Norinchukin Bank, The

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Norinchukin Bank, The reported 560 stock positions worth $5.4 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 12.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 4.6%) and Invesco QQQ Trust Series 1 (QQQ, 4.5%). Compared with Q4 2024, it opened 10 new positions, sold out of 6, added to 540 and reduced 9. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +230%) and the biggest sale Texas Instruments (TXN, shares −1%).

Most Recent 13F
Q2 2026
Location
TOKYO, M0
CIK
0001496637
Portfolio Value
$5.4B (Q1 2025)
SEC Filing
0000905148-25-001617 ↗ filed May 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $3.5B Q2 2024 Q3 2024: $4.2B Q3 2024 Q4 2024: $4.7B Q4 2024 Q1 2025: $5.4B $5.4B Q1 2025 Q2 2025: $6.7B Q2 2025 Q3 2025: $7.5B Q3 2025 Q4 2025: $8.6B Q4 2025 Q1 2026: $8.6B Q1 2026 Q2 2026: $10.3B Q2 2026

Holdings 560 stocks · $5.4B
SPY SS SPDR S&P 500 ETF Trust-US 12.69% 1,233,000 $689.7M No change
IVV iShares Core S&P 500 ETF 4.64% 448,980 $252.3M Add +10.5%
QQQ Invesco QQQ Trust Series 1 4.47% 518,000 $242.9M Add +26.0%
SPYM Ste STR SPDR PT S&P 500 ETF 4.12% 3,410,270 $224.3M Add +64.2%
AAPL Apple Inc. 3.80% 929,015 $206.4M Add +27.0%
MSFT Microsoft Corp. 3.68% 533,151 $200.1M Add +24.8%
NVDA Nvidia Corp. 2.91% 1,461,455 $158.4M Add +27.5%
VOO Vanguard S&P 500 ETF 2.79% 294,980 $151.6M Add +229.7%
GOVT iShares US Treasury Bond ETF 2.19% 5,186,402 $119.2M Add +1.0%
AMZN Amazon.com Inc. 2.14% 612,066 $116.5M Add +29.4%
V Visa Inc. Class A 1.48% 228,843 $80.2M Reduce -0.5%
META Meta Platforms Inc. Class A 1.41% 132,694 $76.5M Add +28.6%
COST Costco Wholesale Corp. 1.37% 78,766 $74.5M Add +5.3%
GOOGL Alphabet Inc. Class A 1.01% 353,802 $54.7M Add +27.9%
SPGI S&P Global Inc. 0.98% 105,210 $53.5M Add +2.7%
AVGO Broadcom Inc. 0.97% 316,288 $53.0M Add +36.2%
TXN Texas Instruments Inc. 0.96% 291,057 $52.3M Reduce -0.9%
ZTS Zoetis Inc. 0.88% 290,845 $47.9M Add +36.8%
TSLA Tesla Inc. 0.87% 183,001 $47.4M Add +32.0%
GOOG Alphabet Inc. Class C 0.87% 302,242 $47.2M Add +29.0%
BRK.B Berkshire Hathaway Inc. Class B 0.86% 88,243 $47.0M Add +14.1%
APH Amphenol Corp. Class A 0.83% 689,680 $45.2M Add +8.7%
SHW The Sherwin-Williams Co. 0.77% 120,203 $42.0M Add +7.4%
LIN Linde PLC 0.76% 88,514 $41.2M Add +18.1%
VRSK Verisk Analytics Inc. 0.73% 132,517 $39.4M Add +0.1%
JPM JPMorgan Chase & Co. 0.71% 156,406 $38.4M Add +13.9%
HON Honeywell International Inc. 0.66% 169,983 $36.0M Add +14.1%
