.5%
NOW ServiceNow Inc. 0.30% 246,195 $37.7M Add +1.6%
WFC Wells Fargo & Co. 0.29% 396,500 $37.0M No change
QCOM Qualcomm Inc. 0.29% 215,718 $36.9M Reduce -6.5%
ABT Abbott Laboratories 0.28% 280,500 $35.1M Reduce -8.8%
NEE Nextera Energy Inc. 0.27% 422,856 $33.9M Add +8.3%
SCHW Schwab (charles) Corp. 0.27% 338,471 $33.8M Add +43.7%
MRSH Marsh & McLennan Cos 0.27% 181,600 $33.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.27% 294,853 $33.5M Add +1.7%
MCK McKesson Corp. 0.26% 40,428 $33.2M No change
PEP Pepsico Inc. 0.26% 227,500 $32.7M Reduce -7.1%
LIN Linde PLC 0.25% 73,500 $31.3M Add +110.8%
GS Goldman Sachs Group Inc. 0.23% 33,509 $29.5M Add +4.0%
AMGN Amgen Inc. 0.23% 87,200 $28.5M Reduce -7.2%
ETN Eaton Corp. PLC 0.23% 88,600 $28.2M No change
DHR Danaher Corp. 0.22% 121,500 $27.8M No change
BKNG Booking Holdings Inc. 0.22% 5,150 $27.6M No change
MS Morgan Stanley 0.22% 153,984 $27.3M Reduce -31.3%
CB Chubb Ltd. 0.21% 85,371 $26.6M No change
ADI Analog Devices Inc. 0.21% 95,944 $26.0M Reduce -6.5%
TMUS T-Mobile US Inc. 0.20% 126,460 $25.7M Add +27.3%
BSX Boston Scientific Corp. 0.20% 263,000 $25.1M No change
UBER Uber Technologies Inc. 0.20% 303,044 $24.8M No change
PANW Palo Alto Networks Inc. 0.19% 132,298 $24.4M Reduce -4.3%
GILD Gilead Sciences Inc. 0.19% 198,000 $24.3M Reduce -8.3%
CMCSA Comcast Corp. Class A 0.19% 802,749 $24.0M Add +34.1%
T AT&T Inc. 0.19% 964,828 $24.0M Reduce -8.1%
DE Deere & Co. 0.19% 51,297 $23.9M No change
PFE Pfizer Inc. 0.18% 927,000 $23.1M Add +4.5%
VZ Verizon Communications Inc. 0.18% 549,790 $22.4M Reduce -4.2%
UNP Union Pacific Corp. 0.18% 96,500 $22.3M Add +5.5%
ICE Intercontinental Exchange Inc. 0.17% 133,300 $21.6M Reduce -9.8%
EMR Emerson Electric Co. 0.16% 154,250 $20.5M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.16% 175,000 $20.3M No change
CME Cme Group Inc. 0.16% 72,611 $19.8M Reduce -20.3%
CRWD CrowdStrike Holdings Inc. Class A 0.16% 42,072 $19.7M Reduce -12.8%
COP Conocophillips 0.16% 210,000 $19.7M New
SNPS Synopsys Inc. 0.16% 41,807 $19.6M Reduce -20.1%
WDAY Workday Inc. Class A 0.15% 89,373 $19.2M Reduce -4.0%
ISRG Intuitive Surgical Inc. 0.15% 33,300 $18.9M No change
GE General Electric filed as GE AEROSPACE 0.15% 61,000 $18.8M New
CRH CRH PLC 0.15% 150,000 $18.7M No change
SBUX Starbucks Corp. 0.15% 221,533 $18.7M No change
CEG Constellation Energy 0.14% 50,500 $17.8M Reduce -9.0%
AON Aon PLC Class A 0.14% 50,272 $17.7M Add +229.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.14% 68,100 $17.6M No change
VRTX Vertex Pharmaceuticals Inc. 0.14% 38,800 $17.6M No change
PH Parker Hannifin Corp. 0.14% 20,000 $17.6M New
CTAS Cintas Corp. 0.14% 92,800 $17.5M No change
AXP American Express Co. 0.14% 47,000 $17.4M No change
ADP Automatic Data Processing 0.14% 67,000 $17.2M No change
