Nan Shan Life Insurance Co., Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nan Shan Life Insurance Co., Ltd. reported 103 stock positions worth $4.7 billion. Its top holding was iShares 20+ Year Treasury BD (TLT) at 7.6% of the portfolio, followed by SS SPDR PF LNG TRM TSY E-Usd (SPTL, 6.3%) and Vanguard Long-Term Treasury (VGLT, 3.7%). Compared with Q2 2025, it opened 5 new positions, sold out of 18, added to 27 and reduced 38. The biggest buy was Meta Platforms Class A (META, shares +6177%) and the biggest sale Freeport-McMoran (FCX, shares −82%).

Most Recent 13F
Q2 2026
Location
Taipei City, F5
CIK
0001730464
Portfolio Value
$4.7B (Q3 2025)
SEC Filing
0000950103-25-014722 ↗ filed Nov 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 Q2 2025 Q3 2025: $4.7B $4.7B Q3 2025 Q4 2025: $3.3B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 103 stocks · $4.7B
TLT iShares 20+ Year Treasury BD 7.59% 3,997,680 $357.3M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 6.27% 10,956,900 $295.3M No change
VGLT Vanguard Long-Term Treasury 3.70% 3,063,500 $174.2M No change
AAPL Apple Inc. 3.38% 624,473 $159.0M Reduce -6.6%
GOOGL Alphabet Inc. Class A 3.22% 624,089 $151.7M Reduce -5.5%
MSFT Microsoft Corp. 2.97% 270,289 $140.0M Add +86.6%
VZ Verizon Communications Inc. 2.71% 2,907,604 $127.8M Reduce -0.0%
QCOM Qualcomm Inc. 2.66% 753,735 $125.4M No change
O Realty Income Corp. 2.45% 1,895,302 $115.2M No change
V Visa Inc. Class A 2.41% 332,317 $113.4M Add +22.6%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2.22% 1,284,652 $104.3M No change
XLV SS Health Care Select Sector 2.14% 724,851 $100.9M Add +496.4%
NOW ServiceNow Inc. 2.01% 102,852 $94.7M Add +174.6%
NFLX Netflix Inc. 1.99% 78,250 $93.8M Add +39.0%
COST Costco Wholesale Corp. 1.98% 100,506 $93.0M Add +4.2%
AMD Advanced Micro Devices 1.95% 568,594 $92.0M Add +52.5%
META Meta Platforms Inc. Class A 1.94% 124,155 $91.2M Add +6176.8%
NVDA Nvidia Corp. 1.65% 417,535 $77.9M Add +111.6%
ISRG Intuitive Surgical Inc. 1.63% 171,100 $76.5M Add +17.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.53% 630,489 $72.2M Reduce -0.0%
IGV iShares Expanded Tech-Softwa 1.53% 627,527 $72.2M Reduce -4.1%
PLD Prologis Inc. 1.53% 626,942 $71.8M No change
APTV Aptiv PLC 1.26% 687,642 $59.3M Reduce -0.1%
QQQ Invesco QQQ Trust Series 1 1.24% 97,217 $58.4M Add +82.2%
SMH Vaneck Semiconductor ETF 1.22% 176,537 $57.6M Add +176.4%
AMZN Amazon.com Inc. 1.19% 255,259 $56.0M Reduce -47.3%
RITM Rithm Capital Corp. 1.04% 4,306,602 $49.1M No change
NKE Nike Inc. Class B 1.02% 689,052 $48.0M Reduce -0.3%
INTC Intel Corp. 0.96% 1,349,500 $45.3M Reduce -0.5%
PFE Pfizer Inc. 0.96% 1,768,652 $45.1M No change
CME Cme Group Inc. 0.95% 164,720 $44.5M Add +10.5%
EW Edwards Lifesciences Corp. 0.91% 552,221 $42.9M No change
