Norinchukin Bank, The
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Norinchukin Bank, The reported 564 stock positions worth $8.6 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 9.8% of the portfolio, followed by iShares Core S&P Total U.S. (ITOT, 3.9%) and Nvidia (NVDA, 3.9%). Compared with Q3 2025, it opened 11 new positions, sold out of 15, added to 489 and reduced 58. The biggest buy was a new position in JPMorgan Betabuilders US Equ (BBUS) and the biggest sale Amphenol Class A (APH, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- TOKYO, M0
- CIK
- 0001496637
- Portfolio Value
- $8.6B (Q4 2025)
- SEC Filing
- 0000905148-26-000776 ↗ filed Feb 17, 2026
Holdings Value
Holdings 564 stocks · $8.6B
| SPY SS SPDR S&P 500 ETF Trust-US | 9.80% | 1,233,000 | $840.8M | No change |
| ITOT iShares Core S&P Total U.S. | 3.89% | 2,246,560 | $334.0M | No change |
| NVDA Nvidia Corp. | 3.88% | 1,785,294 | $333.0M | Add +6.5% |
| QQQ Invesco QQQ Trust Series 1 | 3.71% | 518,000 | $318.2M | No change |
| IVV iShares Core S&P 500 ETF | 3.58% | 448,980 | $307.5M | No change |
| BBUS JPMorgan Betabuilders US Equ | 3.53% | 2,459,000 | $303.2M | New |
| AAPL Apple Inc. | 3.40% | 1,073,183 | $291.8M | Add +6.0% |
| MSFT Microsoft Corp. | 3.34% | 592,649 | $286.6M | Add +4.5% |
| VOO Vanguard S&P 500 ETF | 3.29% | 450,080 | $282.3M | Add +24.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.28% | 3,511,270 | $281.7M | No change |
| SCHX Schwab US Large-Cap ETF | 3.19% | 10,180,000 | $273.9M | New |
| VTI VG Morningstar TS MKT ETF-US | 3.09% | 790,500 | $265.0M | Add +15.0% |
| AMZN Amazon.com Inc. | 2.32% | 863,879 | $199.4M | Add +3.3% |
| GOVT iShares US Treasury Bond ETF | 1.68% | 6,263,482 | $144.2M | Add +5.1% |
| GOOGL Alphabet Inc. Class A | 1.51% | 412,942 | $129.3M | Add +6.3% |
| AVGO Broadcom Inc. | 1.36% | 337,832 | $116.9M | Reduce -3.7% |
| META Meta Platforms Inc. Class A | 1.24% | 161,538 | $106.6M | Add +12.9% |
| GOOG Alphabet Inc. Class C | 1.24% | 339,340 | $106.5M | Add +5.8% |
| TSLA Tesla Inc. | 1.17% | 222,464 | $100.0M | Add +11.3% |
| QQQM Invesco Nasdaq 100 ETF | 1.14% | 387,000 | $97.9M | Add +225.2% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 1.10% | 300,000 | $94.4M | No change |
| V Visa Inc. Class A | 1.02% | 249,722 | $87.6M | Reduce -0.6% |
| COST Costco Wholesale Corp. | 0.86% | 85,984 | $74.1M | Add +16.3% |
| SPGI S&P Global Inc. | 0.67% | 110,761 | $57.9M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 0.66% | 174,669 | $56.3M | Add +5.4% |
| TXN Texas Instruments Inc. | 0.65% | 321,688 | $55.8M | Add +3.1% |
| ZTS Zoetis Inc. | 0.59% | 403,553 | $50.8M | Add +11.9% |
| LLY Eli Lilly & Co. | 0.59% | 47,206 | $50.7M | Add +6.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.57% | 97,207 | $48.9M | Add +5.4% |