EW Edwards Lifesciences Corp. 0.66% 493,363 $35.8M Add +9.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.65% 292,282 $35.6M Add +5.4%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.63% 187,931 $34.3M Reduce -0.3%
DE Deere & Co. 0.63% 73,062 $34.3M Reduce -5.9%
CPRT Copart Inc. 0.61% 587,259 $33.2M Add +15.3%
LLY Eli Lilly & Co. 0.59% 38,942 $32.2M Add +14.4%
NFLX Netflix Inc. 0.57% 33,418 $31.2M Add +43.9%
UNH Unitedhealth Group Inc. 0.57% 59,444 $31.1M Add +13.5%
CHD Church & Dwight Co. Inc. 0.54% 268,509 $29.6M Add +3.1%
TSCO Tractor Supply Company 0.53% 527,696 $29.1M Add +6.5%
MKC McCormick & Co.-Non VTG SHRS 0.53% 347,273 $28.6M Reduce -1.9%
SCI Service Corp. International 0.51% 345,999 $27.7M Add +116.9%
FAST Fastenal Co. 0.50% 350,100 $27.2M Add +5.5%
ROL Rollins Inc. 0.49% 491,265 $26.5M Reduce -2.8%
RMD Resmed Inc. 0.48% 115,636 $25.9M Add +7.2%
ITW Illinois Tool Works 0.46% 101,263 $25.1M Add +2.8%
MA Mastercard Inc. Class A 0.45% 45,082 $24.7M Add +14.8%
HD Home Depot Inc. 0.43% 63,432 $23.2M Add +14.3%
STE Steris PLC 0.42% 101,574 $23.0M Reduce -4.1%
PG The Procter & Gamble Co. 0.42% 133,129 $22.7M Add +14.0%
JNJ Johnson & Johnson 0.41% 133,974 $22.2M Add +14.1%
XOM Exxon Mobil Corp. 0.37% 171,319 $20.4M Add +9.3%
WMT Walmart Inc. 0.36% 226,044 $19.8M Add +13.9%
CSCO Cisco Systems Inc. 0.36% 320,657 $19.8M Add +42.1%
ABBV Abbvie Inc. 0.35% 91,995 $19.3M Add +15.3%
CVX Chevron Corp. 0.32% 104,771 $17.5M Add +15.1%
CTAS Cintas Corp. 0.32% 83,358 $17.1M Add +159.4%
CRM Salesforce Inc. 0.30% 60,773 $16.3M Add +13.3%
AMGN Amgen Inc. 0.30% 52,320 $16.3M Add +33.6%
KO The Coca-Cola Co. 0.30% 226,764 $16.2M Add +15.6%
PEP Pepsico Inc. 0.29% 104,478 $15.7M Add +44.2%
MCD McDonald's Corp. 0.29% 49,617 $15.5M Add +13.1%
ADBE Adobe Inc. 0.28% 40,183 $15.4M Add +41.3%
ISRG Intuitive Surgical Inc. 0.27% 30,097 $14.9M Add +39.6%
TMUS T-Mobile US Inc. 0.27% 55,556 $14.8M Add +67.8%
NKE Nike Inc. Class B 0.27% 229,049 $14.5M Reduce -9.7%
INTU Intuit Inc. 0.27% 23,596 $14.5M Add +43.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.26% 344,603 $14.4M Add +14.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 57,298 $14.2M Add +12.6%
GS Goldman Sachs Group Inc. 0.26% 25,797 $14.1M Add +9.6%
PM Philip Morris International 0.24% 82,550 $13.1M Add +15.6%
QCOM Qualcomm Inc. 0.24% 85,116 $13.1M Add +43.7%
AMD Advanced Micro Devices 0.23% 124,203 $12.8M Add +44.1%
BKNG Booking Holdings Inc. 0.23% 2,728 $12.6M Add +42.6%
A Agilent Technologies Inc. 0.23% 107,145 $12.5M Add +9.9%
MRK Merck & Co. Inc. 0.23% 138,272 $12.4M Add +13.9%
WFC Wells Fargo & Co. 0.22% 169,285 $12.2M Add +14.0%
