Nan Shan Life Insurance Co., Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Nan Shan Life Insurance Co., Ltd. reported 111 stock positions worth $4.2 billion. Its top holding was iShares 20+ Year Treasury BD (TLT) at 8.4% of the portfolio, followed by SS SPDR PF LNG TRM TSY E-Usd (SPTL, 6.9%) and Vanguard Long-Term Treasury (VGLT, 4.1%). Compared with Q3 2024, it opened 16 new positions, sold out of 3, added to 23 and reduced 41. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale Visa Class A (V, shares −72%).

Most Recent 13F
Q2 2026
Location
Taipei City, F5
CIK
0001730464
Portfolio Value
$4.2B (Q4 2024)
SEC Filing
0000950103-25-002013 ↗ filed Feb 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $4.3B Q1 2024 Q2 2024: $4.2B Q2 2024 Q3 2024: $4.2B Q3 2024 Q4 2024: $4.2B $4.2B Q4 2024 Q1 2025: $4.2B Q1 2025 Q2 2025: $4.5B Q2 2025 Q3 2025: $4.7B Q3 2025 Q4 2025: $3.3B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 111 stocks · $4.2B
TLT iShares 20+ Year Treasury BD 8.39% 3,997,680 $349.1M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 6.89% 10,956,900 $287.0M No change
VGLT Vanguard Long-Term Treasury 4.07% 3,063,500 $169.6M No change
MSFT Microsoft Corp. 3.40% 336,206 $141.7M Reduce -14.7%
GOOGL Alphabet Inc. Class A 2.68% 590,086 $111.7M Reduce -49.7%
COST Costco Wholesale Corp. 2.61% 118,406 $108.5M Add +91.3%
O Realty Income Corp. 2.43% 1,895,302 $101.2M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2.43% 1,284,652 $101.0M No change
UNH Unitedhealth Group Inc. 2.13% 175,666 $88.9M New
WMT Walmart Inc. 2.03% 934,098 $84.4M New
QCOM Qualcomm Inc. 1.97% 533,957 $82.0M Add +28.7%
VZ Verizon Communications Inc. 1.91% 1,991,361 $79.6M Add +8.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.70% 633,863 $70.6M Reduce -3.8%
META Meta Platforms Inc. Class A 1.61% 114,135 $66.8M Add +160.9%
PLD Prologis Inc. 1.59% 626,942 $66.3M No change
FCX Freeport-McMoran Inc. 1.49% 1,632,570 $62.2M Reduce -8.2%
NVDA Nvidia Corp. 1.48% 457,694 $61.5M Reduce -9.8%
SMH Vaneck Semiconductor ETF 1.47% 252,727 $61.2M Add +237.0%
AMZN Amazon.com Inc. 1.36% 257,737 $56.5M Reduce -51.7%
NKE Nike Inc. Class B 1.34% 734,951 $55.6M Reduce -1.3%
BMY Bristol-Myers Squibb Co. 1.28% 943,596 $53.4M Reduce -26.4%
ASML ASML Holding NV-NY Reg SHS 1.21% 72,892 $50.5M Add +3694.5%
AAPL Apple Inc. 1.21% 201,402 $50.4M Reduce -8.1%
PG The Procter & Gamble Co. 1.20% 298,353 $50.0M New
SPGI S&P Global Inc. 1.19% 99,558 $49.6M Add +1663.7%
RITM Rithm Capital Corp. 1.17% 4,490,978 $48.6M No change
ADI Analog Devices Inc. 1.16% 228,049 $48.5M Add +874.2%
MA Mastercard Inc. Class A 1.14% 90,327 $47.6M Add +65.6%
PFE Pfizer Inc. 1.13% 1,768,652 $46.9M No change
NFLX Netflix Inc. 1.07% 50,037 $44.6M Add +21.1%
JNJ Johnson & Johnson 1.06% 304,274 $44.0M Add +179.3%
AMD Advanced Micro Devices 1.05% 361,031 $43.6M Add +78.4%
SNPS Synopsys Inc. 1.04% 89,155 $43.3M Add +2.3%
B Barrick Gold Corp. 1.03% 2,776,645 $43.0M Add +9389.9%