BP BP PLC-Spons ADR 0.91% 1,243,952 $42.9M Reduce -0.0%
VOO Vanguard S&P 500 ETF 0.90% 69,306 $42.4M Add +23.4%
BMY Bristol-Myers Squibb Co. 0.90% 939,759 $42.4M Reduce -0.2%
GILD Gilead Sciences Inc. 0.89% 378,406 $42.0M Add +139.5%
TXN Texas Instruments Inc. 0.89% 226,809 $41.7M Add +168.4%
PG The Procter & Gamble Co. 0.88% 269,626 $41.4M Add +54.6%
UNH Unitedhealth Group Inc. 0.88% 119,568 $41.3M Reduce -1.1%
KRE SS SPDR S&P Regional Bank 0.88% 651,544 $41.2M Add +3515.3%
IJR iShares Core S&P Small-Cap E 0.86% 342,089 $40.7M No change
XYZ Block Inc. 0.85% 555,340 $40.1M Reduce -0.1%
AMAT Applied Materials Inc. 0.83% 191,946 $39.3M No change
SNPS Synopsys Inc. 0.74% 71,073 $35.1M Reduce -27.7%
SDY SS SPDR S&P Dividend ETF 0.74% 247,496 $34.7M No change
CRM Salesforce Inc. 0.71% 140,250 $33.2M No change
MRVL Marvell Technology Inc. 0.70% 393,846 $33.1M Add +60.8%
JNK SS SPDR BB High Yield Bond 0.70% 337,566 $33.1M No change
AVGO Broadcom Inc. 0.66% 94,037 $31.0M Reduce -50.7%
CVS CVS Health Corp. 0.66% 411,050 $31.0M Reduce -0.0%
EXR Extra Space Storage Inc. 0.65% 218,563 $30.8M No change
PYPL PayPal Holdings Inc. 0.62% 432,781 $29.0M Reduce -0.1%
VPU Vanguard Utilities ETF 0.61% 152,541 $28.9M Add +46.8%
WST West Pharmaceutical Services 0.61% 109,867 $28.8M Reduce -0.4%
ADBE Adobe Inc. 0.60% 80,181 $28.3M Reduce -2.0%
KREF KKR Real Estate Finance Trus 0.59% 3,060,384 $27.5M No change
RSP Invesco S&P 500 Equal Weight 0.56% 139,647 $26.5M No change
TRTX TPG Re Finance Trust Inc. 0.51% 2,821,091 $24.1M No change
VLO Valero Energy Corp. 0.49% 135,152 $23.0M Reduce -32.6%
REXR Rexford Industrial Realty Inc. 0.45% 517,579 $21.3M No change
KMI Kinder Morgan Inc. 0.44% 737,197 $20.9M Add +43.7%
MA Mastercard Inc. Class A 0.42% 34,680 $19.7M No change
RACE Ferrari NV 0.39% 38,216 $18.5M Add +84.6%
AMT American Tower Corp. 0.39% 95,766 $18.4M No change
XOM Exxon Mobil Corp. 0.39% 161,967 $18.3M Reduce -16.4%
ITB iShares U.S. Home Constructi 0.39% 170,258 $18.3M New
ON On Semiconductor 0.38% 360,831 $17.8M Reduce -0.5%
PSA Public Storage 0.38% 61,489 $17.8M No change
MDT Medtronic PLC 0.34% 169,453 $16.1M Add +1723.8%
LLY Eli Lilly & Co. 0.34% 21,004 $16.0M Reduce -42.8%
JPM JPMorgan Chase & Co. 0.34% 50,424 $15.9M New
WMT Walmart Inc. 0.32% 146,489 $15.1M Reduce -66.5%
QUAL iShares MSCI USA Quality Fac 0.32% 77,200 $15.0M No change
IHI iShares U.S. Medical Devices 0.32% 248,710 $14.9M Add +894.8%
ASHR Xtrackers Harvest Csi 300 CH 0.32% 451,306 $14.9M New
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.29% 210,384 $13.6M No change
HST Host Hotels & Resorts Inc. 0.29% 791,128 $13.5M No change
VIGI Vanguard Int Div App Indx FD 0.26% 137,180 $12.3M No change
GRID First TRST Nasd Class Edg Sgiif 0.25% 77,768 $11.7M Add +159.2%