PLTR Palantir Technologies Inc. Class A 0.22% 139,196 $11.7M Add +49.9%
CAT Caterpillar Inc. 0.22% 35,551 $11.7M Add +11.1%
GE General Electric filed as GE AEROSPACE 0.21% 58,222 $11.7M Add +15.2%
ACN Accenture PLC Class A 0.21% 37,288 $11.6M Add +16.4%
ORCL Oracle Corp. 0.21% 81,020 $11.3M Add +15.5%
CMCSA Comcast Corp. Class A 0.20% 300,235 $11.1M Add +42.4%
GILD Gilead Sciences Inc. 0.20% 97,984 $11.0M Add +43.9%
ADP Automatic Data Processing 0.20% 35,900 $11.0M Add +42.7%
AXP American Express Co. 0.20% 39,570 $10.6M Add +11.9%
VZ Verizon Communications Inc. 0.19% 229,622 $10.4M Add +14.7%
PLD Prologis Inc. 0.19% 92,513 $10.3M Add +10.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.19% 103,620 $10.2M Add +13.7%
UBER Uber Technologies Inc. 0.19% 139,690 $10.2M Add +18.4%
ABT Abbott Laboratories 0.19% 75,994 $10.1M Add +12.3%
T AT&T Inc. 0.18% 347,703 $9.8M Add +14.2%
VRTX Vertex Pharmaceuticals Inc. 0.18% 20,077 $9.7M Add +43.9%
RTX RTX Corp. 0.18% 73,049 $9.7M Add +16.2%
TMO Thermo Fisher Scientific Inc. 0.18% 19,430 $9.7M Add +15.0%
AMAT Applied Materials Inc. 0.17% 64,389 $9.3M Add +42.2%
PANW Palo Alto Networks Inc. 0.17% 54,185 $9.2M Add +44.8%
NOW ServiceNow Inc. 0.17% 11,505 $9.2M Add +16.4%
WELL Welltower Inc. 0.16% 57,404 $8.8M Add +12.1%
COP Conocophillips 0.16% 82,839 $8.7M Add +17.6%
PGR Progressive Corp. 0.16% 30,560 $8.6M Add +15.3%
SBUX Starbucks Corp. 0.16% 86,804 $8.5M Add +44.6%
BA The Boeing Co. 0.15% 47,273 $8.1M Add +12.0%

Show all 560 holdings

Portfolio Sells Q4 2024 → Q1 2025
TXN Texas Instruments Inc. Reduce -0.9% 0.96% −0.20
NKE Nike Inc. Class B Reduce -9.7% 0.27% −0.14
JKHY Jack Henry & Associates Inc. Reduce -0.3% 0.63% −0.07
DE Deere & Co. Reduce -5.9% 0.63% −0.06
V Visa Inc. Class A Reduce -0.5% 1.48% −0.06
MKC McCormick & Co.-Non VTG SHRS Reduce -1.9% 0.53% −0.04
STE Steris PLC Reduce -4.1% 0.42% −0.04
FICO Fair Isaac Corp. Reduce -0.8% 0.06% −0.01
VEEVA SYS INC Sold out 0.00% −0.01
FMC FMC Corp. Sold out 0.00% −0.01
CE Celanese Corp. Sold out 0.00% −0.01
ROL Rollins Inc. Reduce -2.8% 0.49% −0.01
TFX Teleflex Inc. Sold out 0.00% −0.01
BWA Borgwarner Inc. Sold out 0.00% −0.01
SLG SL Green Realty Corp. Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
VOO Vanguard S&P 500 ETF Add +229.7% 2.79% +1.77
SPYM Ste STR SPDR PT S&P 500 ETF Add +64.2% 4.12% +1.10
SCI Service Corp. International Add +116.9% 0.51% +0.24
CTAS Cintas Corp. Add +159.4% 0.32% +0.19
ZTS Zoetis Inc. Add +36.8% 0.88% +0.15
NFLX Netflix Inc. Add +43.9% 0.57% +0.14
