National Pension Service

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), National Pension Service reported 552 stock positions worth $128.8 billion. Its top holding was Nvidia (NVDA) at 7.2% of the portfolio, followed by Apple (AAPL, 5.9%) and Microsoft (MSFT, 5.7%). Compared with Q2 2025, it opened 36 new positions, sold out of 18, added to 495 and reduced 6. The biggest buy was Nvidia (NVDA, shares +6%) and the biggest sale Invesco MSCI USA ETF (PBUS, shares −33%).

Most Recent 13F
Q2 2026
Location
JEONJU-SI, JEOLLABUK-DO, M5
CIK
0001608046
Portfolio Value
$128.8B (Q3 2025)
SEC Filing
0001608046-25-000018 ↗ filed Nov 4, 2025

Holdings Value

0$50.0B$100.0B$150.0B$200.0B Q1 2024: $83.3B Q1 2024 Q2 2024: $87.0B Q2 2024 Q3 2024: $103.7B Q3 2024 Q4 2024: $105.7B Q4 2024 Q1 2025: $104.0B Q1 2025 Q2 2025: $115.8B Q2 2025 Q3 2025: $128.8B $128.8B Q3 2025 Q4 2025: $135.1B Q4 2025 Q1 2026: $131.7B Q1 2026 Q2 2026: $155.1B Q2 2026