| LIN Linde PLC | 0.53% | 107,001 | $45.6M | Add +7.7% |
| PLTR Palantir Technologies Inc. Class A | 0.47% | 226,872 | $40.3M | Add +11.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 262,481 | $40.3M | Reduce -10.7% |
| NFLX Netflix Inc. | 0.44% | 399,697 | $37.5M | Add +10.6% |
| SHW The Sherwin-Williams Co. | 0.41% | 109,737 | $35.6M | Add +0.3% |
| VRSK Verisk Analytics Inc. | 0.41% | 158,469 | $35.4M | Add +7.3% |
| DE Deere & Co. | 0.41% | 75,857 | $35.3M | Reduce -0.6% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.39% | 184,303 | $33.6M | Reduce -22.5% |
| EW Edwards Lifesciences Corp. | 0.38% | 381,958 | $32.6M | Reduce -26.3% |
| JNJ Johnson & Johnson | 0.38% | 156,138 | $32.3M | Add +6.6% |
| AMD Advanced Micro Devices | 0.37% | 148,708 | $31.8M | Add +11.0% |
| MKC McCormick & Co.-Non VTG SHRS | 0.36% | 455,499 | $31.0M | Reduce -4.0% |
| CHD Church & Dwight Co. Inc. | 0.35% | 362,570 | $30.4M | Add +4.2% |
| APH Amphenol Corp. Class A | 0.35% | 219,549 | $29.7M | Reduce -38.6% |
| WMT Walmart Inc. | 0.35% | 266,250 | $29.7M | Add +5.7% |
| CTAS Cintas Corp. | 0.35% | 157,486 | $29.6M | Add +35.9% |
| MA Mastercard Inc. Class A | 0.34% | 51,606 | $29.5M | Add +6.5% |
| RMD Resmed Inc. | 0.34% | 122,296 | $29.5M | Add +3.0% |
| CSCO Cisco Systems Inc. | 0.34% | 377,250 | $29.1M | Add +10.1% |
| SCI Service Corp. International | 0.34% | 371,014 | $28.9M | Reduce -5.5% |
| TSCO Tractor Supply Company | 0.33% | 573,451 | $28.7M | Add +1.8% |
| MU Micron Technology Inc. | 0.32% | 97,457 | $27.8M | Add +10.5% |
| FAST Fastenal Co. | 0.32% | 681,930 | $27.4M | Add +6.8% |
| ITW Illinois Tool Works | 0.32% | 110,389 | $27.2M | Reduce -0.7% |
| ABBV Abbvie Inc. | 0.29% | 107,985 | $24.7M | Add +7.0% |
| XOM Exxon Mobil Corp. | 0.29% | 204,511 | $24.6M | Add +1.3% |
| HD Home Depot Inc. | 0.29% | 71,071 | $24.5M | Add +6.7% |
| STE Steris PLC | 0.28% | 96,130 | $24.4M | Reduce -9.8% |
| GS Goldman Sachs Group Inc. | 0.28% | 27,192 | $23.9M | Add +3.7% |
| TW Tradeweb Markets Inc. Class A | 0.27% | 213,907 | $23.0M | Add +35.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 409,191 | $22.5M | Add +5.3% |
| UNH Unitedhealth Group Inc. | 0.26% | 66,383 | $21.9M | Add +6.3% |
| CAT Caterpillar Inc. | 0.25% | 37,881 | $21.7M | Add +5.0% |
| PG The Procter & Gamble Co. | 0.25% | 147,709 | $21.2M | Add +5.6% |
| CVX Chevron Corp. | 0.24% | 133,806 | $20.4M | Add +5.7% |
| GE General Electric filed as GE AEROSPACE | 0.23% | 65,351 | $20.1M | Add +6.4% |
| LRCX Lam Research Corp. | 0.23% | 116,660 | $20.0M | Add +10.0% |
| AMGN Amgen Inc. | 0.23% | 60,237 | $19.7M | Add +9.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 65,838 | $19.5M | Add +6.2% |
| AMAT Applied Materials Inc. | 0.23% | 75,214 | $19.3M | Add +10.5% |