META Meta Platforms Inc. Class A Add +28.6% 1.41% +0.13
BRK.B Berkshire Hathaway Inc. Class B Add +14.1% 0.86% +0.12
TMUS T-Mobile US Inc. Add +67.8% 0.27% +0.12
LIN Linde PLC Add +18.1% 0.76% +0.09
AMGN Amgen Inc. Add +33.6% 0.30% +0.08
CSCO Cisco Systems Inc. Add +42.1% 0.36% +0.08
GILD Gilead Sciences Inc. Add +43.9% 0.20% +0.07
PLTR Palantir Technologies Inc. Class A Add +49.9% 0.22% +0.07
DASH DoorDash Inc. Class A Add +506.1% 0.08% +0.07
VRTX Vertex Pharmaceuticals Inc. Add +43.9% 0.18% +0.06
PM Philip Morris International Add +15.6% 0.24% +0.06
PEP Pepsico Inc. Add +44.2% 0.29% +0.06
ABBV Abbvie Inc. Add +15.3% 0.35% +0.05
JNJ Johnson & Johnson Add +14.1% 0.41% +0.05
QCOM Qualcomm Inc. Add +43.7% 0.24% +0.05
INTU Intuit Inc. Add +43.3% 0.27% +0.05
ADP Automatic Data Processing Add +42.7% 0.20% +0.05
CVX Chevron Corp. Add +15.1% 0.32% +0.04
INTC Intel Corp. Add +44.8% 0.14% +0.04
SBUX Starbucks Corp. Add +44.6% 0.16% +0.04
KO The Coca-Cola Co. Add +15.6% 0.30% +0.04
ORLY O'reilly Automotive Inc. Add +43.3% 0.12% +0.04
UBER Uber Technologies Inc. Add +18.4% 0.19% +0.04
CMCSA Comcast Corp. Class A Add +42.4% 0.20% +0.04
ISRG Intuitive Surgical Inc. Add +39.6% 0.27% +0.04
GE General Electric Add +15.2% 0.21% +0.04
LLY Eli Lilly & Co. Add +14.4% 0.59% +0.04
MDLZ Mondelez International Inc. Class A Add +40.3% 0.12% +0.03
T AT&T Inc. Add +14.2% 0.18% +0.03
KLAC KLA Corp. Add +43.7% 0.13% +0.03
MELI MercadoLibre Inc. Add +170.4% 0.05% +0.03
MU Micron Technology Inc. Add +45.0% 0.13% +0.03
BKNG Booking Holdings Inc. Add +42.6% 0.23% +0.03
CVS CVS Health Corp. Add +15.5% 0.08% +0.03
LRCX Lam Research Corp. Add +43.6% 0.14% +0.03
QQQ Invesco QQQ Trust Series 1 Add +26.0% 4.47% +0.03
CRWD CrowdStrike Holdings Inc. Class A Add +51.5% 0.10% +0.03
ROP Roper Technologies Inc. Add +44.3% 0.09% +0.03
PANW Palo Alto Networks Inc. Add +44.8% 0.17% +0.03
PDD PDD Holdings Inc. Add +177.5% 0.04% +0.03
IBM Intl Business Machines Corp. Add +12.6% 0.26% +0.03
WELL Welltower Inc. Add +12.1% 0.16% +0.03
AEP American Electric Power Add +45.2% 0.08% +0.03
EXC Exelon Corp. Add +43.0% 0.07% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 567$10.3BSPY, IVV, VOO, VTI, ITOT
Q1 2026 560$8.6BSPY, VOO, ITOT, NVDA, IVV
Q4 2025 564$8.6BSPY, ITOT, NVDA, QQQ, IVV
Q3 2025 567$7.5BSPY, ITOT, NVDA, QQQ, IVV
Q2 2025 567$6.7BSPY, ITOT, QQQ, MSFT, IVV
Q1 2025 560$5.4BSPY, IVV, QQQ, SPYM, AAPL
Q4 2024 556$4.7BSPY, IVV, QQQ, AAPL, MSFT
Q3 2024 552$4.2BSPY, MSFT, AAPL, IVV, NVDA
Q2 2024 542$3.5BSPY, MSFT, AAPL, NVDA, GOVT
Q1 2024 550$3.3BSPY, MSFT, AAPL, NVDA, AMZN