PBU - The Pension Fund of Early Childhood & Youth Educators

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 16, 2026), PBU - The Pension Fund of Early Childhood & Youth Educators reported 124 stock positions worth $4.4 billion. Its top holding was Microsoft (MSFT) at 8.7% of the portfolio, followed by Nvidia (NVDA, 6.2%) and Apple (AAPL, 5.8%). Compared with Q1 2026, it opened 3 new positions, sold out of 70, added to 46 and reduced 75. The biggest buy was Microsoft (MSFT, shares +38%) and the biggest sale an exit from KLA (KLAC).

Most Recent 13F
Q2 2026
Location
COPENHAGEN, G7
CIK
0002103310
Portfolio Value
$4.4B (Q2 2026)
SEC Filing
0002103310-26-000010 ↗ filed Jul 16, 2026

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q4 2025: $6.9B Q4 2025 Q1 2026: $6.6B Q1 2026 Q2 2026: $4.4B $4.4B Q2 2026

Holdings 124 stocks · $4.4B
MSFT Microsoft Corp. 8.67% 1,028,078 $383.5M Add +37.8%
NVDA Nvidia Corp. 6.18% 1,365,862 $273.3M Reduce -44.6%
AAPL Apple Inc. 5.81% 888,448 $257.1M Reduce -39.1%
GOOG Alphabet Inc. Class C 5.02% 628,238 $222.0M Add +94.7%
GOOGL Alphabet Inc. Class A 3.11% 385,171 $137.6M Reduce -57.0%
AVGO Broadcom Inc. 2.63% 307,830 $116.3M Reduce -35.5%
MU Micron Technology Inc. 2.21% 84,727 $97.8M Reduce -38.2%
META Meta Platforms Inc. Class A 1.99% 155,990 $87.9M Reduce -50.6%
V Visa Inc. Class A 1.87% 240,816 $82.6M Add +20.2%
GE General Electric filed as GE AEROSPACE 1.86% 220,302 $82.3M Add +37.9%
AMD Advanced Micro Devices 1.67% 126,915 $73.7M Add +0.1%
MA Mastercard Inc. Class A 1.41% 121,692 $62.5M Reduce -22.0%
LLY Eli Lilly & Co. 1.35% 49,886 $59.8M Reduce -35.0%
LRCX Lam Research Corp. 1.30% 132,667 $57.5M Reduce -77.4%
AMAT Applied Materials Inc. 1.29% 79,032 $57.1M Reduce -76.6%
INTC Intel Corp. 1.25% 395,203 $55.2M Reduce -17.6%
JPM JPMorgan Chase & Co. 1.16% 156,450 $51.2M Reduce -67.0%
HD Home Depot Inc. 1.05% 131,300 $46.3M Reduce -21.3%
CSCO Cisco Systems Inc. 0.95% 358,197 $42.1M Reduce -24.2%
JNJ Johnson & Johnson 0.92% 159,777 $40.6M Reduce -34.5%
MS Morgan Stanley 0.90% 190,021 $39.7M Add +0.1%
GEV GE Vernova Inc. 0.86% 32,543 $38.2M Add +0.1%
SCHW Schwab (charles) Corp. 0.86% 411,152 $37.9M Add +100.1%
GLW Corning Inc. 0.83% 144,400 $36.9M Add +0.1%
FERG Ferguson Enterprises Inc. 0.80% 148,728 $35.3M Add +100.1%
C Citigroup Inc. 0.79% 250,506 $35.1M Reduce -27.5%
COST Costco Wholesale Corp. 0.79% 37,454 $35.0M Reduce -63.9%
UNH Unitedhealth Group Inc. 0.78% 82,466 $34.3M Add +0.1%
CMI Cummins Inc. 0.77% 47,465 $33.9M Reduce -30.4%
TXN Texas Instruments Inc. 0.75% 111,591 $33.3M Add +0.1%
SNDK Sandisk Corp. 0.73% 14,122 $32.1M New
HLT Hilton Worldwide Holdings Inc. 0.72% 96,884 $32.0M Add +0.1%
ECL Ecolab Inc. 0.72% 113,549 $31.6M Reduce -26.1%
APD Air Products & Chemicals Inc. 0.68% 102,859 $30.2M Reduce -3.7%
ADI Analog Devices Inc. 0.67% 75,077 $29.8M Add +0.1%
CTVA Corteva Inc. 0.67% 349,969 $29.6M Reduce -3.4%
SHW The Sherwin-Williams Co. 0.67% 85,591 $29.5M Add +0.1%
PH Parker Hannifin Corp. 0.67% 30,098 $29.4M Reduce -30.9%
CRWD CrowdStrike Holdings Inc. Class A 0.65% 37,933 $28.9M Add +0.1%
BAC Bank of America Corp. 0.62% 481,802 $27.5M Reduce -36.0%
COF Capital One Financial Corp. 0.61% 135,276 $27.1M Reduce -2.7%
F Ford Motor Co. filed as FORD MTR CO 0.61% 1,949,102 $27.1M Add +0.1%
