Maj Invest Holding A/S
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Maj Invest Holding A/S reported 42 stock positions worth $2.9 billion. Its top holding was Applied Materials (AMAT) at 8.0% of the portfolio, followed by CSX (CSX, 7.6%) and Qualcomm (QCOM, 7.4%). Compared with Q1 2025, it sold out of 3, added to 7 and reduced 15. The biggest buy was Applied Materials (AMAT, shares +43%) and the biggest sale an exit from AutoZone (AZO).
- Most Recent 13F
- Q2 2026
- Location
- COPENHAGEN K, G7
- CIK
- 0001730525
- Portfolio Value
- $2.9B (Q2 2025)
- SEC Filing
- 0001730525-25-000006 ↗ filed Jul 30, 2025
Holdings Value
Holdings 42 stocks · $2.9B
| AMAT Applied Materials Inc. | 7.97% | 1,243,658 | $227.7M | Add +42.5% |
| CSX CSX Corp. | 7.59% | 6,643,555 | $216.8M | Add +42.8% |
| QCOM Qualcomm Inc. | 7.40% | 1,327,279 | $211.4M | Add +19.4% |
| GOOGL Alphabet Inc. Class A | 7.34% | 1,190,101 | $209.7M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 6.50% | 382,229 | $185.7M | Add +6.0% |
| AMP Ameriprise Financial Inc. | 6.17% | 330,200 | $176.2M | Reduce -0.9% |
| ELV Elevance Health Inc. | 6.00% | 440,887 | $171.5M | Reduce -1.2% |
| AXP American Express Co. | 5.79% | 518,279 | $165.3M | Add +17.7% |
| LOW Lowe's Cos Inc. | 5.39% | 694,177 | $154.0M | Reduce -1.3% |
| META Meta Platforms Inc. Class A | 5.34% | 206,447 | $152.4M | Reduce -0.9% |
| CI The Cigna Group | 4.78% | 412,686 | $136.4M | Reduce -13.4% |
| HPQ HP Inc. | 4.75% | 5,543,376 | $135.6M | Add +15.9% |
| KR Kroger Co. | 4.53% | 1,801,686 | $129.2M | Reduce -15.3% |
| HCA HCA Healthcare Inc. | 4.28% | 319,050 | $122.2M | Add +0.4% |
| NEM Newmont Corp. | 4.28% | 2,097,811 | $122.2M | Reduce -24.2% |
| UNP Union Pacific Corp. | 3.06% | 379,732 | $87.4M | Reduce -32.2% |
| UPS United Parcel Service Class B | 2.51% | 710,521 | $71.7M | Reduce -0.4% |
| AFL Aflac Inc. | 2.10% | 568,804 | $60.0M | Reduce -2.4% |
| GS Goldman Sachs Group Inc. | 2.04% | 82,200 | $58.2M | Reduce -45.5% |
| SCI Service Corp. International | 1.87% | 655,561 | $53.4M | Reduce -1.9% |
| B Barrick Mining Corp. | 0.19% | 258,273 | $5.4M | Reduce -42.5% |
| INTC Intel Corp. | 0.05% | 66,299 | $1.5M | Reduce -18.1% |
| V Visa Inc. Class A | 0.01% | 750 | $267K | No change |
| LMT Lockheed Martin Corp. | 0.01% | 315 | $146K | No change |
| TER Teradyne Inc. | 0.01% | 1,630 | $146K | No change |
| SONY Sony Group Corp. - SP ADR | 0.01% | 5,500 | $143K | No change |
| TXN Texas Instruments Inc. | 0.00% | 650 | $135K | No change |
| ROK Rockwell Automation Inc. | 0.00% | 400 | $133K | No change |
| MU Micron Technology Inc. | 0.00% | 1,000 | $123K | No change |
| JNJ Johnson & Johnson | 0.00% | 800 | $122K | No change |
| GD General Dynamics Corp. | 0.00% | 400 | $117K | No change |
