Nan Shan Life Insurance Co., Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Nan Shan Life Insurance Co., Ltd. reported 112 stock positions worth $4.2 billion. Its top holding was iShares 20+ Year Treasury BD (TLT) at 8.6% of the portfolio, followed by SS SPDR PF LNG TRM TSY E-Usd (SPTL, 7.0%) and Vanguard Long-Term Treasury (VGLT, 4.2%). Compared with Q4 2024, it opened 10 new positions, sold out of 9, added to 32 and reduced 36. The biggest buy was Apple (AAPL, shares +211%) and the biggest sale Alphabet Class A (GOOGL, shares −47%).

Most Recent 13F
Q2 2026
Location
Taipei City, F5
CIK
0001730464
Portfolio Value
$4.2B (Q1 2025)
SEC Filing
0000950103-25-005975 ↗ filed May 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 Q4 2024 Q1 2025: $4.2B $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 112 stocks · $4.2B
TLT iShares 20+ Year Treasury BD 8.59% 3,997,680 $363.9M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 7.05% 10,956,900 $298.7M No change
VGLT Vanguard Long-Term Treasury 4.16% 3,063,500 $176.5M No change
MSFT Microsoft Corp. 3.54% 399,929 $150.1M Add +18.9%
AAPL Apple Inc. 3.28% 625,424 $138.9M Add +210.5%
QCOM Qualcomm Inc. 2.72% 751,735 $115.5M Add +40.8%
O Realty Income Corp. 2.59% 1,895,302 $109.9M No change
VZ Verizon Communications Inc. 2.50% 2,339,047 $106.1M Add +17.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2.39% 1,284,652 $101.3M No change
WMT Walmart Inc. 2.39% 1,153,788 $101.3M Add +23.5%
UNH Unitedhealth Group Inc. 2.17% 175,666 $92.0M No change
FCX Freeport-McMoran Inc. 1.94% 2,167,458 $82.1M Add +32.8%
NFLX Netflix Inc. 1.85% 84,052 $78.4M Add +68.0%
COST Costco Wholesale Corp. 1.66% 74,368 $70.3M Reduce -37.2%
PLD Prologis Inc. 1.65% 626,942 $70.1M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.47% 632,668 $62.4M Reduce -0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.46% 1,478,499 $61.7M Add +58.5%
AMZN Amazon.com Inc. 1.43% 319,018 $60.7M Add +23.8%
BMY Bristol-Myers Squibb Co. 1.36% 943,596 $57.5M No change
ADI Analog Devices Inc. 1.31% 274,828 $55.4M Add +20.5%
IGV iShares Expanded Tech-Softwa 1.22% 582,423 $51.8M Add +90.6%
RITM Rithm Capital Corp. 1.21% 4,490,978 $51.4M No change
GOOGL Alphabet Inc. Class A 1.14% 311,956 $48.2M Reduce -47.1%
PFE Pfizer Inc. 1.06% 1,768,652 $44.8M No change
XOM Exxon Mobil Corp. 1.04% 372,097 $44.3M Add +103.5%
NKE Nike Inc. Class B 1.04% 696,987 $44.2M Reduce -5.2%
JNJ Johnson & Johnson 1.02% 261,045 $43.3M Reduce -14.2%
XLK SS Technology Select Sector 1.01% 207,562 $42.9M Add +44.9%
XLF SS Financial Select Sector 0.99% 844,218 $42.1M Add +38.4%
BP BP PLC-Spons ADR 0.99% 1,244,245 $42.0M Reduce 0.0%
APTV Aptiv PLC 0.97% 690,984 $41.1M Reduce -2.0%
AMT American Tower Corp. 0.95% 184,231 $40.1M No change
EW Edwards Lifesciences Corp. 0.94% 552,221 $40.0M No change
NOW ServiceNow Inc. 0.94% 49,971 $39.8M Add +1864.3%
SNPS Synopsys Inc. 0.92% 90,563 $38.8M Add +1.6%
