National Pension Service
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), National Pension Service reported 534 stock positions worth $115.8 billion. Its top holding was Nvidia (NVDA) at 6.3% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Apple (AAPL, 5.1%). Compared with Q1 2025, it opened 1 new position, sold out of 8, added to 357 and reduced 136. The biggest buy was Netflix (NFLX, shares +3%) and the biggest sale Unitedhealth (UNH, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- JEONJU-SI, JEOLLABUK-DO, M5
- CIK
- 0001608046
- Portfolio Value
- $115.8B (Q2 2025)
- SEC Filing
- 0001608046-25-000017 ↗ filed Aug 8, 2025
Holdings Value
Holdings 534 stocks · $115.8B
| NVDA Nvidia Corp. | 6.35% | 46,535,267 | $7.4B | Reduce -2.4% |
| MSFT Microsoft Corp. | 5.87% | 13,664,645 | $6.8B | Reduce -0.0% |
| AAPL Apple Inc. | 5.10% | 28,813,985 | $5.9B | Add +0.8% |
| PBUS Invesco MSCI USA ETF | 3.79% | 70,631,785 | $4.4B | No change |
| AMZN Amazon.com Inc. | 3.48% | 18,352,886 | $4.0B | Add +2.2% |
| META Meta Platforms Inc. Class A | 2.76% | 4,331,629 | $3.2B | Reduce -1.7% |
| IVV iShares Core S&P 500 ETF | 2.21% | 4,119,355 | $2.6B | No change |
| AVGO Broadcom Inc. | 2.04% | 8,581,997 | $2.4B | Reduce -3.7% |
| GOOGL Alphabet Inc. Class A | 1.76% | 11,584,502 | $2.0B | Add +0.5% |
| TSLA Tesla Inc. | 1.51% | 5,517,336 | $1.8B | Add +3.3% |
| GOOG Alphabet Inc. Class C | 1.51% | 9,872,626 | $1.8B | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 1.32% | 5,271,990 | $1.5B | Add +1.4% |
| NFLX Netflix Inc. | 1.04% | 899,484 | $1.2B | Add +3.5% |
| LLY Eli Lilly & Co. | 1.04% | 1,543,238 | $1.2B | Reduce -5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.04% | 2,469,534 | $1.2B | Add +3.5% |
| V Visa Inc. Class A | 0.96% | 3,136,548 | $1.1B | Add +4.7% |
| XOM Exxon Mobil Corp. | 0.83% | 8,941,990 | $963.9M | Add +5.3% |
| COST Costco Wholesale Corp. | 0.83% | 971,035 | $961.3M | Add +12.7% |
| WMT Walmart Inc. | 0.75% | 8,879,979 | $868.3M | Reduce -4.7% |
| MA Mastercard Inc. Class A | 0.74% | 1,519,790 | $854.0M | Reduce -3.6% |
| PG The Procter & Gamble Co. | 0.67% | 4,889,223 | $779.0M | Add +2.8% |
| HD Home Depot Inc. | 0.64% | 2,007,389 | $736.0M | Add +2.2% |
| ORCL Oracle Corp. | 0.63% | 3,348,663 | $732.1M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.63% | 4,774,862 | $729.4M | Reduce -1.7% |
| ABBV Abbvie Inc. | 0.61% | 3,820,450 | $709.2M | Add +5.8% |
| PM Philip Morris International | 0.58% | 3,712,064 | $676.1M | Reduce -1.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.55% | 2,178,026 | $642.0M | Reduce -2.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.55% | 13,512,376 | $639.4M | Add +4.2% |
| CSCO Cisco Systems Inc. | 0.54% | 9,049,429 | $627.8M | Reduce -2.7% |
| KO The Coca-Cola Co. | 0.53% | 8,666,229 | $613.1M | Reduce -5.3% |