BMY Bristol-Myers Squibb Co. 0.14% 315,800 $17.0M Reduce -10.4%
PINS Pinterest Inc. Class A 0.13% 640,569 $16.6M Add +359.0%
AFL Aflac Inc. 0.12% 140,317 $15.5M No change
CDNS Cadence Design SYS Inc. 0.12% 48,503 $15.2M Reduce -7.8%
MMM 3M Co. 0.12% 94,309 $15.1M No change
MELI MercadoLibre Inc. 0.12% 7,450 $15.0M No change
TEAM Atlassian Corp. Class A 0.12% 92,500 $15.0M Add +164.3%

Show all 331 holdings

Portfolio Sells Q3 2025 → Q4 2025
USCL iShares Climate Conscious Reduce -14.9% 18.05% −1.61
USCA Xtrack MSCI USA Clim Act Eq Reduce -14.8% 18.02% −1.57
SPHY SS SPDR P High Yield ETF Reduce -22.3% 4.35% −0.98
USHY iShares Broad Usd High Yield Reduce -19.2% 4.20% −0.74
NVDA Nvidia Corp. Reduce -23.8% 3.12% −0.73
CVX Chevron Corp. Sold out 0.00% −0.39
ORCL Oracle Corp. Reduce -7.6% 0.56% −0.27
GOOGL Alphabet Inc. Class A Reduce -32.2% 2.82% −0.22
SO The Southern Co. Sold out 0.00% −0.18
NFLX Netflix Inc. Reduce -7.5% 0.47% −0.14
DASH DoorDash Inc. Class A Sold out 0.00% −0.12
MSFT Microsoft Corp. Reduce -2.5% 2.99% −0.10
META Meta Platforms Inc. Class A Reduce -0.0% 1.88% −0.09
KMI Kinder Morgan Inc. Sold out 0.00% −0.08
ROP Roper Technologies Inc. Sold out 0.00% −0.07
XEL Xcel Energy Inc. Reduce -51.4% 0.05% −0.06
UNH Unitedhealth Group Inc. Reduce -12.9% 0.41% −0.05
IYR iShares US Real Estate ETF Reduce -8.2% 0.90% −0.05
PEG Public Service Enterprise GP Sold out 0.00% −0.05
ROK Rockwell Automation Inc. Sold out 0.00% −0.05
MS Morgan Stanley Reduce -31.3% 0.22% −0.05
DUK Duke Energy Corp. Reduce -28.9% 0.12% −0.05
NET Cloudflare Inc. Class A Reduce -42.5% 0.06% −0.04
WAB Wabtec Corp. Sold out 0.00% −0.04
PG The Procter & Gamble Co. Reduce -7.0% 0.48% −0.04
XLV SS Health Care Select Sector Sold out 0.00% −0.04
TSCO Tractor Supply Company Reduce -57.6% 0.02% −0.04
CCEP Coca-Cola Europacific Partne Reduce -39.7% 0.07% −0.04
SNPS Synopsys Inc. Reduce -20.1% 0.16% −0.04
MKC McCormick & Co.-Non VTG SHRS Reduce -64.3% 0.02% −0.04
PLTR Palantir Technologies Inc. Class A Reduce -9.0% 0.56% −0.03
ALNY Alnylam Pharmaceuticals Inc. Reduce -40.5% 0.04% −0.03
T AT&T Inc. Reduce -8.1% 0.19% −0.03
VEEV Veeva Systems Inc. Class A Reduce -27.1% 0.04% −0.03
ABT Abbott Laboratories Reduce -8.8% 0.28% −0.03
CME Cme Group Inc. Reduce -20.3% 0.16% −0.03
EIX Edison International Sold out 0.00% −0.03
SMCI Super Micro Computer Inc. Sold out 0.00% −0.03
NI Nisource Inc. Sold out 0.00% −0.02
PSA Public Storage Sold out 0.00% −0.02
RVTY Revvity Inc. Sold out 0.00% −0.02
INTU Intuit Inc. Reduce -9.5% 0.30% −0.02
CRWD CrowdStrike Holdings Inc. Class A Reduce -12.8% 0.16% −0.02
CDNS Cadence Design SYS Inc. Reduce -7.8% 0.12% −0.02
EXC Exelon Corp. Reduce -25.2% 0.06% −0.02
ELV Elevance Health Inc. Reduce -26.2% 0.10% −0.02
PANW Palo Alto Networks Inc. Reduce -4.3% 0.19% −0.02