AMD Advanced Micro Devices 0.91% 375,893 $38.6M Add +4.1%
CRM Salesforce Inc. 0.89% 140,250 $37.6M Add +1706.4%
NVDA Nvidia Corp. 0.87% 341,051 $37.0M Reduce -25.5%
AVGO Broadcom Inc. 0.85% 215,361 $36.1M Add +2228.7%
IJR iShares Core S&P Small-Cap E 0.84% 342,089 $35.8M Add +11.7%
MA Mastercard Inc. Class A 0.83% 64,100 $35.1M Reduce -29.0%
SDY SS SPDR S&P Dividend ETF 0.79% 247,496 $33.6M Add +13.0%
KREF KKR Real Estate Finance Trus 0.78% 3,079,453 $33.3M No change
ADBE Adobe Inc. 0.77% 85,215 $32.7M Reduce -0.7%
EXR Extra Space Storage Inc. 0.76% 217,330 $32.3M No change
JNK SS SPDR BB High Yield Bond 0.76% 337,566 $32.2M No change
SPGI S&P Global Inc. 0.74% 62,110 $31.6M Reduce -37.6%
INTC Intel Corp. 0.73% 1,369,966 $31.1M Reduce -2.2%
TXN Texas Instruments Inc. 0.72% 170,567 $30.7M Add +7176.8%
VOO Vanguard S&P 500 ETF 0.72% 59,559 $30.6M Add +36.1%
XYZ Block Inc. 0.72% 561,887 $30.5M Add +114.6%
ISRG Intuitive Surgical Inc. 0.72% 61,223 $30.3M Add +14688.2%
PYPL PayPal Holdings Inc. 0.67% 433,581 $28.3M Reduce -0.1%
AMAT Applied Materials Inc. 0.66% 192,191 $27.9M No change
CVS CVS Health Corp. 0.66% 411,413 $27.9M Reduce -6.9%
VLO Valero Energy Corp. 0.62% 200,544 $26.5M No change
WST West Pharmaceutical Services 0.59% 111,837 $25.0M Reduce -3.4%
QQQ Invesco QQQ Trust Series 1 0.59% 53,353 $25.0M Add +286.6%
RSP Invesco S&P 500 Equal Weight 0.57% 139,647 $24.2M New
TRTX TPG Re Finance Trust Inc. 0.55% 2,853,485 $23.3M No change
MU Micron Technology Inc. 0.54% 261,733 $22.7M Reduce -0.6%
VLUE iShares MSCI USA Value Facto 0.52% 205,000 $21.9M Reduce -10.3%
SMH Vaneck Semiconductor ETF 0.51% 103,051 $21.8M Reduce -59.2%
REXR Rexford Industrial Realty Inc. 0.48% 517,579 $20.3M No change
B Barrick Gold Corp. 0.46% 994,052 $19.3M Reduce -64.2%
PSA Public Storage 0.43% 61,489 $18.4M No change
TSLA Tesla Inc. 0.43% 70,839 $18.4M Add +871.2%
XLV SS Health Care Select Sector 0.42% 121,535 $17.7M Add +7.0%
VPU Vanguard Utilities ETF 0.42% 103,880 $17.7M Add +166.4%
ASML ASML Holding NV-NY Reg SHS 0.39% 25,174 $16.7M Reduce -65.5%
COLD Americold Realty Trust Inc. 0.39% 760,671 $16.3M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.37% 127,902 $15.6M Add +19.4%
MRVL Marvell Technology Inc. 0.36% 246,578 $15.2M Add +283.1%
ON On Semiconductor 0.35% 366,203 $14.9M Reduce -3.0%
QUAL iShares MSCI USA Quality Fac 0.31% 77,200 $13.2M New
EWJ iShares MSCI Japan ETF 0.28% 173,000 $11.9M Add +37.3%
HST Host Hotels & Resorts Inc. 0.27% 791,128 $11.2M No change
PG The Procter & Gamble Co. 0.25% 62,424 $10.6M Reduce -79.1%
META Meta Platforms Inc. Class A 0.23% 17,129 $9.9M Reduce -85.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.22% 222,835 $9.3M Reduce -14.3%
GRID First TRST Nasd Class Edg Sgiif 0.22% 82,000 $9.3M New
LLY Eli Lilly & Co. 0.22% 11,126 $9.2M Reduce -30.3%
CAT Caterpillar Inc. 0.21% 27,093 $8.9M No change
EZU iShares MSCI Eurozone ETF 0.20% 163,000 $8.7M New
RACE Ferrari NV 0.20% 20,166 $8.5M New