SPGI S&P Global Inc. 0.25% 23,801 $11.6M Reduce -64.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.25% 223,666 $11.5M Reduce -84.9%
FCX Freeport-McMoran Inc. 0.24% 292,903 $11.5M Reduce -82.1%
TSLA Tesla Inc. 0.22% 23,169 $10.3M Add +112.2%
SPOT Spotify Technology SA 0.20% 13,400 $9.4M New
COLD Americold Realty Trust Inc. 0.20% 760,671 $9.3M No change
UBER Uber Technologies Inc. 0.18% 88,000 $8.6M Reduce -84.3%
XLP SS Consumer Staples Sel Sect 0.18% 110,000 $8.6M New
DLR Digital Realty Trust Inc. 0.17% 45,194 $7.8M Add +209.3%
AVB Avalonbay Communities Inc. 0.15% 37,186 $7.2M No change
XBI SS SPDR S&P Biotech ETF 0.13% 60,264 $6.0M Reduce -1.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.12% 168,577 $5.8M Reduce -1.4%
TLH iShares 10-20 Year Treasury 0.12% 54,700 $5.6M No change
JNJ Johnson & Johnson 0.10% 24,494 $4.5M Reduce -89.7%
YUMC Yum China Holdings Inc. 0.08% 85,400 $3.7M No change
ILMN Illumina Inc. 0.08% 37,508 $3.6M Reduce -0.3%
BOTZ Global X Robotics & Artifici 0.06% 80,000 $2.8M Reduce -27.3%
ADI Analog Devices Inc. 0.05% 10,000 $2.5M Reduce -95.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 23,541 $2.1M Reduce -0.3%
SWKS Skyworks Solutions Inc. 0.04% 25,426 $2.0M Reduce -0.7%
TMO Thermo Fisher Scientific Inc. 0.03% 2,686 $1.3M No change
IQV Iqvia Holdings Inc. 0.02% 5,268 $1.0M Reduce -0.8%
LEN Lennar Corp. Class A 0.01% 5,132 $647K Reduce -0.6%
EOG EOG Resources Inc. 0.01% 5,069 $568K No change

Portfolio Sells Q2 2025 → Q3 2025
FCX Freeport-McMoran Inc. Reduce -82.1% 0.24% −1.33
BAC Bank of America Corp. Reduce -84.9% 0.25% −1.31
AMZN Amazon.com Inc. Reduce -47.3% 1.19% −1.17
XLK SS Technology Select Sector Sold out 0.00% −1.17
ADI Analog Devices Inc. Reduce -95.2% 0.05% −1.04
UBER Uber Technologies Inc. Reduce -84.3% 0.18% −0.98
XLF SS Financial Select Sector Sold out 0.00% −0.80
JNJ Johnson & Johnson Reduce -89.7% 0.10% −0.71
WMT Walmart Inc. Reduce -66.5% 0.32% −0.63
MU Micron Technology Inc. Sold out 0.00% −0.54
SPGI S&P Global Inc. Reduce -64.0% 0.25% −0.53
VLUE iShares MSCI USA Value Facto Sold out 0.00% −0.52
AVGO Broadcom Inc. Reduce -50.7% 0.66% −0.51
HACK Amplify Cybersecurity ETF Sold out 0.00% −0.42
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.40
SNPS Synopsys Inc. Reduce -27.7% 0.74% −0.38
EWJ iShares MSCI Japan ETF Sold out 0.00% −0.37
TJX TJX Companies Inc. Sold out 0.00% −0.35
EZU iShares MSCI Eurozone ETF Sold out 0.00% −0.34
LLY Eli Lilly & Co. Reduce -42.8% 0.34% −0.30
CAT Caterpillar Inc. Sold out 0.00% −0.23
VOX Vanguard Communication Servi Sold out 0.00% −0.21
DIS The Walt Disney Co. Reduce -0.0% 1.53% −0.21
QQQX Nuveen Nasdaq 100 DYN Overwr Sold out 0.00% −0.18
KBWB Invesco KBW Bank ETF Sold out 0.00% −0.16
REG Regency Centers Corp. Sold out 0.00% −0.12
VLO Valero Energy Corp. Reduce -32.6% 0.49% −0.11