| ISRG Intuitive Surgical Inc. | 0.22% | 33,788 | $19.1M | Add +9.8% |
| ORCL Oracle Corp. | 0.22% | 97,283 | $19.0M | Add +7.6% |
| ROL Rollins Inc. | 0.22% | 313,002 | $18.8M | Reduce -7.9% |
| KO The Coca-Cola Co. | 0.22% | 264,663 | $18.5M | Add +7.4% |
| INTU Intuit Inc. | 0.21% | 27,826 | $18.4M | Add +11.1% |
| APP AppLovin Corp. Class A | 0.21% | 26,443 | $17.8M | Add +36.4% |
| CRM Salesforce Inc. | 0.21% | 66,910 | $17.7M | Add +5.4% |
| PEP Pepsico Inc. | 0.20% | 121,137 | $17.4M | Add +9.9% |
| QCOM Qualcomm Inc. | 0.20% | 99,560 | $17.0M | Add +10.1% |
| BKNG Booking Holdings Inc. | 0.20% | 3,142 | $16.8M | Add +10.6% |
| WFC Wells Fargo & Co. | 0.19% | 178,220 | $16.6M | Add +3.5% |
| MRK Merck & Co. Inc. | 0.19% | 154,420 | $16.3M | Add +5.1% |
| RTX RTX Corp. | 0.19% | 88,443 | $16.2M | Add +8.2% |
| MCD McDonald's Corp. | 0.18% | 51,545 | $15.8M | Add +5.1% |
| AXP American Express Co. | 0.18% | 42,201 | $15.6M | Add +4.6% |
| PM Philip Morris International | 0.18% | 97,115 | $15.6M | Add +7.0% |
| INTC Intel Corp. | 0.18% | 412,262 | $15.2M | Add +15.9% |
| NKE Nike Inc. Class B | 0.18% | 237,657 | $15.1M | Add +1.3% |
| KLAC KLA Corp. | 0.17% | 12,209 | $14.8M | Add +10.3% |
| ADBE Adobe Inc. | 0.17% | 41,103 | $14.4M | Add +6.0% |
| UBER Uber Technologies Inc. | 0.17% | 175,071 | $14.3M | Add +10.6% |
| CPRT Copart Inc. | 0.17% | 364,141 | $14.3M | Add +7.9% |
| GILD Gilead Sciences Inc. | 0.16% | 115,101 | $14.1M | Add +10.5% |
| TMUS T-Mobile US Inc. | 0.16% | 66,700 | $13.5M | Add +12.7% |
| HON Honeywell International Inc. | 0.16% | 69,392 | $13.5M | Add +9.2% |
| PLD Prologis Inc. | 0.16% | 105,598 | $13.5M | Add +3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 116,012 | $13.2M | Add +5.6% |
| BA The Boeing Co. | 0.15% | 60,571 | $13.2M | Add +9.9% |
| MS Morgan Stanley | 0.15% | 73,562 | $13.1M | Add +6.4% |
| WELL Welltower Inc. | 0.15% | 69,123 | $12.8M | Add +3.8% |
| C Citigroup Inc. | 0.15% | 108,963 | $12.7M | Add +3.8% |
Portfolio Sells Q3 2025 → Q4 2025
| APH Amphenol Corp. Class A | Reduce -38.6% | 0.35% | −0.25 |
| AVGO Broadcom Inc. | Reduce -3.7% | 1.36% | −0.19 |
| EW Edwards Lifesciences Corp. | Reduce -26.3% | 0.38% | −0.16 |
| V Visa Inc. Class A | Reduce -0.6% | 1.02% | −0.13 |
| SCI Service Corp. International | Reduce -5.5% | 0.34% | −0.10 |
| TJX TJX Companies Inc. | Reduce -10.7% | 0.47% | −0.10 |
| JKHY Jack Henry & Associates Inc. | Reduce -22.5% | 0.39% | −0.08 |
| ITW Illinois Tool Works | Reduce -0.7% | 0.32% | −0.07 |
| STE Steris PLC | Reduce -9.8% | 0.28% | −0.07 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -4.0% | 0.36% | −0.06 |
| DE Deere & Co. | Reduce -0.6% | 0.41% | −0.06 |
| SPGI S&P Global Inc. | Reduce -0.6% | 0.67% | −0.05 |
