National Pension Service
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), National Pension Service reported 561 stock positions worth $135.1 billion. Its top holding was Nvidia (NVDA) at 6.9% of the portfolio, followed by Apple (AAPL, 6.1%) and Microsoft (MSFT, 5.2%). Compared with Q3 2025, it opened 24 new positions, sold out of 16, added to 384 and reduced 145. The biggest buy was Alphabet Class A (GOOGL, shares +4%) and the biggest sale Costco Wholesale (COST, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- JEONJU-SI, JEOLLABUK-DO, M5
- CIK
- 0001608046
- Portfolio Value
- $135.1B (Q4 2025)
- SEC Filing
- 0001608046-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 561 stocks · $135.1B
| NVDA Nvidia Corp. | 6.92% | 50,106,700 | $9.3B | Add +1.1% |
| AAPL Apple Inc. | 6.08% | 30,195,243 | $8.2B | Add +1.6% |
| MSFT Microsoft Corp. | 5.20% | 14,508,829 | $7.0B | Add +1.5% |
| AMZN Amazon.com Inc. | 3.39% | 19,843,319 | $4.6B | Add +4.8% |
| GOOGL Alphabet Inc. Class A | 2.89% | 12,468,650 | $3.9B | Add +4.4% |
| GOOG Alphabet Inc. Class C | 2.41% | 10,392,220 | $3.3B | Add +2.0% |
| PBUS Invesco MSCI USA ETF | 2.40% | 47,382,366 | $3.2B | No change |
| AVGO Broadcom Inc. | 2.34% | 9,117,184 | $3.2B | Add +2.9% |
| META Meta Platforms Inc. Class A | 2.25% | 4,607,770 | $3.0B | Add +3.1% |
| IVV iShares Core S&P 500 ETF | 2.09% | 4,119,355 | $2.8B | No change |
| TSLA Tesla Inc. | 1.89% | 5,672,777 | $2.6B | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 1.29% | 5,408,990 | $1.7B | Reduce -0.8% |
| LLY Eli Lilly & Co. | 1.29% | 1,615,647 | $1.7B | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.99% | 2,655,610 | $1.3B | Add +4.3% |
| V Visa Inc. Class A | 0.86% | 3,296,730 | $1.2B | Add +1.9% |
| XOM Exxon Mobil Corp. | 0.83% | 9,330,910 | $1.1B | Add +1.2% |
| WMT Walmart Inc. | 0.81% | 9,812,461 | $1.1B | Add +7.1% |
| JNJ Johnson & Johnson | 0.76% | 4,990,526 | $1.0B | Add +1.3% |
| MA Mastercard Inc. Class A | 0.71% | 1,682,172 | $960.3M | Add +6.8% |
| ABBV Abbvie Inc. | 0.65% | 3,856,731 | $881.2M | Reduce -2.0% |
| NFLX Netflix Inc. | 0.65% | 9,372,071 | $878.7M | Add +1.1% |
| MU Micron Technology Inc. | 0.64% | 3,051,766 | $871.0M | Add +8.4% |
| PLTR Palantir Technologies Inc. Class A | 0.63% | 4,783,713 | $850.3M | Add +6.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 15,163,763 | $834.0M | Add +9.3% |
| COST Costco Wholesale Corp. | 0.59% | 919,193 | $792.7M | Reduce -7.9% |
| PG The Procter & Gamble Co. | 0.57% | 5,404,211 | $774.5M | Add +7.4% |
| HD Home Depot Inc. | 0.54% | 2,137,562 | $735.5M | Add +3.5% |
| AMD Advanced Micro Devices | 0.54% | 3,431,359 | $734.9M | Add +1.6% |
| CSCO Cisco Systems Inc. | 0.54% | 9,531,981 | $734.2M | Add +2.2% |
