PBU - The Pension Fund of Early Childhood & Youth Educators

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed April 10, 2026), PBU - The Pension Fund of Early Childhood & Youth Educators reported 206 stock positions worth $6.9 billion. Its top holding was Nvidia (NVDA) at 7.1% of the portfolio, followed by Apple (AAPL, 6.3%) and Microsoft (MSFT, 5.5%).

Most Recent 13F
Q2 2026
Location
COPENHAGEN, G7
CIK
0002103310
Portfolio Value
$6.9B (Q4 2025)
SEC Filing
0002103310-26-000007 ↗ filed Apr 10, 2026

Holdings Value

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

Holdings 206 stocks · $6.9B

NVDA Nvidia Corp. 7.15% 2,643,215 $493.0M —
AAPL Apple Inc. 6.28% 1,593,166 $433.1M —
MSFT Microsoft Corp. 5.51% 786,011 $380.1M —
GOOGL Alphabet Inc. Class A 5.06% 1,114,643 $348.9M —
META Meta Platforms Inc. Class A 3.54% 369,620 $244.0M —
AVGO Broadcom Inc. 3.21% 640,106 $221.5M —
JPM JPMorgan Chase & Co. 2.06% 440,002 $141.8M —
V Visa Inc. Class A 1.85% 364,394 $127.8M —
COST Costco Wholesale Corp. 1.68% 134,007 $115.6M —
LLY Eli Lilly & Co. 1.57% 100,958 $108.5M —
KLAC KLA Corp. 1.43% 81,105 $98.5M —
LRCX Lam Research Corp. 1.43% 574,700 $98.4M —
MRK Merck & Co. Inc. 1.18% 775,966 $81.7M —
GOOG Alphabet Inc. Class C 1.13% 249,330 $78.2M —
MA Mastercard Inc. Class A 1.09% 132,129 $75.4M —
NEM Newmont Corp. 1.09% 754,184 $75.3M —
TTE Totalenergies SE 1.08% 1,142,166 $74.6M —
AMAT Applied Materials Inc. 1.07% 286,742 $73.7M —
HD Home Depot Inc. 1.07% 213,620 $73.5M —
NFLX Netflix Inc. 1.04% 766,730 $71.9M —
TT Trane Technologies PLC 0.98% 173,568 $67.6M —
ANET Arista Networks Inc. 0.97% 512,794 $67.2M —
EBAY eBay Inc. 0.95% 754,732 $65.7M —
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.95% 425,968 $65.4M —
ORCL Oracle Corp. 0.89% 315,863 $61.6M —
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.81% 189,691 $56.2M —
SPGI S&P Global Inc. 0.81% 106,838 $55.8M —
PGR Progressive Corp. 0.76% 229,691 $52.3M —
KO The Coca-Cola Co. 0.70% 686,536 $48.0M —
EME Emcor Group Inc. 0.67% 75,580 $46.2M —
NOW ServiceNow Inc. 0.67% 301,265 $46.2M —
QCOM Qualcomm Inc. 0.64% 258,703 $44.3M —
NTES Netease Inc.-ADR 0.64% 321,279 $44.2M —
JNJ Johnson & Johnson 0.63% 210,821 $43.6M —
TSCO Tractor Supply Company 0.62% 853,982 $42.7M —
CRM Salesforce Inc. 0.59% 153,531 $40.7M —
WFC Wells Fargo & Co. 0.58% 427,726 $39.9M —
MU Micron Technology Inc. 0.57% 138,786 $39.6M —
AXP American Express Co. 0.56% 103,756 $38.4M —
ADI Analog Devices Inc. 0.50% 126,604 $34.3M —
GH Guardant Health Inc. 0.50% 335,854 $34.3M —
AMD Advanced Micro Devices 0.49% 158,580 $34.0M —
HCA HCA Healthcare Inc. 0.48% 70,621 $33.0M —
GM General Motors Co. 0.47% 400,336 $32.6M —
HIG Hartford Insurance Group Inc. 0.47% 235,522 $32.5M —
CMI Cummins Inc. 0.46% 61,807 $31.5M —
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.46% 277,201 $31.5M —
CRWD CrowdStrike Holdings Inc. Class A 0.44% 64,896 $30.4M —
ABBV Abbvie Inc. 0.44% 131,778 $30.1M —