APTV Aptiv PLC 1.02% 704,860 $42.6M Reduce -19.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.98% 932,522 $41.0M Reduce -22.8%
EW Edwards Lifesciences Corp. 0.98% 552,221 $40.9M No change
V Visa Inc. Class A 0.95% 125,386 $39.6M Reduce -71.6%
ADBE Adobe Inc. 0.92% 85,770 $38.1M Add +1.7%
WST West Pharmaceutical Services 0.91% 115,810 $37.9M Add +34.6%
PYPL PayPal Holdings Inc. 0.89% 434,226 $37.1M Reduce -0.1%
BP BP PLC-Spons ADR 0.88% 1,244,260 $36.8M Reduce -0.3%
IJR iShares Core S&P Small-Cap E 0.85% 306,305 $35.3M Add +52.2%
AMT American Tower Corp. 0.81% 184,231 $33.8M New
XLK SS Technology Select Sector 0.80% 143,204 $33.3M New
EXR Extra Space Storage Inc. 0.78% 217,330 $32.5M Add +63.1%
JNK SS SPDR BB High Yield Bond 0.77% 337,566 $32.2M No change
AMAT Applied Materials Inc. 0.75% 192,191 $31.3M Add +44.3%
KREF KKR Real Estate Finance Trus 0.75% 3,079,453 $31.1M No change
IGV iShares Expanded Tech-Softwa 0.73% 305,529 $30.6M Add +389.0%
XLF SS Financial Select Sector 0.71% 610,183 $29.5M New
SDY SS SPDR S&P Dividend ETF 0.70% 219,065 $28.9M New
CSCO Cisco Systems Inc. 0.69% 485,832 $28.8M Add +63.1%
MDT Medtronic PLC 0.68% 354,998 $28.4M Reduce -13.6%
XLE SS Energy Select Sector 0.68% 330,705 $28.3M Reduce -6.7%
INTC Intel Corp. 0.67% 1,401,037 $28.1M Reduce -3.7%
VLO Valero Energy Corp. 0.59% 200,544 $24.6M Reduce -10.6%
TRTX TPG Re Finance Trust Inc. 0.58% 2,853,485 $24.3M No change
VLUE iShares MSCI USA Value Facto 0.58% 228,525 $24.1M Reduce -44.9%
ON On Semiconductor 0.57% 377,521 $23.8M Reduce -0.4%
VOO Vanguard S&P 500 ETF 0.57% 43,750 $23.6M Reduce -74.8%
GILD Gilead Sciences Inc. 0.54% 243,792 $22.5M Reduce -66.9%
XYZ Block Inc. 0.53% 261,800 $22.3M Reduce -38.4%
MU Micron Technology Inc. 0.53% 263,258 $22.2M Reduce -0.4%
QQQX Nuveen Nasdaq 100 DYN Overwr 0.49% 758,622 $20.5M No change
REXR Rexford Industrial Realty Inc. 0.48% 517,579 $20.0M Add +34.6%
CVS CVS Health Corp. 0.48% 441,757 $19.8M Reduce -4.7%
XOM Exxon Mobil Corp. 0.47% 182,811 $19.7M Add +2034.7%
PSA Public Storage 0.44% 61,489 $18.4M No change
VOX Vanguard Communication Servi 0.43% 115,995 $18.0M New
COLD Americold Realty Trust Inc. 0.39% 760,671 $16.3M No change
XLP SS Consumer Staples Sel Sect 0.39% 204,289 $16.1M New
XLV SS Health Care Select Sector 0.38% 113,535 $15.6M New
HST Host Hotels & Resorts Inc. 0.33% 791,128 $13.9M Reduce -76.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.31% 107,092 $12.9M New
EOG EOG Resources Inc. 0.31% 105,069 $12.9M Reduce -30.3%
CME Cme Group Inc. 0.30% 53,900 $12.5M New
LLY Eli Lilly & Co. 0.30% 15,966 $12.3M New
LULU Lululemon Athletica Inc. 0.25% 26,724 $10.2M Reduce -80.7%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.24% 260,118 $10.0M No change
CAT Caterpillar Inc. 0.24% 27,093 $9.8M Reduce -69.1%
AVB Avalonbay Communities Inc. 0.21% 39,815 $8.8M No change
EWJ iShares MSCI Japan ETF 0.20% 126,000 $8.5M No change
GDX Vaneck Gold Miners ETF 0.20% 247,991 $8.4M New
MRVL Marvell Technology Inc. 0.17% 64,367 $7.1M Reduce -57.0%
