Nan Shan Life Insurance Co., Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nan Shan Life Insurance Co., Ltd. reported 116 stock positions worth $4.5 billion. Its top holding was iShares 20+ Year Treasury BD (TLT) at 7.8% of the portfolio, followed by SS SPDR PF LNG TRM TSY E-Usd (SPTL, 6.5%) and Vanguard Long-Term Treasury (VGLT, 3.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 4, added to 20 and reduced 50. The biggest buy was Visa Class A (V, shares +16949%) and the biggest sale Microsoft (MSFT, shares −64%).

Most Recent 13F
Q2 2026
Location
Taipei City, F5
CIK
0001730464
Portfolio Value
$4.5B (Q2 2025)
SEC Filing
0000950103-25-010286 ↗ filed Aug 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 Q1 2025 Q2 2025: $4.5B $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 116 stocks · $4.5B
TLT iShares 20+ Year Treasury BD 7.84% 3,997,680 $352.8M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 6.48% 10,956,900 $291.2M No change
VGLT Vanguard Long-Term Treasury 3.82% 3,063,500 $171.9M No change
AAPL Apple Inc. 3.05% 668,507 $137.2M Add +6.9%
VZ Verizon Communications Inc. 2.80% 2,908,345 $125.8M Add +24.3%
QCOM Qualcomm Inc. 2.67% 753,735 $120.0M Add +0.3%
GOOGL Alphabet Inc. Class A 2.59% 660,551 $116.4M Add +111.7%
O Realty Income Corp. 2.43% 1,895,302 $109.2M No change
AMZN Amazon.com Inc. 2.36% 484,546 $106.3M Add +51.9%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2.30% 1,284,652 $103.6M No change
V Visa Inc. Class A 2.14% 271,077 $96.2M Add +16948.9%
COST Costco Wholesale Corp. 2.12% 96,435 $95.5M Add +29.7%
ISRG Intuitive Surgical Inc. 1.76% 146,054 $79.4M Add +138.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.74% 630,620 $78.2M Reduce -0.3%
NFLX Netflix Inc. 1.68% 56,298 $75.4M Reduce -33.0%
MSFT Microsoft Corp. 1.60% 144,842 $72.0M Reduce -63.8%
IGV iShares Expanded Tech-Softwa 1.59% 654,352 $71.7M Add +12.3%
FCX Freeport-McMoran Inc. 1.58% 1,635,207 $70.9M Reduce -24.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.56% 1,478,499 $70.0M No change
PLD Prologis Inc. 1.47% 626,942 $65.9M No change
AMD Advanced Micro Devices 1.18% 372,781 $52.9M Reduce -0.8%
AVGO Broadcom Inc. 1.17% 190,750 $52.6M Reduce -11.4%
XLK SS Technology Select Sector 1.17% 207,562 $52.6M No change
UBER Uber Technologies Inc. 1.16% 561,441 $52.4M New
SNPS Synopsys Inc. 1.12% 98,323 $50.4M Add +8.6%
NKE Nike Inc. Class B 1.09% 691,256 $49.1M Reduce -0.8%
ADI Analog Devices Inc. 1.09% 206,298 $49.1M Reduce -24.9%
RITM Rithm Capital Corp. 1.08% 4,306,602 $48.6M Reduce -4.1%
APTV Aptiv PLC 1.04% 688,665 $47.0M Reduce -0.3%
BMY Bristol-Myers Squibb Co. 0.97% 941,519 $43.6M Reduce -0.2%
EW Edwards Lifesciences Corp. 0.96% 552,221 $43.2M No change
PFE Pfizer Inc. 0.95% 1,768,652 $42.9M No change
WMT Walmart Inc. 0.95% 437,789 $42.8M Reduce -62.1%
CME Cme Group Inc. 0.91% 149,010 $41.1M Add +421.8%
NOW ServiceNow Inc. 0.86% 37,454 $38.5M Reduce -25.1%