| GE General Electric filed as GE AEROSPACE | 0.52% | 2,328,584 | $599.4M | Reduce -3.8% |
| PLTR Palantir Technologies Inc. Class A | 0.51% | 4,367,253 | $595.3M | Reduce -16.1% |
| CRM Salesforce Inc. | 0.51% | 2,155,698 | $587.8M | Add +0.2% |
| UNH Unitedhealth Group Inc. | 0.49% | 1,822,757 | $568.6M | Reduce -0.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.47% | 4,362,135 | $540.9M | Add +11.9% |
| INTU Intuit Inc. | 0.45% | 655,890 | $516.6M | Add +10.9% |
| WFC Wells Fargo & Co. | 0.44% | 6,417,035 | $514.1M | Add +0.1% |
| CVX Chevron Corp. | 0.43% | 3,461,940 | $495.7M | Add +4.0% |
| BKNG Booking Holdings Inc. | 0.41% | 81,850 | $473.8M | Add +14.5% |
| ABT Abbott Laboratories | 0.41% | 3,468,778 | $471.8M | Reduce -3.8% |
| T AT&T Inc. | 0.41% | 16,270,803 | $470.9M | Reduce -0.1% |
| AMD Advanced Micro Devices | 0.40% | 3,286,275 | $466.3M | Reduce -1.1% |
| GS Goldman Sachs Group Inc. | 0.39% | 645,998 | $457.2M | Add +5.3% |
| LIN Linde PLC | 0.38% | 942,892 | $442.4M | Reduce -6.5% |
| MRK Merck & Co. Inc. | 0.38% | 5,531,803 | $437.9M | Add +4.9% |
| MCD McDonald's Corp. | 0.38% | 1,495,271 | $436.9M | Reduce -7.1% |
| NOW ServiceNow Inc. | 0.36% | 402,812 | $414.1M | Reduce -0.1% |
| VZ Verizon Communications Inc. | 0.36% | 9,569,160 | $414.1M | Reduce -8.7% |
| QCOM Qualcomm Inc. | 0.35% | 2,556,849 | $407.2M | Add +0.4% |
| AMAT Applied Materials Inc. | 0.35% | 2,201,543 | $403.0M | Add +15.2% |
| UBER Uber Technologies Inc. | 0.35% | 4,317,114 | $402.8M | Add +2.3% |
| RTX RTX Corp. | 0.34% | 2,731,407 | $398.8M | Reduce -11.7% |
| PEP Pepsico Inc. | 0.34% | 2,986,735 | $394.4M | Add +3.8% |
| TXN Texas Instruments Inc. | 0.34% | 1,899,437 | $394.4M | Reduce -6.1% |
| ACN Accenture PLC Class A | 0.34% | 1,309,465 | $391.4M | Reduce -4.1% |
| CAT Caterpillar Inc. | 0.33% | 994,303 | $386.0M | Reduce -0.3% |
| PGR Progressive Corp. | 0.32% | 1,408,771 | $375.9M | Add +4.0% |
| ISRG Intuitive Surgical Inc. | 0.32% | 682,577 | $370.9M | Reduce -14.5% |
| TSPA T Rowe Price US Eqy Research | 0.32% | 9,513,375 | $370.0M | No change |
| MS Morgan Stanley | 0.32% | 2,592,686 | $365.2M | Add +8.0% |
| BSX Boston Scientific Corp. | 0.31% | 3,375,933 | $362.6M | Reduce -4.2% |
| GILD Gilead Sciences Inc. | 0.31% | 3,261,413 | $361.6M | Reduce -6.1% |
| ADBE Adobe Inc. | 0.31% | 925,463 | $358.0M | Reduce -0.3% |
| AXP American Express Co. | 0.31% | 1,122,097 | $357.9M | Add +1.0% |
| EWP iShares MSCI Spain ETF | 0.31% | 8,092,278 | $356.7M | No change |
| SCHW Schwab (charles) Corp. | 0.30% | 3,840,019 | $350.4M | Add +22.0% |
| PANW Palo Alto Networks Inc. | 0.30% | 1,686,962 | $345.2M | Add +19.1% |
| CEG Constellation Energy | 0.29% | 1,038,144 | $335.1M | Add +22.1% |
| LRCX Lam Research Corp. | 0.29% | 3,421,664 | $333.1M | Add +7.5% |
| MU Micron Technology Inc. | 0.29% | 2,697,647 | $332.5M | Reduce -1.7% |