VOX Vanguard Communication Servi 0.19% 55,000 $8.2M Reduce -52.6%
CME Cme Group Inc. 0.18% 28,556 $7.6M Reduce -47.0%
VIGI Vanguard Int Div App Indx FD 0.18% 90,180 $7.5M New
QQQX Nuveen Nasdaq 100 DYN Overwr 0.17% 301,101 $7.2M Reduce -60.3%
DLR Digital Realty Trust Inc. 0.15% 45,210 $6.5M New
KBWB Invesco KBW Bank ETF 0.15% 99,650 $6.3M New
TLH iShares 10-20 Year Treasury 0.13% 54,700 $5.7M No change
XBI SS SPDR S&P Biotech ETF 0.12% 64,864 $5.3M No change
YUMC Yum China Holdings Inc. 0.10% 85,500 $4.5M No change
XLE SS Energy Select Sector 0.09% 41,000 $3.8M Reduce -87.6%
ILMN Illumina Inc. 0.08% 40,831 $3.2M Reduce -4.8%
BOTZ Global X Robotics & Artifici 0.07% 110,000 $3.1M New
SHEL Shell PLC-ADR 0.06% 36,888 $2.7M No change
SWKS Skyworks Solutions Inc. 0.04% 26,037 $1.7M Reduce -1.3%
CDNS Cadence Design SYS Inc. 0.04% 6,302 $1.6M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 23,835 $1.6M Reduce -0.7%
IHI iShares U.S. Medical Devices 0.04% 25,000 $1.5M New
TMO Thermo Fisher Scientific Inc. 0.03% 2,688 $1.3M No change
WOLF Wolfspeed Inc. 0.03% 353,758 $1.1M Reduce -1.7%
KRE SS SPDR S&P Regional Bank 0.02% 18,022 $1.0M No change
IQV Iqvia Holdings Inc. 0.02% 5,430 $957K No change
NXPI NXP Semiconductors NV 0.02% 4,493 $854K No change
MDT Medtronic PLC 0.02% 9,291 $835K Reduce -97.4%
EOG EOG Resources Inc. 0.02% 5,069 $650K Reduce -95.2%
LEN Lennar Corp. Class A 0.01% 5,192 $596K No change
V Visa Inc. Class A 0.01% 1,590 $557K Reduce -98.7%
KMI Kinder Morgan Inc. 0.01% 7,523 $215K No change

Portfolio Sells Q4 2024 → Q1 2025
GOOGL Alphabet Inc. Class A Reduce -47.1% 1.14% −1.55
META Meta Platforms Inc. Class A Reduce -85.0% 0.23% −1.37
SMH Vaneck Semiconductor ETF Reduce -59.2% 0.51% −0.96
PG The Procter & Gamble Co. Reduce -79.1% 0.25% −0.95
COST Costco Wholesale Corp. Reduce -37.2% 1.66% −0.95
V Visa Inc. Class A Reduce -98.7% 0.01% −0.94
ASML ASML Holding NV-NY Reg SHS Reduce -65.5% 0.39% −0.82
CSCO Cisco Systems Inc. Sold out 0.00% −0.69
MDT Medtronic PLC Reduce -97.4% 0.02% −0.66
NVDA Nvidia Corp. Reduce -25.5% 0.87% −0.60
XLE SS Energy Select Sector Reduce -87.6% 0.09% −0.59
B Barrick Gold Corp. Reduce -64.2% 0.46% −0.58
GILD Gilead Sciences Inc. Sold out 0.00% −0.54
SPGI S&P Global Inc. Reduce -37.6% 0.74% −0.45
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.39
QQQX Nuveen Nasdaq 100 DYN Overwr Reduce -60.3% 0.17% −0.32
WST West Pharmaceutical Services Reduce -3.4% 0.59% −0.32
MA Mastercard Inc. Class A Reduce -29.0% 0.83% −0.31
EOG EOG Resources Inc. Reduce -95.2% 0.02% −0.29
NKE Nike Inc. Class B Reduce -5.2% 1.04% −0.29
LULU Lululemon Athletica Inc. Sold out 0.00% −0.25
VOX Vanguard Communication Servi Reduce -52.6% 0.19% −0.24
PYPL PayPal Holdings Inc. Reduce -0.1% 0.67% −0.22
DIS The Walt Disney Co. Reduce -0.2% 1.47% −0.22
ON On Semiconductor Reduce -3.0% 0.35% −0.22
AVB Avalonbay Communities Inc. Sold out 0.00% −0.21
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.20
