Nan Shan Life Insurance Co., Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nan Shan Life Insurance Co., Ltd. reported 82 stock positions worth $3.3 billion. Its top holding was iShares 20+ Year Treasury BD (TLT) at 10.7% of the portfolio, followed by SS SPDR PF LNG TRM TSY E-Usd (SPTL, 8.9%) and Vanguard Long-Term Treasury (VGLT, 5.3%). Compared with Q3 2025, it sold out of 21, added to 9 and reduced 28. The biggest buy was Qualcomm (QCOM, shares +6%) and the biggest sale Apple (AAPL, shares −98%).

Most Recent 13F
Q2 2026
Location
Taipei City, F5
CIK
0001730464
Portfolio Value
$3.3B (Q4 2025)
SEC Filing
0000950103-26-002133 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $3.3B $3.3B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 82 stocks · $3.3B
TLT iShares 20+ Year Treasury BD 10.72% 3,997,680 $348.4M No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 8.92% 10,956,900 $290.0M No change
VGLT Vanguard Long-Term Treasury 5.26% 3,063,500 $170.9M No change
QCOM Qualcomm Inc. 4.20% 798,331 $136.6M Add +5.9%
V Visa Inc. Class A 3.85% 357,317 $125.3M Add +7.5%
VZ Verizon Communications Inc. 3.64% 2,907,604 $118.4M No change
O Realty Income Corp. 3.29% 1,895,302 $106.8M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 3.19% 1,284,652 $103.6M No change
COST Costco Wholesale Corp. 2.67% 100,506 $86.7M No change
META Meta Platforms Inc. Class A 2.64% 129,824 $85.7M Add +4.6%
MSFT Microsoft Corp. 2.47% 165,879 $80.2M Reduce -38.6%
NOW ServiceNow Inc. 2.42% 514,260 $78.8M No change
NFLX Netflix Inc. 2.34% 810,170 $76.0M Add +3.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 2.21% 630,489 $71.7M No change
APTV Aptiv PLC 1.61% 687,642 $52.3M No change
SPGI S&P Global Inc. 1.60% 99,701 $52.1M Add +318.9%
BMY Bristol-Myers Squibb Co. 1.56% 939,759 $50.7M No change
INTC Intel Corp. 1.53% 1,349,500 $49.8M No change
EW Edwards Lifesciences Corp. 1.45% 552,221 $47.1M No change
RITM Rithm Capital Corp. 1.44% 4,306,602 $46.9M No change
TXN Texas Instruments Inc. 1.36% 254,809 $44.2M Add +12.3%
PFE Pfizer Inc. 1.35% 1,768,652 $44.0M No change
NKE Nike Inc. Class B 1.35% 689,052 $43.9M No change
MRVL Marvell Technology Inc. 1.30% 496,646 $42.2M Add +26.1%
PG The Procter & Gamble Co. 1.22% 276,626 $39.6M Add +2.6%
UNH Unitedhealth Group Inc. 1.21% 119,477 $39.4M Reduce -0.1%
CRM Salesforce Inc. 1.14% 140,250 $37.2M No change
XYZ Block Inc. 1.11% 555,340 $36.1M No change
SDY SS SPDR S&P Dividend ETF 1.06% 247,496 $34.4M No change
JNK SS SPDR BB High Yield Bond 1.01% 337,566 $32.8M No change
CVS CVS Health Corp. 1.00% 411,050 $32.6M No change
WST West Pharmaceutical Services 0.93% 109,867 $30.2M No change
GOOGL Alphabet Inc. Class A 0.90% 93,211 $29.2M Reduce -85.1%
EXR Extra Space Storage Inc. 0.88% 218,563 $28.5M No change
ADBE Adobe Inc. 0.86% 80,181 $28.1M No change
IJR iShares Core S&P Small-Cap E 0.79% 213,194 $25.6M Reduce -37.7%