| GE General Electric filed as GE AEROSPACE | 0.54% | 2,374,686 | $731.5M | Reduce -0.7% |
| TGRW T Rowe Price Growth Stock Et | 0.54% | 15,814,477 | $727.7M | No change |
| ORCL Oracle Corp. | 0.53% | 3,672,921 | $715.9M | Add +6.4% |
| WFC Wells Fargo & Co. | 0.50% | 7,283,908 | $678.9M | Add +9.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 2,267,663 | $671.7M | Add +1.2% |
| CVX Chevron Corp. | 0.49% | 4,360,210 | $664.5M | Add +10.7% |
| KO The Coca-Cola Co. | 0.47% | 9,105,640 | $636.6M | Add +2.5% |
| UNH Unitedhealth Group Inc. | 0.47% | 1,920,398 | $633.9M | Add +2.3% |
| MRK Merck & Co. Inc. | 0.45% | 5,789,424 | $609.4M | Add +1.4% |
| INFO Harbor Panagora DYC LCC ETF | 0.45% | 24,565,625 | $602.1M | No change |
| GS Goldman Sachs Group Inc. | 0.43% | 660,068 | $580.2M | Reduce -0.9% |
| PM Philip Morris International | 0.43% | 3,587,297 | $575.4M | Reduce -5.9% |
| LRCX Lam Research Corp. | 0.42% | 3,312,195 | $567.0M | Reduce -5.8% |
| CAT Caterpillar Inc. | 0.42% | 979,008 | $560.8M | Reduce -4.5% |
| CRM Salesforce Inc. | 0.41% | 2,094,148 | $554.8M | Reduce -5.1% |
| LSVD LSV Disciplined Value ETF | 0.40% | 18,162,000 | $540.5M | No change |
| LIN Linde PLC | 0.38% | 1,198,564 | $511.1M | Add +23.9% |
| RTX RTX Corp. | 0.38% | 2,761,539 | $506.5M | Reduce -1.7% |
| ABT Abbott Laboratories | 0.37% | 4,023,071 | $504.1M | Add +12.8% |
| MS Morgan Stanley | 0.37% | 2,829,303 | $502.3M | Add +6.1% |
| AMAT Applied Materials Inc. | 0.37% | 1,935,654 | $497.4M | Reduce -14.3% |
| MCD McDonald's Corp. | 0.35% | 1,557,348 | $476.0M | Add +1.6% |
| APP AppLovin Corp. Class A | 0.35% | 703,285 | $473.9M | Reduce -15.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.35% | 4,146,503 | $471.7M | Reduce -6.9% |
| TMO Thermo Fisher Scientific Inc. | 0.35% | 812,432 | $470.8M | Reduce -0.6% |
| C Citigroup Inc. | 0.34% | 3,975,418 | $463.9M | Reduce -1.7% |
| PEP Pepsico Inc. | 0.33% | 3,143,939 | $451.2M | Add +2.5% |
| T AT&T Inc. | 0.33% | 17,890,741 | $444.4M | Add +5.8% |
| KLAC KLA Corp. | 0.33% | 364,098 | $442.4M | Reduce -1.0% |
| AXP American Express Co. | 0.32% | 1,184,985 | $438.4M | Add +2.4% |
| APH Amphenol Corp. Class A | 0.32% | 3,240,850 | $438.0M | Reduce -3.5% |
| EWP iShares MSCI Spain ETF | 0.32% | 8,092,278 | $436.2M | No change |
| QCOM Qualcomm Inc. | 0.32% | 2,549,023 | $436.0M | Reduce -3.6% |
| VZ Verizon Communications Inc. | 0.31% | 10,325,584 | $420.6M | Add +4.5% |
| INTU Intuit Inc. | 0.31% | 625,963 | $414.7M | Reduce -6.9% |
| ISRG Intuitive Surgical Inc. | 0.31% | 728,944 | $412.8M | Add +3.4% |
| TSPA T Rowe Price US Eqy Research | 0.30% | 9,513,375 | $407.0M | No change |