ADBE Adobe Inc. 0.44% 85,977 $30.1M —
GE General Electric filed as GE AEROSPACE 0.43% 96,989 $29.9M —
SHOP Shopify Inc. Class A 0.43% 182,199 $29.4M —
PH Parker Hannifin Corp. 0.42% 32,971 $29.0M —
NSC Norfolk Southern Corp. 0.41% 98,659 $28.5M —
PNC PNC Financial Services Group 0.39% 128,675 $26.9M —
ADPT Adaptive Biotechnologies 0.39% 1,650,303 $26.8M —
MS Morgan Stanley 0.38% 146,745 $26.1M —
COF Capital One Financial Corp. 0.38% 107,458 $26.0M —
UBER Uber Technologies Inc. 0.37% 313,643 $25.6M —
PG The Procter & Gamble Co. 0.37% 177,414 $25.4M —
VZ Verizon Communications Inc. 0.36% 616,206 $25.1M —
ADP Automatic Data Processing 0.35% 93,821 $24.1M —
MFC Manulife Financial Corp. 0.35% 658,184 $23.9M —
MELI MercadoLibre Inc. 0.34% 11,651 $23.5M —
ETN Eaton Corp. PLC 0.34% 73,490 $23.4M —
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.33% 414,841 $22.8M —
PEP Pepsico Inc. 0.33% 157,452 $22.6M —
CSCO Cisco Systems Inc. 0.32% 289,812 $22.3M —
TECH Bio-Techne Corp. 0.32% 379,367 $22.3M —
AMP Ameriprise Financial Inc. 0.32% 45,474 $22.3M —
GILD Gilead Sciences Inc. 0.32% 180,109 $22.1M —
UNP Union Pacific Corp. 0.32% 94,939 $22.0M —
URBN Urban Outfitters Inc. 0.32% 290,110 $21.8M —
HLT Hilton Worldwide Holdings Inc. 0.31% 74,819 $21.5M —
BLK BlackRock Inc. 0.31% 20,061 $21.5M —
BN Brookfield Corp. 0.31% 466,416 $21.4M —
SHW The Sherwin-Williams Co. 0.31% 65,201 $21.1M —
C Citigroup Inc. 0.30% 179,219 $20.9M —
CL Colgate-Palmolive Co. 0.30% 264,144 $20.9M —
LOW Lowe's Cos Inc. 0.30% 85,524 $20.6M —
TMO Thermo Fisher Scientific Inc. 0.30% 35,566 $20.6M —
INTU Intuit Inc. 0.30% 30,908 $20.5M —
ACN Accenture PLC Class A 0.29% 75,329 $20.2M —
RY Royal Bank of Canada 0.29% 118,167 $20.2M —
APP AppLovin Corp. Class A 0.29% 29,291 $19.7M —
ROK Rockwell Automation Inc. 0.29% 50,547 $19.7M —
UNH Unitedhealth Group Inc. 0.28% 59,132 $19.5M —
APD Air Products & Chemicals Inc. 0.28% 78,354 $19.4M —
ISRG Intuitive Surgical Inc. 0.28% 33,653 $19.1M —
FERG Ferguson Enterprises Inc. 0.27% 85,025 $18.9M —
STLD Steel Dynamics Inc. 0.27% 111,645 $18.9M —
DHR Danaher Corp. 0.27% 81,250 $18.6M —
ECL Ecolab Inc. 0.27% 69,642 $18.3M —
JCI Johnson Controls Internation 0.26% 151,415 $18.1M —
ROST Ross Stores Inc. 0.26% 100,391 $18.1M —
PINS Pinterest Inc. Class A 0.26% 696,450 $18.0M —
SNPS Synopsys Inc. 0.26% 38,125 $17.9M —
SYY Sysco Corp. 0.26% 242,956 $17.9M —
AEM Agnico Eagle Mines Ltd. 0.26% 105,270 $17.9M —
DXCM Dexcom Inc. 0.26% 268,981 $17.9M —

Show all 206 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $46.9M (not counted above)
SecurityClassShares / PrincipalValueChange
PLD Prologis Inc. COM · principal 145,124$18.5M—
EQIX Equinix Inc. COM · principal 21,599$16.5M—
AMT American Tower Corp. COM · principal 67,171$11.8M—

Total filed on the 13F, all lines: $6.9B.

Portfolio Sells Q4 2025

No earlier filing to compare with.

Portfolio Buys Q4 2025

No earlier filing to compare with.

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