DE Deere & Co. 0.59% 41,198 $26.1M Add +0.1%
MELI MercadoLibre Inc. 0.58% 15,216 $25.8M Reduce -21.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.58% 91,100 $25.6M Reduce -58.9%
EQIX Equinix Inc. 0.58% 24,503 $25.5M Reduce -13.6%
SBUX Starbucks Corp. 0.58% 249,314 $25.5M Add +0.1%
NFLX Netflix Inc. 0.58% 356,739 $25.5M Reduce -26.1%
GM General Motors Co. 0.57% 329,764 $25.4M Add +0.1%
AXP American Express Co. 0.57% 74,950 $25.4M Reduce -41.5%
LOW Lowe's Cos Inc. 0.57% 114,882 $25.3M Add +0.1%
BLK BlackRock Inc. 0.57% 26,321 $25.3M Add +0.1%
ANET Arista Networks Inc. 0.57% 148,632 $25.2M Reduce -72.6%
ITW Illinois Tool Works 0.57% 92,566 $25.0M Reduce -31.2%
PNC PNC Financial Services Group 0.55% 98,970 $24.4M Reduce -34.6%
MRK Merck & Co. Inc. 0.55% 187,589 $24.1M Reduce -74.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.54% 250,158 $24.1M Reduce -32.9%
PCAR Paccar Inc. 0.54% 199,415 $24.0M Add +0.1%
ORCL Oracle Corp. 0.54% 163,247 $23.9M Reduce -19.1%
D Dominion Energy Inc. 0.53% 345,110 $23.6M Add +42.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.53% 154,809 $23.5M Reduce -66.3%
EBAY eBay Inc. 0.52% 207,588 $23.2M Reduce -73.2%
ROST Ross Stores Inc. 0.52% 107,394 $22.9M Reduce -32.9%
MMM 3M Co. 0.52% 141,109 $22.8M Add +0.6%
QCOM Qualcomm Inc. 0.51% 122,458 $22.6M Reduce -51.3%
ED Consolidated Edison Inc. 0.51% 204,295 $22.6M Add +49.7%
NOW ServiceNow Inc. 0.51% 227,099 $22.5M Reduce -20.2%
WEC WEC Energy Group Inc. 0.51% 193,082 $22.5M Add +15.6%
NSC Norfolk Southern Corp. 0.50% 70,155 $22.1M Add +0.1%
MTB M & T Bank Corp. filed as M & T BK CORP 0.49% 91,394 $21.8M Reduce -3.1%
CRM Salesforce Inc. 0.49% 138,850 $21.8M Reduce -24.0%
EW Edwards Lifesciences Corp. 0.47% 229,478 $20.8M Add +374.2%
ABBV Abbvie Inc. 0.47% 82,209 $20.7M Reduce -78.7%
UBER Uber Technologies Inc. 0.46% 281,476 $20.3M Add +0.1%
EXC Exelon Corp. 0.46% 433,163 $20.2M Reduce -24.8%
UNP Union Pacific Corp. 0.44% 71,261 $19.4M Reduce -46.0%
MCD McDonald's Corp. 0.43% 70,924 $19.2M Add +0.1%
PFE Pfizer Inc. 0.43% 785,368 $18.9M Add +0.1%
FDX FedEx Corp. 0.40% 56,920 $17.8M Reduce -29.4%
WFC Wells Fargo & Co. 0.40% 212,497 $17.6M Reduce -53.7%
ADP Automatic Data Processing 0.40% 78,324 $17.5M Reduce -33.6%
SPGI S&P Global Inc. 0.39% 42,229 $17.2M Add +0.1%
WM Waste Management Inc. 0.39% 76,717 $17.1M Reduce -9.7%
SYY Sysco Corp. 0.38% 200,280 $16.7M Reduce -37.9%
XEL Xcel Energy Inc. 0.38% 207,134 $16.6M Add +4.5%
EIX Edison International 0.36% 212,014 $15.8M Reduce -39.4%
AZO AutoZone Inc. 0.35% 4,867 $15.6M New
NEM Newmont Corp. 0.34% 161,013 $15.0M Reduce -78.4%
KO The Coca-Cola Co. 0.34% 183,144 $14.9M Reduce -78.1%
YUM Yum! Brands Inc. 0.33% 90,735 $14.5M Add +0.1%
PGR Progressive Corp. 0.32% 65,150 $14.2M Reduce -74.4%
DASH DoorDash Inc. Class A 0.32% 76,452 $14.1M Add +0.1%
TMO Thermo Fisher Scientific Inc. 0.31% 27,686 $13.9M Reduce -42.5%
APP AppLovin Corp. Class A 0.31% 26,640 $13.7M Reduce -35.3%
NEE Nextera Energy Inc. 0.30% 152,759 $13.4M Add +0.1%
WAT Waters Corp. 0.30% 35,492 $13.3M Reduce -37.4%
T AT&T Inc. 0.30% 636,914 $13.2M Reduce -33.1%
BMY Bristol-Myers Squibb Co. 0.29% 219,692 $12.7M Reduce -49.5%
EFX Equifax Inc. 0.28% 78,291 $12.4M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.28% 53,857 $12.4M Add +12.9%