CRM Salesforce Inc. 0.85% 140,250 $38.2M No change
XYZ Block Inc. 0.84% 556,155 $37.8M Reduce -1.0%
UNH Unitedhealth Group Inc. 0.84% 120,872 $37.7M Reduce -31.2%
IJR iShares Core S&P Small-Cap E 0.83% 342,089 $37.4M No change
BP BP PLC-Spons ADR 0.83% 1,244,047 $37.2M Reduce -0.0%
JNJ Johnson & Johnson 0.81% 238,784 $36.5M Reduce -8.5%
XLF SS Financial Select Sector 0.80% 689,300 $36.1M Reduce -18.4%
AMAT Applied Materials Inc. 0.78% 191,946 $35.1M Reduce -0.1%
SPGI S&P Global Inc. 0.78% 66,110 $34.9M Add +6.4%
SDY SS SPDR S&P Dividend ETF 0.75% 247,496 $33.6M No change
JNK SS SPDR BB High Yield Bond 0.73% 337,566 $32.8M No change
EXR Extra Space Storage Inc. 0.72% 218,563 $32.2M Add +0.6%
PYPL PayPal Holdings Inc. 0.72% 433,028 $32.2M Reduce -0.1%
VOO Vanguard S&P 500 ETF 0.71% 56,154 $31.9M Reduce -5.7%
ADBE Adobe Inc. 0.70% 81,820 $31.7M Reduce -4.0%
NVDA Nvidia Corp. 0.69% 197,308 $31.2M Reduce -42.1%
INTC Intel Corp. 0.68% 1,356,807 $30.4M Reduce -1.0%
QQQ Invesco QQQ Trust Series 1 0.65% 53,353 $29.4M No change
LLY Eli Lilly & Co. 0.64% 36,697 $28.6M Add +229.8%
CVS CVS Health Corp. 0.63% 411,194 $28.4M Reduce -0.1%
PG The Procter & Gamble Co. 0.62% 174,394 $27.8M Add +179.4%
VLO Valero Energy Corp. 0.60% 200,544 $27.0M No change
KREF KKR Real Estate Finance Trus 0.60% 3,060,384 $26.8M Reduce -0.6%
RSP Invesco S&P 500 Equal Weight 0.56% 139,647 $25.4M No change
MU Micron Technology Inc. 0.54% 196,635 $24.2M Reduce -24.9%
WST West Pharmaceutical Services 0.54% 110,280 $24.1M Reduce -1.4%
VLUE iShares MSCI USA Value Facto 0.52% 205,000 $23.2M No change
TRTX TPG Re Finance Trust Inc. 0.48% 2,821,091 $21.8M Reduce -1.1%
AMT American Tower Corp. 0.47% 95,766 $21.2M Reduce -48.0%
XOM Exxon Mobil Corp. 0.46% 193,667 $20.9M Reduce -48.0%
MA Mastercard Inc. Class A 0.43% 34,680 $19.5M Reduce -45.9%
ON On Semiconductor 0.42% 362,506 $19.0M Reduce -1.0%
MRVL Marvell Technology Inc. 0.42% 244,915 $19.0M Reduce -0.7%
HACK Amplify Cybersecurity ETF 0.42% 219,327 $18.9M New
REXR Rexford Industrial Realty Inc. 0.41% 517,579 $18.4M No change
VPU Vanguard Utilities ETF 0.41% 103,880 $18.3M No change
ASML ASML Holding NV-NY Reg SHS 0.40% 22,528 $18.1M Reduce -10.5%
PSA Public Storage 0.40% 61,489 $18.0M No change
SMH Vaneck Semiconductor ETF 0.40% 63,871 $17.8M Reduce -38.0%
TXN Texas Instruments Inc. 0.39% 84,489 $17.5M Reduce -50.5%
GILD Gilead Sciences Inc. 0.39% 157,989 $17.5M New
EWJ iShares MSCI Japan ETF 0.37% 224,000 $16.8M Add +29.5%
XLV SS Health Care Select Sector 0.36% 121,535 $16.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.35% 127,902 $15.8M No change
EZU iShares MSCI Eurozone ETF 0.34% 260,800 $15.5M Add +60.0%
KMI Kinder Morgan Inc. 0.34% 513,048 $15.1M Add +6719.7%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.32% 210,384 $14.2M New
QUAL iShares MSCI USA Quality Fac 0.31% 77,200 $14.1M No change