| BKNG Booking Holdings Inc. | 0.30% | 75,976 | $406.9M | Reduce -9.7% |
| AMGN Amgen Inc. | 0.30% | 1,239,549 | $405.7M | Add +4.7% |
| SCHW Schwab (charles) Corp. | 0.30% | 4,059,646 | $405.6M | Add +4.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 2,580,800 | $396.4M | Add +2.3% |
| ANET Arista Networks Inc. | 0.29% | 3,012,415 | $394.7M | Reduce -2.7% |
| NEE Nextera Energy Inc. | 0.29% | 4,882,109 | $391.9M | Add +0.8% |
| NOW ServiceNow Inc. | 0.29% | 2,522,974 | $386.5M | Add +22.3% |
| SPGI S&P Global Inc. | 0.28% | 730,755 | $381.9M | Add +20.3% |
| ACN Accenture PLC Class A | 0.28% | 1,410,982 | $378.6M | Add +4.9% |
| ADBE Adobe Inc. | 0.28% | 1,081,384 | $378.5M | Add +13.6% |
| ADI Analog Devices Inc. | 0.27% | 1,354,027 | $367.2M | Add +0.5% |
| GILD Gilead Sciences Inc. | 0.27% | 2,990,660 | $367.1M | Reduce -11.3% |
| UBER Uber Technologies Inc. | 0.27% | 4,471,651 | $365.4M | Add +0.7% |
| COF Capital One Financial Corp. | 0.27% | 1,491,607 | $361.5M | Reduce -3.9% |
| BSX Boston Scientific Corp. | 0.27% | 3,761,615 | $358.7M | Add +8.6% |
| CB Chubb Ltd. | 0.27% | 1,148,474 | $358.5M | Add +24.4% |
| INTC Intel Corp. | 0.27% | 9,713,921 | $358.4M | Reduce -2.4% |
| WELL Welltower Inc. | 0.26% | 1,918,528 | $356.1M | Add +13.4% |
| TXN Texas Instruments Inc. | 0.26% | 2,048,051 | $355.3M | Add +5.2% |
| PLD Prologis Inc. | 0.26% | 2,737,711 | $349.5M | Add +12.1% |
| BA The Boeing Co. | 0.25% | 1,572,206 | $341.4M | Add +2.9% |
| BLK BlackRock Inc. | 0.25% | 318,324 | $340.7M | Add +3.7% |
| NEM Newmont Corp. | 0.25% | 3,396,860 | $339.2M | Reduce -22.0% |
| PFE Pfizer Inc. | 0.25% | 13,439,182 | $334.6M | Add +3.9% |
| DHR Danaher Corp. | 0.25% | 1,453,086 | $332.6M | Add +0.5% |
| MCK McKesson Corp. | 0.24% | 397,064 | $325.7M | Add +2.5% |
| PANW Palo Alto Networks Inc. | 0.24% | 1,754,036 | $323.1M | Add +1.7% |
| GM General Motors Co. | 0.23% | 3,903,579 | $317.4M | Add +78.8% |
| SPOT Spotify Technology SA | 0.23% | 544,640 | $316.3M | New |
| LOW Lowe's Cos Inc. | 0.23% | 1,306,381 | $315.0M | Add +1.5% |
| PH Parker Hannifin Corp. | 0.23% | 352,582 | $309.9M | Add +19.6% |
| GEV GE Vernova Inc. | 0.23% | 473,270 | $309.3M | Reduce -3.5% |
| COP Conocophillips | 0.23% | 3,265,028 | $305.6M | Add +0.9% |
| UNP Union Pacific Corp. | 0.23% | 1,316,496 | $304.5M | Add +1.2% |
Portfolio Sells Q3 2025 → Q4 2025
| COST Costco Wholesale Corp. | Reduce -7.9% | 0.59% | −0.13 |
| RBLX Roblox Corp. Class A | Reduce -46.6% | 0.05% | −0.13 |
| SE Sea Ltd.-ADR | Reduce -46.9% | 0.07% | −0.12 |
| APP AppLovin Corp. Class A | Reduce -15.5% | 0.35% | −0.11 |
| ZTS Zoetis Inc. | Reduce -48.6% | 0.07% | −0.09 |
| WDAY Workday Inc. Class A | Reduce -54.0% | 0.06% | −0.09 |