Show all 124 holdings

Portfolio Sells Q1 2026 → Q2 2026
KLAC KLA Corp. Sold out 0.00% −1.23
JPM JPMorgan Chase & Co. Reduce -67.0% 1.16% −0.94
NEM Newmont Corp. Reduce -78.4% 0.34% −0.88
EME Emcor Group Inc. Sold out 0.00% −0.83
MRK Merck & Co. Inc. Reduce -74.8% 0.55% −0.80
ABBV Abbvie Inc. Reduce -78.7% 0.47% −0.80
COST Costco Wholesale Corp. Reduce -63.9% 0.79% −0.76
GOOGL Alphabet Inc. Class A Reduce -57.0% 3.11% −0.76
META Meta Platforms Inc. Class A Reduce -50.6% 1.99% −0.73
VZ Verizon Communications Inc. Sold out 0.00% −0.62
KO The Coca-Cola Co. Reduce -78.1% 0.34% −0.62
LRCX Lam Research Corp. Reduce -77.4% 1.30% −0.58
TJX TJX Companies Inc. Reduce -66.3% 0.53% −0.57
NTES Netease Inc.-ADR Sold out 0.00% −0.54
EBAY eBay Inc. Reduce -73.2% 0.52% −0.53
TT Trane Technologies PLC Sold out 0.00% −0.53
TD Toronto-Dominion Bank Sold out 0.00% −0.50
ACN Accenture PLC Class A Sold out 0.00% −0.49
ETN Eaton Corp. PLC Sold out 0.00% −0.49
TSCO Tractor Supply Company Sold out 0.00% −0.48
HIG Hartford Insurance Group Inc. Sold out 0.00% −0.46
AMAT Applied Materials Inc. Reduce -76.6% 1.29% −0.45
STLD Steel Dynamics Inc. Sold out 0.00% −0.44
PGR Progressive Corp. Reduce -74.4% 0.32% −0.44
ANET Arista Networks Inc. Reduce -72.6% 0.57% −0.43
MFC Manulife Financial Corp. Sold out 0.00% −0.43
HCA HCA Healthcare Inc. Sold out 0.00% −0.42
CM Can Imperial BK of Commerce Sold out 0.00% −0.40
JCI Johnson Controls Internation Sold out 0.00% −0.39
RY Royal Bank of Canada Sold out 0.00% −0.38
CNI Canadian Natl Railway Co. Sold out 0.00% −0.37
BN Brookfield Corp. Sold out 0.00% −0.37
AMP Ameriprise Financial Inc. Sold out 0.00% −0.34
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.33
ADBE Adobe Inc. Sold out 0.00% −0.33
BMO Bank of Montreal Sold out 0.00% −0.31
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.29
NVDA Nvidia Corp. Reduce -44.6% 6.18% −0.29
UBS UBS Group AG-Reg Sold out 0.00% −0.28
CB Chubb Ltd. Sold out 0.00% −0.28
SLF Sun Life Financial Inc. Sold out 0.00% −0.27
URBN Urban Outfitters Inc. Sold out 0.00% −0.27
SPOT Spotify Technology SA Sold out 0.00% −0.26
SHOP Shopify Inc. Class A Sold out 0.00% −0.26
AON Aon PLC Class A Sold out 0.00% −0.26
WCN Waste Connections Inc. Sold out 0.00% −0.24
IBM Intl Business Machines Corp. Reduce -58.9% 0.58% −0.23
SNPS Synopsys Inc. Sold out 0.00% −0.23
CSL Carlisle Cos Inc. Sold out 0.00% −0.22
PINS Pinterest Inc. Class A Sold out 0.00% −0.20