WDAY Workday Inc. Class A Reduce -4.0% 0.15% −0.01
ICE Intercontinental Exchange Inc. Reduce -9.8% 0.17% −0.01
HSY The Hershey Co. Reduce -29.9% 0.03% −0.01

Portfolio Buys Q3 2025 → Q4 2025
AVGO Broadcom Inc. New 2.47% +2.47
EEM iShares MSCI Emerging Market Add +350.2% 0.37% +0.29
C Citigroup Inc. Add +88.7% 0.32% +0.18
COP Conocophillips New 0.16% +0.16
GE General Electric New 0.15% +0.15
PH Parker Hannifin Corp. New 0.14% +0.14
V Visa Inc. Class A Add +5.9% 0.94% +0.13
LIN Linde PLC Add +110.8% 0.25% +0.13
KLAR Klarna Group PLC New 0.12% +0.12
SCHW Schwab (charles) Corp. Add +43.7% 0.27% +0.10
AON Aon PLC Class A Add +229.2% 0.14% +0.10
PINS Pinterest Inc. Class A Add +359.0% 0.13% +0.10
MRK Merck & Co. Inc. Add +2.0% 0.37% +0.10
CAT Caterpillar Inc. Add +8.5% 0.35% +0.10
CRM Salesforce Inc. Add +1.1% 0.56% +0.09
ACN Accenture PLC Class A Add +9.5% 0.41% +0.09
BX Blackstone Inc. New 0.08% +0.08
TEAM Atlassian Corp. Class A Add +164.3% 0.12% +0.08
MA Mastercard Inc. Class A Add +2.0% 0.77% +0.06
CI The Cigna Group New 0.06% +0.06
HUBS HubSpot Inc. Add +107.2% 0.11% +0.05
GEV GE Vernova Inc. New 0.05% +0.05
MCHP Microchip Technology Inc. New 0.05% +0.05
SRE Sempra Add +207.3% 0.07% +0.05
CMCSA Comcast Corp. Class A Add +34.1% 0.19% +0.05
NEE Nextera Energy Inc. Add +8.3% 0.27% +0.05
ED Consolidated Edison Inc. New 0.05% +0.05
HCA HCA Healthcare Inc. New 0.04% +0.04
PCG P G & E Corp. New 0.04% +0.04
BALL Ball Corp. New 0.04% +0.04
GS Goldman Sachs Group Inc. Add +4.0% 0.23% +0.04
KDP Keurig Dr Pepper Inc. New 0.04% +0.04
TDG Transdigm Group Inc. New 0.04% +0.04
MDT Medtronic PLC New 0.04% +0.04
RKLB Rocket Lab Corp. New 0.04% +0.04
VOO Vanguard S&P 500 ETF New 0.04% +0.04
CAH Cardinal Health Inc. New 0.04% +0.04
KVUE Kenvue Inc. New 0.04% +0.04
GIS General Mills Inc. New 0.04% +0.04
FANG Diamondback Energy Inc. New 0.04% +0.04
ADBE Adobe Inc. Add +5.3% 0.36% +0.04
HWM Howmet Aerospace Inc. New 0.03% +0.03
AWK American Water Works Co. Inc. New 0.03% +0.03
KMB Kimberly-Clark Corp. Add +289.3% 0.04% +0.03
SYK Stryker Corp. New 0.03% +0.03
ATO Atmos Energy Corp. New 0.03% +0.03
CNP Centerpoint Energy Inc. New 0.03% +0.03
AMRZ Amrize Ltd. New 0.03% +0.03
IFF Intl Flavors & Fragrances New 0.03% +0.03
CHD Church & Dwight Co. Inc. New 0.03% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 445$14.8BUSCA, USCL, NVDA, AAPL, USHY
Q1 2026 462$12.7BUSCA, USCL, NVDA, USHY, AAPL
Q4 2025 331$12.5BUSCL, USCA, SPHY, USHY, NVDA
Q3 2025 303$13.3BUSCL, USCA, SPHY, USHY, NVDA
Q2 2025 295$12.4BUSCL, USCA, SPHY, USHY, NVDA
Q1 2025 301$11.3BUSCL, USCA, SPHY, USHY, AAPL
Q4 2024 293$11.7BUSCL, USCA, SPHY, USHY, AAPL
Q3 2024 271$9.2BUSCL, USCA, SJNK, NVDA, AAPL
Q2 2024 273$8.6BUSCL, USCA, SJNK, NVDA, MSFT
Q1 2024 265$8.2BUSCL, USCA, SJNK, NVDA, AMZN