| NEE Nextera Energy Inc. | 0.29% | 4,785,123 | $332.2M | Add +0.3% |
| C Citigroup Inc. | 0.29% | 3,900,825 | $332.0M | Add +1.6% |
| APH Amphenol Corp. Class A | 0.28% | 3,280,941 | $324.0M | Add +14.4% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 797,302 | $323.3M | Add +0.1% |
| KLAC KLA Corp. | 0.28% | 358,792 | $321.4M | Add +16.2% |
| MELI MercadoLibre Inc. | 0.28% | 122,883 | $321.2M | Add +20.6% |
| AMGN Amgen Inc. | 0.28% | 1,146,313 | $320.1M | Reduce -1.5% |
| HON Honeywell International Inc. | 0.27% | 1,366,393 | $318.2M | Reduce -0.5% |
| COF Capital One Financial Corp. | 0.27% | 1,493,636 | $317.8M | Add +72.7% |
| BA The Boeing Co. | 0.27% | 1,513,061 | $317.0M | Add +13.5% |
| ADI Analog Devices Inc. | 0.27% | 1,323,143 | $314.9M | Add +20.0% |
| BLK BlackRock Inc. | 0.27% | 297,826 | $312.5M | Reduce -9.3% |
| CMCSA Comcast Corp. Class A | 0.27% | 8,735,089 | $311.8M | Add +1.6% |
| SPGI S&P Global Inc. | 0.27% | 588,958 | $310.6M | Reduce -10.5% |
| ANET Arista Networks Inc. | 0.27% | 3,026,712 | $309.7M | Add +3.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 2,454,452 | $303.1M | Reduce -14.1% |
| PFE Pfizer Inc. | 0.26% | 12,499,354 | $303.0M | Reduce -0.9% |
| DE Deere & Co. | 0.26% | 592,052 | $301.1M | Reduce -2.7% |
| UNP Union Pacific Corp. | 0.25% | 1,268,516 | $291.9M | Add +0.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.25% | 926,591 | $290.2M | Reduce -6.7% |
| COP Conocophillips | 0.25% | 3,168,859 | $284.4M | Add +22.9% |
| DHR Danaher Corp. | 0.24% | 1,412,097 | $278.9M | Reduce -0.2% |
| LOW Lowe's Cos Inc. | 0.24% | 1,253,096 | $278.0M | Add +4.3% |
| TMUS T-Mobile US Inc. | 0.24% | 1,166,254 | $277.9M | Reduce -3.3% |
| MDLZ Mondelez International Inc. Class A | 0.24% | 4,106,551 | $276.9M | Add +32.1% |
| APP AppLovin Corp. Class A | 0.24% | 790,271 | $276.7M | Add +82.2% |
| MCK McKesson Corp. | 0.24% | 376,778 | $276.1M | Add +16.6% |
| ETN Eaton Corp. PLC | 0.23% | 761,396 | $271.8M | Reduce -15.8% |
| TT Trane Technologies PLC | 0.23% | 619,166 | $270.8M | Reduce -1.3% |
| CVS CVS Health Corp. | 0.23% | 3,880,433 | $267.7M | Add +23.1% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -0.4% | 0.49% | −0.43 |
| LLY Eli Lilly & Co. | Reduce -5.2% | 1.04% | −0.25 |
| CRH CRH PLC | Sold out | 0.00% | −0.18 |
| JNJ Johnson & Johnson | Reduce -1.7% | 0.63% | −0.14 |
| ROST Ross Stores Inc. | Reduce -62.0% | 0.06% | −0.11 |
| MCD McDonald's Corp. | Reduce -7.1% | 0.38% | −0.11 |
| TGT Target Corp. | Reduce -53.7% | 0.07% | −0.10 |
| KO The Coca-Cola Co. | Reduce -5.3% | 0.53% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -8.7% | 0.36% | −0.10 |
| FICO Fair Isaac Corp. | Reduce -58.1% | 0.06% | −0.10 |
| MA Mastercard Inc. Class A | Reduce -3.6% | 0.74% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.8% | 0.19% | −0.09 |
| BDX Becton Dickinson and Co. | Reduce -39.1% | 0.06% | −0.09 |