Portfolio Buys Q1 2026 → Q2 2026
MSFT Microsoft Corp. Add +37.8% 8.67% +4.52
GOOG Alphabet Inc. Class C Add +94.7% 5.02% +3.63
AMD Advanced Micro Devices Add +0.1% 1.67% +1.28
GE General Electric Add +37.9% 1.86% +1.18
V Visa Inc. Class A Add +20.2% 1.87% +0.96
SNDK Sandisk Corp. New 0.73% +0.73
SCHW Schwab (charles) Corp. Add +100.1% 0.86% +0.57
GLW Corning Inc. Add +0.1% 0.83% +0.54
FERG Ferguson Enterprises Inc. Add +100.1% 0.80% +0.54
UNH Unitedhealth Group Inc. Add +0.1% 0.78% +0.44
GEV GE Vernova Inc. Add +0.1% 0.86% +0.44
CRWD CrowdStrike Holdings Inc. Class A Add +0.1% 0.65% +0.43
MS Morgan Stanley Add +0.1% 0.90% +0.43
TXN Texas Instruments Inc. Add +0.1% 0.75% +0.43
EW Edwards Lifesciences Corp. Add +374.2% 0.47% +0.41
AZO AutoZone Inc. New 0.35% +0.35
ADI Analog Devices Inc. Add +0.1% 0.67% +0.32
D Dominion Energy Inc. Add +42.5% 0.53% +0.31
HLT Hilton Worldwide Holdings Inc. Add +0.1% 0.72% +0.28
EFX Equifax Inc. New 0.28% +0.28
ED Consolidated Edison Inc. Add +49.7% 0.51% +0.28
F Ford Motor Co. Add +0.1% 0.61% +0.27
SHW The Sherwin-Williams Co. Add +0.1% 0.67% +0.25
DE Deere & Co. Add +0.1% 0.59% +0.24
SBUX Starbucks Corp. Add +0.1% 0.58% +0.24
WEC WEC Energy Group Inc. Add +15.6% 0.51% +0.22
MMM 3M Co. Add +0.6% 0.52% +0.21
GM General Motors Co. Add +0.1% 0.57% +0.21
NSC Norfolk Southern Corp. Add +0.1% 0.50% +0.20
PCAR Paccar Inc. Add +0.1% 0.54% +0.20
BLK BlackRock Inc. Add +0.1% 0.57% +0.19
LOW Lowe's Cos Inc. Add +0.1% 0.57% +0.16
UBER Uber Technologies Inc. Add +0.1% 0.46% +0.15
DASH DoorDash Inc. Class A Add +0.1% 0.32% +0.15
XEL Xcel Energy Inc. Add +4.5% 0.38% +0.14
AJG Arthur J Gallagher & Co. Add +12.9% 0.28% +0.12
SPGI S&P Global Inc. Add +0.1% 0.39% +0.12
YUM Yum! Brands Inc. Add +0.1% 0.33% +0.12
FDXF FedEx Freight Holding Co. Add +50.0% 0.21% +0.11
ADSK Autodesk Inc. Add +40.7% 0.26% +0.11
MCD McDonald's Corp. Add +0.1% 0.43% +0.10
GIS General Mills Inc. Add +15.2% 0.26% +0.10
AFL Aflac Inc. Add +0.1% 0.26% +0.10
PFE Pfizer Inc. Add +0.1% 0.43% +0.10
NEE Nextera Energy Inc. Add +0.1% 0.30% +0.09
BDX Becton Dickinson and Co. Add +0.1% 0.26% +0.08
REGN Regeneron Pharmaceuticals Add +17.6% 0.25% +0.07
TMUS T-Mobile US Inc. Add +10.2% 0.23% +0.06
CME Cme Group Inc. Add +0.1% 0.25% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 124$4.4BMSFT, NVDA, AAPL, GOOG, GOOGL
Q1 2026Amended 190$6.6BNVDA, AAPL, MSFT, GOOGL, META
Q4 2025Amended 206$6.9BNVDA, AAPL, MSFT, GOOGL, META