QQQ Invesco QQQ Trust Series 1 0.17% 13,800 $7.1M Reduce -90.9%
VPU Vanguard Utilities ETF 0.15% 39,000 $6.4M New
XBI SS SPDR S&P Biotech ETF 0.14% 64,864 $5.8M No change
ILMN Illumina Inc. 0.14% 42,870 $5.7M Reduce -23.4%
TLH iShares 10-20 Year Treasury 0.13% 54,700 $5.4M No change
YUMC Yum China Holdings Inc. 0.10% 85,500 $4.1M No change
MCHI iShares MSCI China ETF 0.09% 77,750 $3.6M No change
TSLA Tesla Inc. 0.07% 7,294 $2.9M Reduce -89.2%
NOW ServiceNow Inc. 0.06% 2,544 $2.7M Reduce -44.0%
GS Goldman Sachs Group Inc. 0.06% 4,659 $2.7M No change
CRM Salesforce Inc. 0.06% 7,764 $2.6M Reduce -94.9%
WOLF Wolfspeed Inc. 0.06% 359,848 $2.4M Reduce -23.0%
SWKS Skyworks Solutions Inc. 0.06% 26,369 $2.3M Reduce -1.6%
SHEL Shell PLC-ADR 0.06% 36,888 $2.3M No change
AVGO Broadcom Inc. 0.05% 9,248 $2.1M Reduce -84.3%
CDNS Cadence Design SYS Inc. 0.05% 6,302 $1.9M Reduce -96.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 24,011 $1.8M Reduce -1.3%
TMO Thermo Fisher Scientific Inc. 0.03% 2,688 $1.4M Reduce -95.0%
KRE SS SPDR S&P Regional Bank 0.03% 18,022 $1.1M No change
IQV Iqvia Holdings Inc. 0.03% 5,430 $1.1M No change
NXPI NXP Semiconductors NV 0.02% 4,493 $934K No change
LEN Lennar Corp. Class A 0.02% 5,192 $708K No change
JPM JPMorgan Chase & Co. 0.01% 2,048 $491K No change
TXN Texas Instruments Inc. 0.01% 2,344 $440K No change
ISRG Intuitive Surgical Inc. 0.01% 414 $216K No change
KMI Kinder Morgan Inc. 0.01% 7,523 $206K New

Portfolio Sells Q3 2024 → Q4 2024
V Visa Inc. Class A Reduce -71.6% 0.95% −1.91
GOOGL Alphabet Inc. Class A Reduce -49.7% 2.68% −1.90
VOO Vanguard S&P 500 ETF Reduce -74.8% 0.57% −1.59
QQQ Invesco QQQ Trust Series 1 Reduce -90.9% 0.17% −1.58
CDNS Cadence Design SYS Inc. Reduce -96.6% 0.05% −1.13
HST Host Hotels & Resorts Inc. Reduce -76.5% 0.33% −1.07
AMZN Amazon.com Inc. Reduce -51.7% 1.36% −0.99
DGRO iShares Core Dividend Growth Sold out 0.00% −0.95
CRM Salesforce Inc. Reduce -94.9% 0.06% −0.91
GILD Gilead Sciences Inc. Reduce -66.9% 0.54% −0.91
TMO Thermo Fisher Scientific Inc. Reduce -95.0% 0.03% −0.74
LULU Lululemon Athletica Inc. Reduce -80.7% 0.25% −0.64
FCX Freeport-McMoran Inc. Reduce -8.2% 1.49% −0.60
MSFT Microsoft Corp. Reduce -14.7% 3.40% −0.59
CAT Caterpillar Inc. Reduce -69.1% 0.24% −0.57
VLUE iShares MSCI USA Value Facto Reduce -44.9% 0.58% −0.49
APTV Aptiv PLC Reduce -19.6% 1.02% −0.46
SPG Simon Property Group Inc. Sold out 0.00% −0.35
TSLA Tesla Inc. Reduce -89.2% 0.07% −0.34
BOTZ Global X Robotics & Artifici Sold out 0.00% −0.32
BMY Bristol-Myers Squibb Co. Reduce -26.4% 1.28% −0.28
NKE Nike Inc. Class B Reduce -1.3% 1.34% −0.22
CVS CVS Health Corp. Reduce -4.7% 0.48% −0.21
MDT Medtronic PLC Reduce -13.6% 0.68% −0.19
AVGO Broadcom Inc. Reduce -84.3% 0.05% −0.19
BAC Bank of America Corp. Reduce -22.8% 0.98% −0.15
XYZ Block Inc. Reduce -38.4% 0.53% −0.14
INTC Intel Corp. Reduce -3.7% 0.67% −0.13
EOG EOG Resources Inc. Reduce -30.3% 0.31% −0.13
VLO Valero Energy Corp. Reduce -10.6% 0.59% −0.12
MU Micron Technology Inc. Reduce -0.4% 0.53% −0.11