| ROL Rollins Inc. | Reduce -7.9% | 0.22% | −0.05 |
| K Kellanova | Sold out | 0.00% | −0.02 |
| TTD Trade Desk Inc./the Class A | Reduce -29.6% | 0.01% | −0.01 |
| SO The Southern Co. | Reduce -0.0% | 0.05% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.01 |
| CDW CDW Corp. | Reduce -27.8% | 0.01% | −0.01 |
| VST Vistra Corp. | Reduce -0.3% | 0.03% | −0.01 |
| DUK Duke Energy Corp. | Reduce -0.1% | 0.05% | −0.01 |
| TDG Transdigm Group Inc. | Reduce -3.2% | 0.05% | −0.01 |
| MSCI MSCI Inc. | Reduce -10.6% | 0.03% | −0.01 |
| ON On Semiconductor | Reduce -31.8% | 0.01% | −0.01 |
| GFS Globalfoundries Inc. | Sold out | 0.00% | −0.01 |
| LULU Lululemon Athletica Inc. | Reduce -28.9% | 0.02% | −0.01 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.01 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -0.3% | 0.01% | −0.01 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.01 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.01 |
| BIIB Biogen Inc. | Reduce -27.3% | 0.02% | −0.00 |
| MHK Mohawk Industries Inc. | Sold out | 0.00% | −0.00 |
| ROK Rockwell Automation Inc. | Reduce -9.4% | 0.03% | −0.00 |
| ETR Entergy Corp. | Reduce -0.1% | 0.02% | −0.00 |
| CUZ Cousins Properties Inc. | Sold out | 0.00% | −0.00 |
| PPL PPL Corp. | Reduce -0.1% | 0.01% | −0.00 |
| Q Qnity Electronics Inc. | Reduce -9.8% | 0.01% | −0.00 |
| JCI Johnson Controls Internation | Reduce -0.1% | 0.05% | −0.00 |
| KRC Kilroy Realty Corp. | Sold out | 0.00% | −0.00 |
| EPR Epr Properties | Sold out | 0.00% | −0.00 |
| SLG SL Green Realty Corp. | Sold out | 0.00% | −0.00 |
| HCA HCA Healthcare Inc. | Reduce -0.1% | 0.04% | −0.00 |
| SUI Sun Communities Inc. | Reduce -4.1% | 0.01% | −0.00 |
| WPC WP Carey Inc. | Reduce -2.9% | 0.01% | −0.00 |
| LXP LXP Industrial Trust | Sold out | 0.00% | −0.00 |
| GLPI Gaming and Leisure Propertie | Reduce -2.9% | 0.01% | −0.00 |
| CUBE Cubesmart | Reduce -3.3% | 0.00% | −0.00 |
| REXR Rexford Industrial Realty Inc. | Reduce -4.7% | 0.00% | −0.00 |
| AMH American Homes 4 Rent- A | Reduce -3.1% | 0.01% | −0.00 |
| VNO Vornado Realty Trust | Reduce -3.3% | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| BBUS JPMorgan Betabuilders US Equ | New | 3.53% | +3.53 |
| SCHX Schwab US Large-Cap ETF | New | 3.19% | +3.19 |
| QQQM Invesco Nasdaq 100 ETF | Add +225.2% | 1.14% | +0.75 |
| VOO Vanguard S&P 500 ETF | Add +24.1% | 3.29% | +0.31 |
| GOOGL Alphabet Inc. Class A | Add +6.3% | 1.51% | +0.24 |
| GOOG Alphabet Inc. Class C | Add +5.8% | 1.24% | +0.19 |
| LLY Eli Lilly & Co. | Add +6.3% | 0.59% | +0.14 |
| MU Micron Technology Inc. | Add +10.5% | 0.32% | +0.13 |
| AMD Advanced Micro Devices | Add +11.0% | 0.37% | +0.08 |
| VTI VG Morningstar TS MKT ETF-US | Add +15.0% | 3.09% | +0.06 |