COLD Americold Realty Trust Inc. 0.28% 760,671 $12.6M No change
VIGI Vanguard Int Div App Indx FD 0.27% 137,180 $12.4M Add +52.1%
HST Host Hotels & Resorts Inc. 0.27% 791,128 $12.2M No change
CAT Caterpillar Inc. 0.23% 27,093 $10.5M No change
RACE Ferrari NV 0.23% 20,706 $10.1M Add +2.7%
VOX Vanguard Communication Servi 0.21% 55,000 $9.4M No change
QQQX Nuveen Nasdaq 100 DYN Overwr 0.18% 301,101 $8.0M No change
AVB Avalonbay Communities Inc. 0.17% 37,186 $7.6M New
KBWB Invesco KBW Bank ETF 0.16% 99,650 $7.1M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.13% 170,968 $5.8M Reduce -23.3%
TLH iShares 10-20 Year Treasury 0.12% 54,700 $5.6M No change
REG Regency Centers Corp. 0.12% 75,701 $5.4M New
XBI SS SPDR S&P Biotech ETF 0.11% 61,464 $5.1M Reduce -5.2%
GRID First TRST Nasd Class Edg Sgiif 0.09% 30,000 $4.2M Reduce -63.4%
YUMC Yum China Holdings Inc. 0.09% 85,400 $3.8M Reduce -0.1%
BOTZ Global X Robotics & Artifici 0.08% 110,000 $3.6M No change
ILMN Illumina Inc. 0.08% 37,617 $3.6M Reduce -7.9%
TSLA Tesla Inc. 0.08% 10,920 $3.5M Reduce -84.6%
MCHI iShares MSCI China ETF 0.07% 61,000 $3.4M New
GDX Vaneck Gold Miners ETF 0.06% 55,000 $2.9M New
SHEL Shell PLC-ADR 0.06% 36,888 $2.6M No change
DLR Digital Realty Trust Inc. 0.06% 14,611 $2.5M Reduce -67.7%
CDNS Cadence Design SYS Inc. 0.04% 6,302 $1.9M No change
SWKS Skyworks Solutions Inc. 0.04% 25,615 $1.9M Reduce -1.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 23,618 $1.9M Reduce -0.9%
IHI iShares U.S. Medical Devices 0.03% 25,000 $1.6M No change
META Meta Platforms Inc. Class A 0.03% 1,978 $1.5M Reduce -88.5%
TMO Thermo Fisher Scientific Inc. 0.02% 2,686 $1.1M Reduce -0.1%
KRE SS SPDR S&P Regional Bank 0.02% 18,022 $1.1M No change
IQV Iqvia Holdings Inc. 0.02% 5,310 $837K Reduce -2.2%
MDT Medtronic PLC 0.02% 9,291 $810K No change
EOG EOG Resources Inc. 0.01% 5,069 $606K No change
LEN Lennar Corp. Class A 0.01% 5,162 $571K Reduce -0.6%

Portfolio Sells Q1 2025 → Q2 2025
MSFT Microsoft Corp. Reduce -63.8% 1.60% −1.94
WMT Walmart Inc. Reduce -62.1% 0.95% −1.44
UNH Unitedhealth Group Inc. Reduce -31.2% 0.84% −1.33
XOM Exxon Mobil Corp. Reduce -48.0% 0.46% −0.58
AMT American Tower Corp. Reduce -48.0% 0.47% −0.48
B Barrick Gold Corp. Sold out 0.00% −0.46
MA Mastercard Inc. Class A Reduce -45.9% 0.43% −0.40
BMY Bristol-Myers Squibb Co. Reduce -0.2% 0.97% −0.39
FCX Freeport-McMoran Inc. Reduce -24.6% 1.58% −0.36
TSLA Tesla Inc. Reduce -84.6% 0.08% −0.36
TXN Texas Instruments Inc. Reduce -50.5% 0.39% −0.33
ADI Analog Devices Inc. Reduce -24.9% 1.09% −0.22
JNJ Johnson & Johnson Reduce -8.5% 0.81% −0.21
META Meta Platforms Inc. Class A Reduce -88.5% 0.03% −0.20
XLF SS Financial Select Sector Reduce -18.4% 0.80% −0.19
KREF KKR Real Estate Finance Trus Reduce -0.6% 0.60% −0.19
NVDA Nvidia Corp. Reduce -42.1% 0.69% −0.18
NFLX Netflix Inc. Reduce -33.0% 1.68% −0.17
BP BP PLC-Spons ADR Reduce -0.0% 0.83% −0.16
RITM Rithm Capital Corp. Reduce -4.1% 1.08% −0.13