| USB US Bancorp | 0.00% | 2,500 | $113K | No change |
| PFE Pfizer Inc. | 0.00% | 4,000 | $97K | No change |
| MCO Moody's Corp. | 0.00% | 180 | $90K | No change |
| NOC Northrop Grumman Corp. | 0.00% | 180 | $90K | No change |
| PKG Packaging Corp. of America | 0.00% | 409 | $77K | No change |
| BIDU Baidu Inc. - Spon ADR | 0.00% | 850 | $73K | No change |
| UNH Unitedhealth Group Inc. | 0.00% | 222 | $69K | No change |
| JKS Jinkosolar Holding Co.-ADR | 0.00% | 3,200 | $68K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.00% | 160 | $65K | No change |
| RUN Sunrun Inc. | 0.00% | 4,700 | $38K | No change |
| MRNA Moderna Inc. | 0.00% | 990 | $28K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AZO AutoZone Inc. | Sold out | 0.00% | −3.47 |
| UNP Union Pacific Corp. | Reduce -32.2% | 3.06% | −1.72 |
| ELV Elevance Health Inc. | Reduce -1.2% | 6.00% | −1.01 |
| GS Goldman Sachs Group Inc. | Reduce -45.5% | 2.04% | −0.94 |
| CI The Cigna Group | Reduce -13.4% | 4.78% | −0.89 |
| KR Kroger Co. | Reduce -15.3% | 4.53% | −0.68 |
| NEM Newmont Corp. | Reduce -24.2% | 4.28% | −0.55 |
| LOW Lowe's Cos Inc. | Reduce -1.3% | 5.39% | −0.54 |
| UPS United Parcel Service Class B | Reduce -0.4% | 2.51% | −0.33 |
| AFL Aflac Inc. | Reduce -2.4% | 2.10% | −0.24 |
| B Barrick Mining Corp. | Reduce -42.5% | 0.19% | −0.13 |
| SCI Service Corp. International | Reduce -1.9% | 1.87% | −0.07 |
| INTC Intel Corp. | Reduce -18.1% | 0.05% | −0.01 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.00 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.00 |
| AMP Ameriprise Financial Inc. | Reduce -0.9% | 6.17% | +0.34 |
| GOOGL Alphabet Inc. Class A | Reduce -0.9% | 7.34% | +0.63 |
| META Meta Platforms Inc. Class A | Reduce -0.9% | 5.34% | +1.00 |
Portfolio Buys Q1 2025 → Q2 2025
| AMAT Applied Materials Inc. | Add +42.5% | 7.97% | +3.40 |
| CSX CSX Corp. | Add +42.8% | 7.59% | +2.64 |
| AXP American Express Co. | Add +17.7% | 5.79% | +1.51 |
| QCOM Qualcomm Inc. | Add +19.4% | 7.40% | +1.23 |
| HCA HCA Healthcare Inc. | Add +0.4% | 4.28% | +0.31 |
| HPQ HP Inc. | Add +15.9% | 4.75% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.0% | 6.50% | −0.44 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $2.2B | QCOM, BRK.B, META, HPQ, AMAT |
| Q1 2026 | 38 | $2.3B | BRK.B, QCOM, HPQ, CSX, META |
| Q4 2025 | 38 | $2.1B | BRK.B, QCOM, AMAT, AMP, CSX |
| Q3 2025 | 42 | $2.9B | GOOGL, BRK.B, AMAT, QCOM, LOW |
| Q2 2025 | 42 | $2.9B | AMAT, CSX, QCOM, GOOGL, BRK.B |
| Q1 2025 | 45 | $2.8B | ELV, BRK.B, GOOGL, QCOM, LOW |
| Q4 2024 | 40 | $3.0B | GOOGL, AMP, LOW, QCOM, AZO |
| Q3 2024 | 39 | $3.8B | GOOGL, LOW, QCOM, AXP, AZO |
| Q2 2024 | 37 | $3.6B | GOOGL, AXP, GS, KR, HPQ |
| Q1 2024 | 36 | $3.7B | CI, GS, GOOGL, AXP, CSX |