Holdings 552 stocks · $128.8B
NVDA Nvidia Corp. 7.18% 49,553,761 $9.2B Add +6.5%
AAPL Apple Inc. 5.88% 29,726,955 $7.6B Add +3.2%
MSFT Microsoft Corp. 5.75% 14,288,881 $7.4B Add +4.6%
AMZN Amazon.com Inc. 3.23% 18,939,183 $4.2B Add +3.2%
META Meta Platforms Inc. Class A 2.55% 4,470,199 $3.3B Add +3.2%
PBUS Invesco MSCI USA ETF 2.47% 47,382,366 $3.2B Reduce -32.9%
AVGO Broadcom Inc. 2.27% 8,860,165 $2.9B Add +3.2%
GOOGL Alphabet Inc. Class A 2.26% 11,947,797 $2.9B Add +3.1%
IVV iShares Core S&P 500 ETF 2.14% 4,119,355 $2.8B No change
TSLA Tesla Inc. 1.96% 5,681,563 $2.5B Add +3.0%
GOOG Alphabet Inc. Class C 1.93% 10,185,776 $2.5B Add +3.2%
JPM JPMorgan Chase & Co. 1.34% 5,450,875 $1.7B Add +3.4%
BRK.B Berkshire Hathaway Inc. Class B 0.99% 2,547,108 $1.3B Add +3.1%
LLY Eli Lilly & Co. 0.94% 1,592,232 $1.2B Add +3.2%
NFLX Netflix Inc. 0.86% 927,368 $1.1B Add +3.1%
V Visa Inc. Class A 0.86% 3,233,527 $1.1B Add +3.1%
XOM Exxon Mobil Corp. 0.81% 9,217,615 $1.0B Add +3.1%
ORCL Oracle Corp. 0.75% 3,451,215 $970.6M Add +3.1%
WMT Walmart Inc. 0.73% 9,160,741 $944.1M Add +3.2%
COST Costco Wholesale Corp. 0.72% 997,577 $923.4M Add +2.7%
JNJ Johnson & Johnson 0.71% 4,926,569 $913.5M Add +3.2%
ABBV Abbvie Inc. 0.71% 3,934,720 $911.0M Add +3.0%
MA Mastercard Inc. Class A 0.70% 1,574,341 $895.5M Add +3.6%
HD Home Depot Inc. 0.65% 2,066,276 $837.2M Add +2.9%
PLTR Palantir Technologies Inc. Class A 0.63% 4,475,175 $816.4M Add +2.5%
PG The Procter & Gamble Co. 0.60% 5,030,147 $772.9M Add +2.9%
TGRW T Rowe Price Growth Stock Et 0.56% 15,814,477 $720.3M Add +272.5%
GE General Electric filed as GE AEROSPACE 0.56% 2,391,681 $719.5M Add +2.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.56% 13,878,478 $716.0M Add +2.7%
UNH Unitedhealth Group Inc. 0.50% 1,876,774 $648.1M Add +3.0%
CSCO Cisco Systems Inc. 0.50% 9,323,224 $637.9M Add +3.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.49% 2,241,113 $632.4M Add +2.9%
PM Philip Morris International 0.48% 3,810,514 $618.1M Add +2.6%
CVX Chevron Corp. 0.48% 3,940,671 $611.9M Add +13.8%
APP AppLovin Corp. Class A 0.46% 832,426 $598.1M Add +5.3%
KO The Coca-Cola Co. 0.46% 8,888,237 $589.5M Add +2.6%
INFO Harbor Panagora DYC LCC ETF 0.46% 24,565,625 $585.9M Add +918.3%
WFC Wells Fargo & Co. 0.43% 6,635,396 $556.2M Add +3.4%
AMD Advanced Micro Devices 0.42% 3,377,037 $546.4M Add +2.8%
GS Goldman Sachs Group Inc. 0.41% 665,794 $530.2M Add +3.1%
CRM Salesforce Inc. 0.41% 2,207,190 $523.1M Add +2.4%
LSVD LSV Disciplined Value ETF 0.40% 18,162,000 $511.2M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.40% 4,454,425 $510.0M Add +2.1%
CAT Caterpillar Inc. 0.38% 1,025,256 $489.2M Add +3.1%
MRK Merck & Co. Inc. 0.37% 5,707,385 $479.0M Add +3.2%
ABT Abbott Laboratories 0.37% 3,565,794 $477.6M Add +2.8%
T AT&T Inc. 0.37% 16,902,567 $477.3M Add +3.9%
MU Micron Technology Inc. 0.37% 2,815,509 $471.1M Add +4.4%
LRCX Lam Research Corp. 0.37% 3,518,046 $471.1M Add +2.8%
RTX RTX Corp. 0.36% 2,808,284 $469.9M Add +2.8%
MCD McDonald's Corp. 0.36% 1,533,015 $465.9M Add +2.5%
AMAT Applied Materials Inc. 0.36% 2,257,690 $462.2M Add +2.5%
LIN Linde PLC 0.36% 967,516 $459.6M Add +2.6%
INTU Intuit Inc. 0.36% 672,060 $459.0M Add +2.5%
BKNG Booking Holdings Inc. 0.35% 84,144 $454.3M Add +2.8%
ANET Arista Networks Inc. 0.35% 3,095,191 $451.0M Add +2.3%
QCOM Qualcomm Inc. 0.34% 2,645,267 $440.1M Add +3.5%
UBER Uber Technologies Inc. 0.34% 4,439,421 $434.9M Add +2.8%
VZ Verizon Communications Inc. 0.34% 9,878,922 $434.2M Add +3.2%
PEP Pepsico Inc. 0.33% 3,066,888 $430.7M Add +2.7%
MS Morgan Stanley 0.33% 2,666,076 $423.8M Add +2.8%
APH Amphenol Corp. Class A 0.32% 3,357,299 $415.5M Add +2.3%
C Citigroup Inc. 0.32% 4,044,632 $410.5M Add +3.7%
EWP iShares MSCI Spain ETF 0.31% 8,092,278 $400.7M No change
TSPA T Rowe Price US Eqy Research 0.31% 9,513,375 $398.7M No change
KLAC KLA Corp. 0.31% 367,909 $396.8M Add +2.5%
TMO Thermo Fisher Scientific Inc. 0.31% 817,341 $396.4M Add +2.5%
AXP American Express Co. 0.30% 1,157,113 $384.3M Add +3.1%
NOW ServiceNow Inc. 0.29% 412,519 $379.6M Add +2.4%
GILD Gilead Sciences Inc. 0.29% 3,370,643 $374.1M Add +3.4%
SCHW Schwab (charles) Corp. 0.29% 3,900,193 $372.4M Add +1.6%
NEM Newmont Corp. 0.29% 4,354,264 $367.1M Add +2.7%
NEE Nextera Energy Inc. 0.28% 4,845,447 $365.8M Add +1.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.28% 2,522,392 $364.6M Add +2.8%
PGR Progressive Corp. 0.28% 1,449,357 $357.9M Add +2.9%
BLK BlackRock Inc. 0.28% 306,899 $357.8M Add +3.0%
TXN Texas Instruments Inc. 0.28% 1,947,343 $357.8M Add +2.5%
PANW Palo Alto Networks Inc. 0.27% 1,725,100 $351.3M Add +2.3%
CEG Constellation Energy 0.27% 1,055,970 $347.5M Add +1.7%
BSX Boston Scientific Corp. 0.26% 3,465,206 $338.3M Add +2.6%
ADBE Adobe Inc. 0.26% 951,737 $335.7M Add +2.8%
AMGN Amgen Inc. 0.26% 1,184,060 $334.1M Add +3.3%
INTC Intel Corp. 0.26% 9,947,651 $333.7M Add +1.5%
ACN Accenture PLC Class A 0.26% 1,344,740 $331.6M Add +2.7%
ADI Analog Devices Inc. 0.26% 1,347,535 $331.1M Add +1.8%
COF Capital One Financial Corp. 0.26% 1,552,736 $330.1M Add +4.0%
BA The Boeing Co. 0.26% 1,528,223 $329.8M Add +1.0%
PFE Pfizer Inc. 0.26% 12,940,893 $329.7M Add +3.5%
LOW Lowe's Cos Inc. 0.25% 1,286,782 $323.4M Add +2.7%
ISRG Intuitive Surgical Inc. 0.24% 705,045 $315.3M Add +3.3%
MO Altria Group Inc. 0.24% 4,716,259 $311.6M Add +4.8%
UNP Union Pacific Corp. 0.24% 1,300,711 $307.4M Add +2.5%
COP Conocophillips 0.24% 3,237,086 $306.2M Add +2.1%
RCL Royal Caribbean Cruises Ltd. 0.24% 941,800 $304.7M Add +1.6%
GEV GE Vernova Inc. 0.23% 490,434 $301.6M Add +0.7%
CVS CVS Health Corp. 0.23% 3,999,622 $301.5M Add +3.1%
WELL Welltower Inc. 0.23% 1,691,931 $301.4M Add +2.1%
MCK McKesson Corp. 0.23% 387,456 $299.3M Add +2.8%
SPGI S&P Global Inc. 0.23% 607,355 $295.6M Add +3.1%
MELI MercadoLibre Inc. 0.23% 125,090 $292.3M Add +1.8%