| LRCX Lam Research Corp. | Add +10.0% | 0.23% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +9.8% | 0.22% | +0.04 |
| CRH CRH PLC | New | 0.04% | +0.04 |
| AMAT Applied Materials Inc. | Add +10.5% | 0.23% | +0.04 |
| WDC Western Digital Corp. | Add +65.0% | 0.06% | +0.03 |
| TW Tradeweb Markets Inc. Class A | Add +35.0% | 0.27% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +8.5% | 0.10% | +0.03 |
| CVNA Carvana Co. | New | 0.03% | +0.03 |
| STX Seagate Technology Holdings | Add +71.9% | 0.06% | +0.03 |
| CTAS Cintas Corp. | Add +35.9% | 0.35% | +0.03 |
| CSCO Cisco Systems Inc. | Add +10.1% | 0.34% | +0.02 |
| MRK Merck & Co. Inc. | Add +5.1% | 0.19% | +0.02 |
| CAT Caterpillar Inc. | Add +5.0% | 0.25% | +0.02 |
| AMGN Amgen Inc. | Add +9.3% | 0.23% | +0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| APP AppLovin Corp. Class A | Add +36.4% | 0.21% | +0.02 |
| REGN Regeneron Pharmaceuticals | Add +9.3% | 0.09% | +0.02 |
| FER Ferrovial NV | New | 0.02% | +0.02 |
| INTC Intel Corp. | Add +15.9% | 0.18% | +0.02 |
| ARES Ares Management Corp. Class A | New | 0.02% | +0.02 |
| FIX Comfort Systems USA Inc. | New | 0.02% | +0.02 |
| SNDK Sandisk Corp. | New | 0.01% | +0.01 |
| INSM Insmed Inc. | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +68.5% | 0.05% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +5.7% | 0.15% | +0.01 |
| KLAC KLA Corp. | Add +10.3% | 0.17% | +0.01 |
| JNJ Johnson & Johnson | Add +6.6% | 0.38% | +0.01 |
| VRTX Vertex Pharmaceuticals Inc. | Add +9.9% | 0.13% | +0.01 |
| GILD Gilead Sciences Inc. | Add +10.5% | 0.16% | +0.01 |
| OMC Omnicom Group | Add +72.4% | 0.03% | +0.01 |
| GM General Motors Co. | Add +3.8% | 0.05% | +0.01 |
| SHOP Shopify Inc. Class A | Add +19.2% | 0.08% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +7.2% | 0.08% | +0.01 |
| MAR Marriott International Class A | Add +8.9% | 0.07% | +0.01 |
| FCX Freeport-McMoran Inc. | Add +5.8% | 0.05% | +0.01 |
| ROST Ross Stores Inc. | Add +10.5% | 0.07% | +0.01 |
| ADI Analog Devices Inc. | Add +10.0% | 0.14% | +0.01 |
| MNST Monster Beverage Corp. | Add +12.5% | 0.07% | +0.01 |
| CTSH Cognizant Tech Solutions-A | Add +9.8% | 0.05% | +0.01 |
| NEM Newmont Corp. | Add +6.0% | 0.08% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 567 | $10.3B | SPY, IVV, VOO, VTI, ITOT |
| Q1 2026 | 560 | $8.6B | SPY, VOO, ITOT, NVDA, IVV |
| Q4 2025 | 564 | $8.6B | SPY, ITOT, NVDA, QQQ, IVV |
| Q3 2025 | 567 | $7.5B | SPY, ITOT, NVDA, QQQ, IVV |
| Q2 2025 | 567 | $6.7B | SPY, ITOT, QQQ, MSFT, IVV |
| Q1 2025 | 560 | $5.4B | SPY, IVV, QQQ, SPYM, AAPL |
| Q4 2024 | 556 | $4.7B | SPY, IVV, QQQ, AAPL, MSFT |
| Q3 2024 | 552 | $4.2B | SPY, MSFT, AAPL, IVV, NVDA |
| Q2 2024 | 542 | $3.5B | SPY, MSFT, AAPL, NVDA, GOVT |
| Q1 2024 | 550 | $3.3B | SPY, MSFT, AAPL, NVDA, AMZN |