MRVL Marvell Technology Inc. Reduce -57.0% 0.17% −0.08
ON On Semiconductor Reduce -0.4% 0.57% −0.08
XLE SS Energy Select Sector Reduce -6.7% 0.68% −0.05
WOLF Wolfspeed Inc. Reduce -23.0% 0.06% −0.05
BP BP PLC-Spons ADR Reduce -0.3% 0.88% −0.04
ILMN Illumina Inc. Reduce -23.4% 0.14% −0.03
NOW ServiceNow Inc. Reduce -44.0% 0.06% −0.03
EL Estee Lauder Companies Class A Reduce -1.3% 0.04% −0.01
SWKS Skyworks Solutions Inc. Reduce -1.6% 0.06% −0.01
AAPL Apple Inc. Reduce -8.1% 1.21% +0.01
NVDA Nvidia Corp. Reduce -9.8% 1.48% +0.03
PYPL PayPal Holdings Inc. Reduce -0.1% 0.89% +0.09
DIS The Walt Disney Co. Reduce -3.8% 1.70% +0.20

Portfolio Buys Q3 2024 → Q4 2024
UNH Unitedhealth Group Inc. New 2.13% +2.13
WMT Walmart Inc. New 2.03% +2.03
COST Costco Wholesale Corp. Add +91.3% 2.61% +1.31
PG The Procter & Gamble Co. New 1.20% +1.20
ASML ASML Holding NV-NY Reg SHS Add +3694.5% 1.21% +1.18
SPGI S&P Global Inc. Add +1663.7% 1.19% +1.12
ADI Analog Devices Inc. Add +874.2% 1.16% +1.04
SMH Vaneck Semiconductor ETF Add +237.0% 1.47% +1.04
B Barrick Gold Corp. Add +9389.9% 1.03% +1.02
META Meta Platforms Inc. Class A Add +160.9% 1.61% +1.02
AMT American Tower Corp. New 0.81% +0.81
XLK SS Technology Select Sector New 0.80% +0.80
XLF SS Financial Select Sector New 0.71% +0.71
SDY SS SPDR S&P Dividend ETF New 0.70% +0.70
JNJ Johnson & Johnson Add +179.3% 1.06% +0.64
IGV iShares Expanded Tech-Softwa Add +389.0% 0.73% +0.60
MA Mastercard Inc. Class A Add +65.6% 1.14% +0.51
XOM Exxon Mobil Corp. Add +2034.7% 0.47% +0.45
VOX Vanguard Communication Servi New 0.43% +0.43
XLP SS Consumer Staples Sel Sect New 0.39% +0.39
NFLX Netflix Inc. Add +21.1% 1.07% +0.38
XLV SS Health Care Select Sector New 0.38% +0.38
CSCO Cisco Systems Inc. Add +63.1% 0.69% +0.32
TJX TJX Companies Inc. New 0.31% +0.31
QCOM Qualcomm Inc. Add +28.7% 1.97% +0.31
WST West Pharmaceutical Services Add +34.6% 0.91% +0.30
CME Cme Group Inc. New 0.30% +0.30
LLY Eli Lilly & Co. New 0.30% +0.30
IJR iShares Core S&P Small-Cap E Add +52.2% 0.85% +0.29
AMD Advanced Micro Devices Add +78.4% 1.05% +0.26
EXR Extra Space Storage Inc. Add +63.1% 0.78% +0.22
GDX Vaneck Gold Miners ETF New 0.20% +0.20
VPU Vanguard Utilities ETF New 0.15% +0.15
AMAT Applied Materials Inc. Add +44.3% 0.75% +0.12
REXR Rexford Industrial Realty Inc. Add +34.6% 0.48% +0.02
KMI Kinder Morgan Inc. New 0.01% +0.01
SNPS Synopsys Inc. Add +2.3% 1.04% −0.00
VZ Verizon Communications Inc. Add +8.6% 1.91% −0.03
ADBE Adobe Inc. Add +1.7% 0.92% −0.11

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 82$3.2BGOOGL, AAPL, NVDA, MSFT, AMD
Q1 2026 87$2.8BGOOGL, COST, AAPL, VZ, QCOM
Q4 2025 82$3.3BTLT, SPTL, VGLT, QCOM, V
Q3 2025 103$4.7BTLT, SPTL, VGLT, AAPL, GOOGL
Q2 2025 116$4.5BTLT, SPTL, VGLT, AAPL, VZ
Q1 2025 112$4.2BTLT, SPTL, VGLT, MSFT, AAPL
Q4 2024 111$4.2BTLT, SPTL, VGLT, MSFT, GOOGL
Q3 2024 98$4.2BTLT, SPTL, GOOGL, VGLT, MSFT
Q2 2024 104$4.2BTLT, SPTL, VGLT, MSFT, GOOGL
Q1 2024 104$4.3BTLT, SPTL, VGLT, GOOGL, QCOM