Show all 552 holdings

Portfolio Sells Q2 2025 → Q3 2025
PBUS Invesco MSCI USA ETF Reduce -32.9% 2.47% −1.32
HES Hess Corp. Sold out 0.00% −0.04
ANSS Ansys Inc. Sold out 0.00% −0.04
VTRS Viatris Inc. Sold out 0.00% −0.01
PRU Prudential Financial Inc. Reduce -4.5% 0.05% −0.01
RAL Ralliant Corp. Sold out 0.00% −0.01
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.01
CAG Conagra Brands Inc. Sold out 0.00% −0.01
KHC The Kraft Heinz Co. Reduce -2.3% 0.04% −0.01
SYY Sysco Corp. Reduce -5.6% 0.05% −0.00
SWK Stanley Black & Decker Inc. Sold out 0.00% −0.00
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −0.00
AVTR Avantor Inc. Sold out 0.00% −0.00
DPZ Domino's Pizza Inc. Reduce -42.5% 0.00% −0.00
MANH Manhattan Associates Inc. Sold out 0.00% −0.00
ALB Albemarle Corp. Sold out 0.00% −0.00
EMN Eastman Chemical Co. Sold out 0.00% −0.00
ELS Equity Lifestyle Properties Reduce -50.8% 0.00% −0.00
WTRG Essential Utilities Inc. Sold out 0.00% −0.00
EXAS Exact Sciences Corp. Sold out 0.00% −0.00
FBIN Fortune Brands Innovations I Sold out 0.00% −0.00
HST Host Hotels & Resorts Inc. Sold out 0.00% −0.00
MRNA Moderna Inc. Sold out 0.00% −0.00
AMTM Amentum Holdings Inc. Sold out 0.00% 0.00