| SHW The Sherwin-Williams Co. | Reduce -26.0% | 0.16% | −0.08 |
| D Dominion Energy Inc. | Reduce -56.0% | 0.05% | −0.08 |
| PSX Phillips 66 | Reduce -50.7% | 0.06% | −0.08 |
| OKE Oneok Inc. | Reduce -42.2% | 0.06% | −0.08 |
| SLB SLB Ltd. | Reduce -42.6% | 0.06% | −0.08 |
| PCAR Paccar Inc. | Reduce -44.0% | 0.07% | −0.08 |
| TJX TJX Companies Inc. | Reduce -14.1% | 0.26% | −0.07 |
| AMGN Amgen Inc. | Reduce -1.5% | 0.28% | −0.07 |
| ACN Accenture PLC Class A | Reduce -4.1% | 0.34% | −0.07 |
| SRE Sempra | Reduce -55.6% | 0.05% | −0.07 |
| VLO Valero Energy Corp. | Reduce -52.4% | 0.06% | −0.07 |
| ECL Ecolab Inc. | Reduce -31.0% | 0.14% | −0.07 |
| ADP Automatic Data Processing | Reduce -16.0% | 0.23% | −0.07 |
| LIN Linde PLC | Reduce -6.5% | 0.38% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -3.3% | 0.24% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -10.9% | 0.19% | −0.07 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.07 |
| LHX L3HARRIS Technologies Inc. | Reduce -53.8% | 0.07% | −0.07 |
| PSA Public Storage | Reduce -45.9% | 0.06% | −0.07 |
| MSI Motorola Solutions Inc. | Reduce -20.8% | 0.15% | −0.07 |
| CCI Crown Castle Inc. | Reduce -48.7% | 0.06% | −0.07 |
| KMB Kimberly-Clark Corp. | Reduce -40.1% | 0.06% | −0.07 |
| MMM 3M Co. | Reduce -23.1% | 0.17% | −0.07 |
| GILD Gilead Sciences Inc. | Reduce -6.1% | 0.31% | −0.06 |
| ISRG Intuitive Surgical Inc. | Reduce -14.5% | 0.32% | −0.06 |
| WCN Waste Connections Inc. | Reduce -41.2% | 0.06% | −0.06 |
| GM General Motors Co. | Reduce -36.6% | 0.09% | −0.06 |
| AIG American International Group | Reduce -39.8% | 0.07% | −0.06 |
| SPGI S&P Global Inc. | Reduce -10.5% | 0.27% | −0.05 |
| ABT Abbott Laboratories | Reduce -3.8% | 0.41% | −0.05 |
| URI United Rentals Inc. | Reduce -48.7% | 0.06% | −0.05 |
| RTX RTX Corp. | Reduce -11.7% | 0.34% | −0.05 |
| CTAS Cintas Corp. | Reduce -21.7% | 0.16% | −0.05 |
| MET Metlife Inc. | Reduce -35.9% | 0.07% | −0.05 |
| PFE Pfizer Inc. | Reduce -0.9% | 0.26% | −0.05 |
| DHI D.R. Horton Inc. | Reduce -37.9% | 0.06% | −0.04 |
| AMP Ameriprise Financial Inc. | Reduce -38.7% | 0.07% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| NFLX Netflix Inc. | Add +3.5% | 1.04% | +0.26 |
| AMZN Amazon.com Inc. | Add +2.2% | 3.48% | +0.19 |
| TSLA Tesla Inc. | Add +3.3% | 1.51% | +0.18 |
| APP AppLovin Corp. Class A | Add +82.2% | 0.24% | +0.13 |
| COF Capital One Financial Corp. | Add +72.7% | 0.27% | +0.13 |
| CEG Constellation Energy | Add +22.1% | 0.29% | +0.12 |
| HWM Howmet Aerospace Inc. | Add +108.3% | 0.20% | +0.12 |
| VST Vistra Corp. | Add +81.6% | 0.19% | +0.12 |
| RBLX Roblox Corp. Class A | Add +119.2% | 0.14% | +0.10 |
| APH Amphenol Corp. Class A | Add +14.4% | 0.28% | +0.10 |
| CTVA Corteva Inc. | Add +148.4% | 0.16% | +0.10 |
| DIS The Walt Disney Co. | Add +11.9% | 0.47% | +0.10 |