ADBE Adobe Inc. Reduce -0.7% 0.77% −0.15
CME Cme Group Inc. Reduce -47.0% 0.18% −0.12
MCHI iShares MSCI China ETF Sold out 0.00% −0.09
LLY Eli Lilly & Co. Reduce -30.3% 0.22% −0.08
GS Goldman Sachs Group Inc. Sold out 0.00% −0.06
VLUE iShares MSCI USA Value Facto Reduce -10.3% 0.52% −0.06
ILMN Illumina Inc. Reduce -4.8% 0.08% −0.06
APTV Aptiv PLC Reduce -2.0% 0.97% −0.05
JNJ Johnson & Johnson Reduce -14.2% 1.02% −0.04
WOLF Wolfspeed Inc. Reduce -1.7% 0.03% −0.03
SLB SLB Ltd. Reduce -14.3% 0.22% −0.02
SWKS Skyworks Solutions Inc. Reduce -1.3% 0.04% −0.02
JPM JPMorgan Chase & Co. Sold out 0.00% −0.01
EL Estee Lauder Companies Class A Reduce -0.7% 0.04% −0.01
MU Micron Technology Inc. Reduce -0.6% 0.54% +0.00
INTC Intel Corp. Reduce -2.2% 0.73% +0.06
BP BP PLC-Spons ADR Reduce 0.0% 0.99% +0.11
CVS CVS Health Corp. Reduce -6.9% 0.66% +0.18

Portfolio Buys Q4 2024 → Q1 2025
AAPL Apple Inc. Add +210.5% 3.28% +2.07
NOW ServiceNow Inc. Add +1864.3% 0.94% +0.87
CRM Salesforce Inc. Add +1706.4% 0.89% +0.83
AVGO Broadcom Inc. Add +2228.7% 0.85% +0.80
NFLX Netflix Inc. Add +68.0% 1.85% +0.78
QCOM Qualcomm Inc. Add +40.8% 2.72% +0.75
TXN Texas Instruments Inc. Add +7176.8% 0.72% +0.71
ISRG Intuitive Surgical Inc. Add +14688.2% 0.72% +0.71
VZ Verizon Communications Inc. Add +17.5% 2.50% +0.59
XOM Exxon Mobil Corp. Add +103.5% 1.04% +0.57
RSP Invesco S&P 500 Equal Weight New 0.57% +0.57
IGV iShares Expanded Tech-Softwa Add +90.6% 1.22% +0.49
BAC Bank of America Corp. Add +58.5% 1.46% +0.47
FCX Freeport-McMoran Inc. Add +32.8% 1.94% +0.44
QQQ Invesco QQQ Trust Series 1 Add +286.6% 0.59% +0.42
WMT Walmart Inc. Add +23.5% 2.39% +0.36
TSLA Tesla Inc. Add +871.2% 0.43% +0.36
QUAL iShares MSCI USA Quality Fac New 0.31% +0.31
XLF SS Financial Select Sector Add +38.4% 0.99% +0.28
VPU Vanguard Utilities ETF Add +166.4% 0.42% +0.27
GRID First TRST Nasd Class Edg Sgiif New 0.22% +0.22
XLK SS Technology Select Sector Add +44.9% 1.01% +0.21
EZU iShares MSCI Eurozone ETF New 0.20% +0.20
RACE Ferrari NV New 0.20% +0.20
MRVL Marvell Technology Inc. Add +283.1% 0.36% +0.19
XYZ Block Inc. Add +114.6% 0.72% +0.19
VIGI Vanguard Int Div App Indx FD New 0.18% +0.18
VOO Vanguard S&P 500 ETF Add +36.1% 0.72% +0.16
DLR Digital Realty Trust Inc. New 0.15% +0.15
KBWB Invesco KBW Bank ETF New 0.15% +0.15
ADI Analog Devices Inc. Add +20.5% 1.31% +0.14
MSFT Microsoft Corp. Add +18.9% 3.54% +0.14
SDY SS SPDR S&P Dividend ETF Add +13.0% 0.79% +0.10
EWJ iShares MSCI Japan ETF Add +37.3% 0.28% +0.08
BOTZ Global X Robotics & Artifici New 0.07% +0.07
AMZN Amazon.com Inc. Add +23.8% 1.43% +0.07
TJX TJX Companies Inc. Add +19.4% 0.37% +0.06
XLV SS Health Care Select Sector Add +7.0% 0.42% +0.04
IHI iShares U.S. Medical Devices New 0.04% +0.04
IJR iShares Core S&P Small-Cap E Add +11.7% 0.84% −0.00
SNPS Synopsys Inc. Add +1.6% 0.92% −0.12
AMD Advanced Micro Devices Add +4.1% 0.91% −0.14

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