Portfolio Buys Q2 2025 → Q3 2025
NVDA Nvidia Corp. Add +6.5% 7.18% +0.83
AAPL Apple Inc. Add +3.2% 5.88% +0.77
GOOGL Alphabet Inc. Class A Add +3.1% 2.26% +0.49
TSLA Tesla Inc. Add +3.0% 1.96% +0.45
GOOG Alphabet Inc. Class C Add +3.2% 1.93% +0.41
INFO Harbor Panagora DYC LCC ETF Add +918.3% 0.46% +0.41
TGRW T Rowe Price Growth Stock Et Add +272.5% 0.56% +0.41
LSVD LSV Disciplined Value ETF New 0.40% +0.40
AVGO Broadcom Inc. Add +3.2% 2.27% +0.23
APP AppLovin Corp. Class A Add +5.3% 0.46% +0.23
ORCL Oracle Corp. Add +3.1% 0.75% +0.12
PLTR Palantir Technologies Inc. Class A Add +2.5% 0.63% +0.12
ABBV Abbvie Inc. Add +3.0% 0.71% +0.10
ANET Arista Networks Inc. Add +2.3% 0.35% +0.08
JNJ Johnson & Johnson Add +3.2% 0.71% +0.08
MU Micron Technology Inc. Add +4.4% 0.37% +0.08
LRCX Lam Research Corp. Add +2.8% 0.37% +0.08
NEM Newmont Corp. Add +2.7% 0.29% +0.07
INTC Intel Corp. Add +1.5% 0.26% +0.07
HOOD Robinhood Markets Inc. Class A Add +9.6% 0.18% +0.06
CVX Chevron Corp. Add +13.8% 0.48% +0.05
CAT Caterpillar Inc. Add +3.1% 0.38% +0.05
APH Amphenol Corp. Class A Add +2.3% 0.32% +0.04
GE General Electric Add +2.7% 0.56% +0.04
RBLX Roblox Corp. Class A Add +7.3% 0.18% +0.04
C Citigroup Inc. Add +3.7% 0.32% +0.03
GLW Corning Inc. Add +5.3% 0.10% +0.03
KLAC KLA Corp. Add +2.5% 0.31% +0.03
TMO Thermo Fisher Scientific Inc. Add +2.5% 0.31% +0.03
WDC Western Digital Corp. Add +29.9% 0.04% +0.02
AMD Advanced Micro Devices Add +2.8% 0.42% +0.02
STX Seagate Technology Holdings Add +28.0% 0.05% +0.02
TJX TJX Companies Inc. Add +2.8% 0.28% +0.02
WBD Warner Bros Discovery Inc. Add +3.5% 0.06% +0.02
RTX RTX Corp. Add +2.8% 0.36% +0.02
NOC Northrop Grumman Corp. Add +1.7% 0.18% +0.02
BNY Bank of New York Mellon Corp. Add +3.1% 0.17% +0.02
GS Goldman Sachs Group Inc. Add +3.1% 0.41% +0.02
TEL Te Connectivity PLC Add +4.8% 0.09% +0.02
GM General Motors Co. Add +7.0% 0.10% +0.02
JPM JPMorgan Chase & Co. Add +3.4% 1.34% +0.02
ORLY O'reilly Automotive Inc. Add +1.7% 0.17% +0.02
HD Home Depot Inc. Add +2.9% 0.65% +0.01
CMI Cummins Inc. Add +5.5% 0.08% +0.01
MO Altria Group Inc. Add +4.8% 0.24% +0.01
WELL Welltower Inc. Add +2.1% 0.23% +0.01
DHI D.R. Horton Inc. Add +5.3% 0.07% +0.01
MS Morgan Stanley Add +2.8% 0.33% +0.01
ALNY Alnylam Pharmaceuticals Inc. Add +1.3% 0.06% +0.01
UNH Unitedhealth Group Inc. Add +3.0% 0.50% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 551$155.1BNVDA, AAPL, MSFT, AMZN, GOOGL
Q1 2026 562$131.7BNVDA, AAPL, MSFT, AMZN, GOOGL
Q4 2025 561$135.1BNVDA, AAPL, MSFT, AMZN, GOOGL
Q3 2025 552$128.8BNVDA, AAPL, MSFT, AMZN, META
Q2 2025 534$115.8BNVDA, MSFT, AAPL, PBUS, AMZN
Q1 2025 540$104.0BAAPL, NVDA, MSFT, PBUS, AMZN
Q4 2024 550$105.7BAAPL, NVDA, MSFT, PBUS, AMZN
Q3 2024 511$103.7BAAPL, NVDA, MSFT, PBUS, AMZN
Q2 2024 546$87.0BAAPL, MSFT, NVDA, PBUS, AMZN
Q1 2024 539$83.3BMSFT, AAPL, PBUS, NVDA, AMZN