GRID First TRST Nasd Class Edg Sgiif Reduce -63.4% 0.09% −0.13
SMH Vaneck Semiconductor ETF Reduce -38.0% 0.40% −0.12
DLR Digital Realty Trust Inc. Reduce -67.7% 0.06% −0.10
SLB SLB Ltd. Reduce -23.3% 0.13% −0.09
XLE SS Energy Select Sector Sold out 0.00% −0.09
NOW ServiceNow Inc. Reduce -25.1% 0.86% −0.08
ADBE Adobe Inc. Reduce -4.0% 0.70% −0.07
TRTX TPG Re Finance Trust Inc. Reduce -1.1% 0.48% −0.06
INTC Intel Corp. Reduce -1.0% 0.68% −0.06
WST West Pharmaceutical Services Reduce -1.4% 0.54% −0.05
CVS CVS Health Corp. Reduce -0.1% 0.63% −0.03
WOLF Wolfspeed Inc. Sold out 0.00% −0.03
NXPI NXP Semiconductors NV Sold out 0.00% −0.02
YUMC Yum China Holdings Inc. Reduce -0.1% 0.09% −0.02
VOO Vanguard S&P 500 ETF Reduce -5.7% 0.71% −0.01
XBI SS SPDR S&P Biotech ETF Reduce -5.2% 0.11% −0.01
TMO Thermo Fisher Scientific Inc. Reduce -0.1% 0.02% −0.01
IQV Iqvia Holdings Inc. Reduce -2.2% 0.02% −0.00
LEN Lennar Corp. Class A Reduce -0.6% 0.01% −0.00
MU Micron Technology Inc. Reduce -24.9% 0.54% +0.00
SWKS Skyworks Solutions Inc. Reduce -1.6% 0.04% +0.00
ILMN Illumina Inc. Reduce -7.9% 0.08% +0.00
EL Estee Lauder Companies Class A Reduce -0.9% 0.04% +0.01
ASML ASML Holding NV-NY Reg SHS Reduce -10.5% 0.40% +0.01
NKE Nike Inc. Class B Reduce -0.8% 1.09% +0.05
PYPL PayPal Holdings Inc. Reduce -0.1% 0.72% +0.05
MRVL Marvell Technology Inc. Reduce -0.7% 0.42% +0.06
ON On Semiconductor Reduce -1.0% 0.42% +0.07
APTV Aptiv PLC Reduce -0.3% 1.04% +0.07
XYZ Block Inc. Reduce -1.0% 0.84% +0.12

Portfolio Buys Q1 2025 → Q2 2025
V Visa Inc. Class A Add +16948.9% 2.14% +2.13
GOOGL Alphabet Inc. Class A Add +111.7% 2.59% +1.45
UBER Uber Technologies Inc. New 1.16% +1.16
ISRG Intuitive Surgical Inc. Add +138.6% 1.76% +1.05
AMZN Amazon.com Inc. Add +51.9% 2.36% +0.93
CME Cme Group Inc. Add +421.8% 0.91% +0.73
COST Costco Wholesale Corp. Add +29.7% 2.12% +0.46
HACK Amplify Cybersecurity ETF New 0.42% +0.42
LLY Eli Lilly & Co. Add +229.8% 0.64% +0.42
GILD Gilead Sciences Inc. New 0.39% +0.39
IGV iShares Expanded Tech-Softwa Add +12.3% 1.59% +0.37
PG The Procter & Gamble Co. Add +179.4% 0.62% +0.37
KMI Kinder Morgan Inc. Add +6719.7% 0.34% +0.33
VMRK Vivmark Residential New 0.32% +0.32
VZ Verizon Communications Inc. Add +24.3% 2.80% +0.29
SNPS Synopsys Inc. Add +8.6% 1.12% +0.20
AVB Avalonbay Communities Inc. New 0.17% +0.17
EZU iShares MSCI Eurozone ETF Add +60.0% 0.34% +0.14
REG Regency Centers Corp. New 0.12% +0.12
VIGI Vanguard Int Div App Indx FD Add +52.1% 0.27% +0.10
EWJ iShares MSCI Japan ETF Add +29.5% 0.37% +0.09
MCHI iShares MSCI China ETF New 0.07% +0.07
GDX Vaneck Gold Miners ETF New 0.06% +0.06
SPGI S&P Global Inc. Add +6.4% 0.78% +0.03
RACE Ferrari NV Add +2.7% 0.23% +0.02
EXR Extra Space Storage Inc. Add +0.6% 0.72% −0.04
QCOM Qualcomm Inc. Add +0.3% 2.67% −0.06
AAPL Apple Inc. Add +6.9% 3.05% −0.23

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