PYPL PayPal Holdings Inc. 0.78% 432,781 $25.3M No change
KREF KKR Real Estate Finance Trus 0.77% 3,060,384 $25.2M No change
TRTX TPG Re Finance Trust Inc. 0.75% 2,821,091 $24.3M No change
PLD Prologis Inc. 0.73% 186,256 $23.8M Reduce -70.3%
BP BP PLC-Spons ADR 0.65% 605,197 $21.0M Reduce -51.4%
ISRG Intuitive Surgical Inc. 0.64% 36,800 $20.8M Reduce -78.5%
NVDA Nvidia Corp. 0.62% 108,691 $20.3M Reduce -74.0%
KMI Kinder Morgan Inc. 0.62% 737,197 $20.3M No change
REXR Rexford Industrial Realty Inc. 0.62% 517,579 $20.0M No change
ON On Semiconductor 0.60% 360,831 $19.5M No change
AVGO Broadcom Inc. 0.52% 48,862 $16.9M Reduce -48.0%
AMT American Tower Corp. 0.52% 95,766 $16.8M No change
PSA Public Storage 0.49% 61,489 $16.0M No change
QUAL iShares MSCI USA Quality Fac 0.47% 77,200 $15.3M No change
RACE Ferrari NV 0.47% 40,716 $15.2M Add +6.5%
KRE SS SPDR S&P Regional Bank 0.46% 231,686 $15.0M Reduce -64.4%
HST Host Hotels & Resorts Inc. 0.43% 791,128 $14.0M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.41% 210,384 $13.3M No change
VIGI Vanguard Int Div App Indx FD 0.39% 137,180 $12.5M No change
XLV SS Health Care Select Sector 0.39% 81,000 $12.5M Reduce -88.8%
AMZN Amazon.com Inc. 0.35% 48,623 $11.2M Reduce -81.0%
GILD Gilead Sciences Inc. 0.31% 82,838 $10.2M Reduce -78.1%
COLD Americold Realty Trust Inc. 0.30% 760,671 $9.8M No change
FCX Freeport-McMoran Inc. 0.29% 185,615 $9.4M Reduce -36.6%
MA Mastercard Inc. Class A 0.26% 15,000 $8.6M Reduce -56.8%
RSP Invesco S&P 500 Equal Weight 0.24% 41,532 $8.0M Reduce -70.3%
JPM JPMorgan Chase & Co. 0.23% 23,414 $7.5M Reduce -53.6%
ITB iShares U.S. Home Constructi 0.23% 77,103 $7.4M Reduce -54.7%
XBI SS SPDR S&P Biotech ETF 0.23% 60,264 $7.3M No change
AVB Avalonbay Communities Inc. 0.21% 37,186 $6.7M No change
SLB SLB Ltd. filed as SLB LIMITED 0.20% 168,577 $6.5M No change
TLH iShares 10-20 Year Treasury 0.17% 54,700 $5.6M No change
SNPS Synopsys Inc. 0.17% 11,514 $5.4M Reduce -83.8%
ILMN Illumina Inc. 0.15% 37,482 $4.9M Reduce -0.1%
WMT Walmart Inc. 0.13% 36,800 $4.1M Reduce -74.9%
YUMC Yum China Holdings Inc. 0.12% 85,400 $4.0M No change
SPOT Spotify Technology SA 0.11% 6,000 $3.5M Reduce -55.2%
BOTZ Global X Robotics & Artifici 0.09% 80,000 $2.9M No change
AAPL Apple Inc. 0.09% 10,396 $2.8M Reduce -98.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.08% 23,528 $2.5M Reduce -0.1%
DLR Digital Realty Trust Inc. 0.07% 14,611 $2.3M Reduce -67.7%
AMD Advanced Micro Devices 0.06% 9,055 $1.9M Reduce -98.4%
SWKS Skyworks Solutions Inc. 0.05% 25,400 $1.6M Reduce -0.1%
XLP SS Consumer Staples Sel Sect 0.04% 16,888 $1.3M Reduce -84.7%
EOG EOG Resources Inc. 0.02% 5,069 $532K No change
LEN Lennar Corp. Class A 0.02% 5,132 $528K No change

Portfolio Sells Q3 2025 → Q4 2025
AAPL Apple Inc. Reduce -98.3% 0.09% −3.29
GOOGL Alphabet Inc. Class A Reduce -85.1% 0.90% −2.33