| VST Vistra Corp. | Reduce -33.9% | 0.09% | −0.09 |
| ALL Allstate Corp. | Reduce -51.8% | 0.07% | −0.09 |
| PYPL PayPal Holdings Inc. | Reduce -48.7% | 0.06% | −0.09 |
| RSG Republic Services Inc. | Reduce -54.0% | 0.05% | −0.08 |
| CTVA Corteva Inc. | Reduce -54.6% | 0.06% | −0.07 |
| CARR Carrier Global Corp. | Reduce -52.8% | 0.05% | −0.07 |
| FTNT Fortinet Inc. | Reduce -45.1% | 0.07% | −0.07 |
| TSLA Tesla Inc. | Reduce -0.1% | 1.89% | −0.07 |
| FISV Fiserv Inc. | Reduce -19.6% | 0.05% | −0.07 |
| DLR Digital Realty Trust Inc. | Reduce -47.6% | 0.06% | −0.07 |
| COIN Coinbase Global Inc. Class A | Reduce -34.1% | 0.05% | −0.07 |
| O Realty Income Corp. | Reduce -46.9% | 0.06% | −0.07 |
| AXON Axon Enterprise Inc. | Reduce -49.5% | 0.04% | −0.07 |
| PGR Progressive Corp. | Reduce -7.9% | 0.21% | −0.07 |
| AFL Aflac Inc. | Reduce -44.8% | 0.07% | −0.06 |
| MDLZ Mondelez International Inc. Class A | Reduce -16.1% | 0.14% | −0.06 |
| CEG Constellation Energy | Reduce -23.5% | 0.21% | −0.06 |
| CME Cme Group Inc. | Reduce -27.4% | 0.14% | −0.06 |
| ANET Arista Networks Inc. | Reduce -2.7% | 0.29% | −0.06 |
| MELI MercadoLibre Inc. | Reduce -9.2% | 0.17% | −0.06 |
| CHKP Check Point Software Tech | Reduce -85.3% | 0.01% | −0.06 |
| ABBV Abbvie Inc. | Reduce -2.0% | 0.65% | −0.06 |
| PM Philip Morris International | Reduce -5.9% | 0.43% | −0.05 |
| TT Trane Technologies PLC | Reduce -15.1% | 0.15% | −0.05 |
| PWR Quanta Services Inc. | Reduce -36.5% | 0.08% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -9.7% | 0.30% | −0.05 |
| WMB Williams Cos Inc. | Reduce -18.6% | 0.14% | −0.05 |
| INTU Intuit Inc. | Reduce -6.9% | 0.31% | −0.05 |
| DIS The Walt Disney Co. | Reduce -6.9% | 0.35% | −0.05 |
| APD Air Products & Chemicals Inc. | Reduce -33.9% | 0.06% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -0.8% | 1.29% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -32.9% | 0.06% | −0.04 |
| ICE Intercontinental Exchange Inc. | Reduce -17.0% | 0.14% | −0.04 |
| CVS CVS Health Corp. | Reduce -17.0% | 0.20% | −0.04 |
| CMG Chipotle Mexican Grill Inc. | Reduce -30.5% | 0.06% | −0.04 |
| ABNB Airbnb Inc. Class A | Reduce -39.4% | 0.07% | −0.04 |
| NKE Nike Inc. Class B | Reduce -9.9% | 0.13% | −0.04 |
| TDG Transdigm Group Inc. | Reduce -18.5% | 0.13% | −0.04 |
| DD Dupont DE Nemours Inc. | Reduce -91.0% | 0.00% | −0.03 |
| SMCI Super Micro Computer Inc. | Reduce -77.8% | 0.01% | −0.03 |
| NEM Newmont Corp. | Reduce -22.0% | 0.25% | −0.03 |
| PTC PTC Inc. | Reduce -93.3% | 0.00% | −0.03 |
| K Kellanova | Sold out | 0.00% | −0.03 |
| CHTR Charter Communications Inc. Class A | Reduce -81.2% | 0.01% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +4.4% | 2.89% | +0.63 |