ADBE Adobe Inc. Reduce -2.0% 0.60% −0.10
PYPL PayPal Holdings Inc. Reduce -0.1% 0.62% −0.10
VZ Verizon Communications Inc. Reduce -0.0% 2.71% −0.08
XOM Exxon Mobil Corp. Reduce -16.4% 0.39% −0.08
MCHI iShares MSCI China ETF Sold out 0.00% −0.07
NKE Nike Inc. Class B Reduce -0.3% 1.02% −0.07
BMY Bristol-Myers Squibb Co. Reduce -0.2% 0.90% −0.07
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.06
IGV iShares Expanded Tech-Softwa Reduce -4.1% 1.53% −0.06
SHEL Shell PLC-ADR Sold out 0.00% −0.06
ON On Semiconductor Reduce -0.5% 0.38% −0.04
CDNS Cadence Design SYS Inc. Sold out 0.00% −0.04
BOTZ Global X Robotics & Artifici Reduce -27.3% 0.06% −0.02
SLB SLB Ltd. Reduce -1.4% 0.12% −0.01
ILMN Illumina Inc. Reduce -0.3% 0.08% −0.00
SWKS Skyworks Solutions Inc. Reduce -0.7% 0.04% −0.00
LEN Lennar Corp. Class A Reduce -0.6% 0.01% +0.00
EL Estee Lauder Companies Class A Reduce -0.3% 0.04% +0.00
IQV Iqvia Holdings Inc. Reduce -0.8% 0.02% +0.00
XYZ Block Inc. Reduce -0.1% 0.85% +0.01
XBI SS SPDR S&P Biotech ETF Reduce -1.9% 0.13% +0.01
CVS CVS Health Corp. Reduce -0.0% 0.66% +0.03
UNH Unitedhealth Group Inc. Reduce -1.1% 0.88% +0.04

Portfolio Buys Q2 2025 → Q3 2025
META Meta Platforms Inc. Class A Add +6176.8% 1.94% +1.90
XLV SS Health Care Select Sector Add +496.4% 2.14% +1.78
MSFT Microsoft Corp. Add +86.6% 2.97% +1.37
NOW ServiceNow Inc. Add +174.6% 2.01% +1.15
NVDA Nvidia Corp. Add +111.6% 1.65% +0.96
KRE SS SPDR S&P Regional Bank Add +3515.3% 0.88% +0.85
SMH Vaneck Semiconductor ETF Add +176.4% 1.22% +0.83
AMD Advanced Micro Devices Add +52.5% 1.95% +0.78
QQQ Invesco QQQ Trust Series 1 Add +82.2% 1.24% +0.59
GILD Gilead Sciences Inc. Add +139.5% 0.89% +0.50
TXN Texas Instruments Inc. Add +168.4% 0.89% +0.50
ITB iShares U.S. Home Constructi New 0.39% +0.39
JPM JPMorgan Chase & Co. New 0.34% +0.34
MDT Medtronic PLC Add +1723.8% 0.34% +0.32
NFLX Netflix Inc. Add +39.0% 1.99% +0.32
ASHR Xtrackers Harvest Csi 300 CH New 0.32% +0.32
IHI iShares U.S. Medical Devices Add +894.8% 0.32% +0.28
MRVL Marvell Technology Inc. Add +60.8% 0.70% +0.28
V Visa Inc. Class A Add +22.6% 2.41% +0.27
PG The Procter & Gamble Co. Add +54.6% 0.88% +0.26
VPU Vanguard Utilities ETF Add +46.8% 0.61% +0.21
SPOT Spotify Technology SA New 0.20% +0.20
VOO Vanguard S&P 500 ETF Add +23.4% 0.90% +0.19
XLP SS Consumer Staples Sel Sect New 0.18% +0.18
RACE Ferrari NV Add +84.6% 0.39% +0.17
GRID First TRST Nasd Class Edg Sgiif Add +159.2% 0.25% +0.16
TSLA Tesla Inc. Add +112.2% 0.22% +0.14
DLR Digital Realty Trust Inc. Add +209.3% 0.17% +0.11
KMI Kinder Morgan Inc. Add +43.7% 0.44% +0.11
CME Cme Group Inc. Add +10.5% 0.95% +0.03
ISRG Intuitive Surgical Inc. Add +17.1% 1.63% −0.14
COST Costco Wholesale Corp. Add +4.2% 1.98% −0.15

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