AMD Advanced Micro Devices Reduce -98.4% 0.06% −1.89
XLV SS Health Care Select Sector Reduce -88.8% 0.39% −1.76
IGV iShares Expanded Tech-Softwa Sold out 0.00% −1.53
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −1.24
SMH Vaneck Semiconductor ETF Sold out 0.00% −1.22
NVDA Nvidia Corp. Reduce -74.0% 0.62% −1.03
ISRG Intuitive Surgical Inc. Reduce -78.5% 0.64% −0.98
CME Cme Group Inc. Sold out 0.00% −0.95
VOO Vanguard S&P 500 ETF Sold out 0.00% −0.90
AMZN Amazon.com Inc. Reduce -81.0% 0.35% −0.85
AMAT Applied Materials Inc. Sold out 0.00% −0.83
PLD Prologis Inc. Reduce -70.3% 0.73% −0.79
VPU Vanguard Utilities ETF Sold out 0.00% −0.61
GILD Gilead Sciences Inc. Reduce -78.1% 0.31% −0.58
SNPS Synopsys Inc. Reduce -83.8% 0.17% −0.58
MSFT Microsoft Corp. Reduce -38.6% 2.47% −0.51
VLO Valero Energy Corp. Sold out 0.00% −0.49
KRE SS SPDR S&P Regional Bank Reduce -64.4% 0.46% −0.41
XOM Exxon Mobil Corp. Sold out 0.00% −0.39
MDT Medtronic PLC Sold out 0.00% −0.34
LLY Eli Lilly & Co. Sold out 0.00% −0.34
RSP Invesco S&P 500 Equal Weight Reduce -70.3% 0.24% −0.32
IHI iShares U.S. Medical Devices Sold out 0.00% −0.32
ASHR Xtrackers Harvest Csi 300 CH Sold out 0.00% −0.32
BP BP PLC-Spons ADR Reduce -51.4% 0.65% −0.26
GRID First TRST Nasd Class Edg Sgiif Sold out 0.00% −0.25
BAC Bank of America Corp. Sold out 0.00% −0.25
TSLA Tesla Inc. Sold out 0.00% −0.22
WMT Walmart Inc. Reduce -74.9% 0.13% −0.19
UBER Uber Technologies Inc. Sold out 0.00% −0.18
ITB iShares U.S. Home Constructi Reduce -54.7% 0.23% −0.16
MA Mastercard Inc. Class A Reduce -56.8% 0.26% −0.16
XLP SS Consumer Staples Sel Sect Reduce -84.7% 0.04% −0.14
AVGO Broadcom Inc. Reduce -48.0% 0.52% −0.14
JPM JPMorgan Chase & Co. Reduce -53.6% 0.23% −0.11
JNJ Johnson & Johnson Sold out 0.00% −0.10
DLR Digital Realty Trust Inc. Reduce -67.7% 0.07% −0.10
SPOT Spotify Technology SA Reduce -55.2% 0.11% −0.09
IJR iShares Core S&P Small-Cap E Reduce -37.7% 0.79% −0.08
ADI Analog Devices Inc. Sold out 0.00% −0.05
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.03
IQV Iqvia Holdings Inc. Sold out 0.00% −0.02
SWKS Skyworks Solutions Inc. Reduce -0.1% 0.05% +0.01
EL Estee Lauder Companies Class A Reduce -0.1% 0.08% +0.03
FCX Freeport-McMoran Inc. Reduce -36.6% 0.29% +0.05
ILMN Illumina Inc. Reduce -0.1% 0.15% +0.08
UNH Unitedhealth Group Inc. Reduce -0.1% 1.21% +0.34

Portfolio Buys Q3 2025 → Q4 2025
QCOM Qualcomm Inc. Add +5.9% 4.20% +1.54
V Visa Inc. Class A Add +7.5% 3.85% +1.44
SPGI S&P Global Inc. Add +318.9% 1.60% +1.36
META Meta Platforms Inc. Class A Add +4.6% 2.64% +0.70
MRVL Marvell Technology Inc. Add +26.1% 1.30% +0.59
TXN Texas Instruments Inc. Add +12.3% 1.36% +0.47
NFLX Netflix Inc. Add +3.5% 2.34% +0.34
PG The Procter & Gamble Co. Add +2.6% 1.22% +0.34
RACE Ferrari NV Add +6.5% 0.47% +0.07

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