| INTU Intuit Inc. | Add +10.9% | 0.45% | +0.10 |
| MSTR Strategy Inc. | Add +75.0% | 0.18% | +0.10 |
| AXON Axon Enterprise Inc. | Add +119.2% | 0.14% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +1.4% | 1.32% | +0.09 |
| BKNG Booking Holdings Inc. | Add +14.5% | 0.41% | +0.09 |
| COR Cencora Inc. | Add +119.3% | 0.17% | +0.09 |
| COIN Coinbase Global Inc. Class A | Add +58.4% | 0.14% | +0.09 |
| PWR Quanta Services Inc. | Add +112.5% | 0.14% | +0.09 |
| HOOD Robinhood Markets Inc. Class A | Add +76.3% | 0.12% | +0.09 |
| MELI MercadoLibre Inc. | Add +20.6% | 0.28% | +0.09 |
| AMAT Applied Materials Inc. | Add +15.2% | 0.35% | +0.08 |
| GEV GE Vernova Inc. | Add +0.8% | 0.22% | +0.08 |
| RSG Republic Services Inc. | Add +112.0% | 0.16% | +0.08 |
| KLAC KLA Corp. | Add +16.2% | 0.28% | +0.08 |
| SE Sea Ltd.-ADR | Add +55.0% | 0.18% | +0.07 |
| GS Goldman Sachs Group Inc. | Add +5.3% | 0.39% | +0.07 |
| NEM Newmont Corp. | Add +34.6% | 0.21% | +0.07 |
| DASH DoorDash Inc. Class A | Add +50.9% | 0.15% | +0.07 |
| PANW Palo Alto Networks Inc. | Add +19.1% | 0.30% | +0.07 |
| SCHW Schwab (charles) Corp. | Add +22.0% | 0.30% | +0.07 |
| LRCX Lam Research Corp. | Add +7.5% | 0.29% | +0.07 |
| JCI Johnson Controls Internation | Add +26.8% | 0.19% | +0.06 |
| SNOW Snowflake Inc. | Add +43.8% | 0.12% | +0.06 |
| ADI Analog Devices Inc. | Add +20.0% | 0.27% | +0.06 |
| NET Cloudflare Inc. Class A | Add +44.1% | 0.10% | +0.06 |
| BA The Boeing Co. | Add +13.5% | 0.27% | +0.06 |
| UBER Uber Technologies Inc. | Add +2.3% | 0.35% | +0.05 |
| LNG Cheniere Energy Inc. | Add +82.9% | 0.12% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +2.4% | 0.21% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +0.5% | 1.76% | +0.05 |
| ANET Arista Networks Inc. | Add +3.5% | 0.27% | +0.05 |
| WMB Williams Cos Inc. | Add +36.7% | 0.21% | +0.05 |
| COST Costco Wholesale Corp. | Add +12.7% | 0.83% | +0.05 |
| MS Morgan Stanley | Add +8.0% | 0.32% | +0.05 |
| TDG Transdigm Group Inc. | Add +26.3% | 0.21% | +0.04 |
| CDNS Cadence Design SYS Inc. | Add +14.8% | 0.19% | +0.04 |
| MDLZ Mondelez International Inc. Class A | Add +32.1% | 0.24% | +0.04 |
| TRV The Travelers Cos Inc. | Add +40.0% | 0.17% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 551 | $155.1B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 562 | $131.7B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 561 | $135.1B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 552 | $128.8B | NVDA, AAPL, MSFT, AMZN, META |
| Q2 2025 | 534 | $115.8B | NVDA, MSFT, AAPL, PBUS, AMZN |
| Q1 2025 | 540 | $104.0B | AAPL, NVDA, MSFT, PBUS, AMZN |
| Q4 2024 | 550 | $105.7B | AAPL, NVDA, MSFT, PBUS, AMZN |
| Q3 2024 | 511 | $103.7B | AAPL, NVDA, MSFT, PBUS, AMZN |
| Q2 2024 | 546 | $87.0B | AAPL, MSFT, NVDA, PBUS, AMZN |
| Q1 2024 | 539 | $83.3B | MSFT, AAPL, PBUS, NVDA, AMZN |