| GOOG Alphabet Inc. Class C | Add +2.0% | 2.41% | +0.49 |
| LLY Eli Lilly & Co. | Add +1.5% | 1.29% | +0.34 |
| MU Micron Technology Inc. | Add +8.4% | 0.64% | +0.28 |
| SPOT Spotify Technology SA | New | 0.23% | +0.23 |
| AAPL Apple Inc. | Add +1.6% | 6.08% | +0.20 |
| CRH CRH PLC | New | 0.19% | +0.19 |
| WDC Western Digital Corp. | Add +267.6% | 0.22% | +0.17 |
| AMZN Amazon.com Inc. | Add +4.8% | 3.39% | +0.16 |
| STX Seagate Technology Holdings | Add +298.7% | 0.20% | +0.16 |
| GM General Motors Co. | Add +78.8% | 0.23% | +0.13 |
| SRE Sempra | Add +246.4% | 0.18% | +0.13 |
| AMD Advanced Micro Devices | Add +1.6% | 0.54% | +0.12 |
| ROST Ross Stores Inc. | Add +138.4% | 0.17% | +0.11 |
| TEL Te Connectivity PLC | Add +102.1% | 0.18% | +0.09 |
| REGN Regeneron Pharmaceuticals | Add +29.8% | 0.21% | +0.08 |
| MRK Merck & Co. Inc. | Add +1.4% | 0.45% | +0.08 |
| CMI Cummins Inc. | Add +71.2% | 0.16% | +0.08 |
| WMT Walmart Inc. | Add +7.1% | 0.81% | +0.08 |
| WFC Wells Fargo & Co. | Add +9.8% | 0.50% | +0.07 |
| WBD Warner Bros Discovery Inc. | Add +56.0% | 0.12% | +0.07 |
| AVGO Broadcom Inc. | Add +2.9% | 2.34% | +0.07 |
| AMRZ Amrize Ltd. | New | 0.07% | +0.07 |
| CB Chubb Ltd. | Add +24.4% | 0.27% | +0.06 |
| BAC Bank of America Corp. | Add +9.3% | 0.62% | +0.06 |
| ISRG Intuitive Surgical Inc. | Add +3.4% | 0.31% | +0.06 |
| MCO Moody's Corp. | Add +38.7% | 0.19% | +0.06 |
| PH Parker Hannifin Corp. | Add +19.6% | 0.23% | +0.06 |
| JNJ Johnson & Johnson | Add +1.3% | 0.76% | +0.06 |
| SPGI S&P Global Inc. | Add +20.3% | 0.28% | +0.05 |
| CYBR Cyberark Software Ltd./Israel | New | 0.05% | +0.05 |
| GLW Corning Inc. | Add +50.0% | 0.15% | +0.05 |
| TEVA Teva Pharmaceutical-SP ADR | Add +68.8% | 0.08% | +0.05 |
| CSCO Cisco Systems Inc. | Add +2.2% | 0.54% | +0.05 |
| PCAR Paccar Inc. | Add +56.8% | 0.12% | +0.05 |
| MS Morgan Stanley | Add +6.1% | 0.37% | +0.04 |
| BMY Bristol-Myers Squibb Co. | Add +8.4% | 0.22% | +0.04 |
| FCX Freeport-McMoran Inc. | Add +18.2% | 0.13% | +0.04 |
| PLD Prologis Inc. | Add +12.1% | 0.26% | +0.04 |
| AMGN Amgen Inc. | Add +4.7% | 0.30% | +0.04 |
| MRVL Marvell Technology Inc. | Add +33.2% | 0.18% | +0.04 |
| MDB Mongodb Inc. | Add +4803.5% | 0.04% | +0.04 |
| CIEN Ciena Corp. | New | 0.04% | +0.04 |
| INSM Insmed Inc. | New | 0.04% | +0.04 |
| NTRA Natera Inc. | Add +2249.4% | 0.04% | +0.04 |
| NET Cloudflare Inc. Class A | Add +53.2% | 0.14% | +0.04 |
| TER Teradyne Inc. | New | 0.04% | +0.04 |
| OMC Omnicom Group | Add +527.2% | 0.04% | +0.03 |
| DG Dollar General Corp. | Add +1624.8% | 0.04% | +0.03 |
| ULTA Ulta Beauty Inc. | Add +2704.0% | 0.04% | +0.03 |
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 |