PBU - The Pension Fund of Early Childhood & Youth Educators

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 10, 2026), PBU - The Pension Fund of Early Childhood & Youth Educators reported 190 stock positions worth $6.6 billion. Its top holding was Nvidia (NVDA) at 6.5% of the portfolio, followed by Apple (AAPL, 5.6%) and Microsoft (MSFT, 4.2%). Compared with Q4 2025, it opened 14 new positions, sold out of 30, added to 123 and reduced 49. The biggest buy was Abbvie (ABBV, shares +193%) and the biggest sale Microsoft (MSFT, shares −5%).

Most Recent 13F
Q2 2026
Location
COPENHAGEN, G7
CIK
0002103310
Portfolio Value
$6.6B (Q1 2026)
SEC Filing
0002103310-26-000008 ↗ filed Apr 10, 2026

Holdings Value

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

Holdings 190 stocks · $6.6B
NVDA Nvidia Corp. 6.47% 2,466,225 $430.1M Reduce -6.7%
AAPL Apple Inc. 5.57% 1,458,893 $370.3M Reduce -8.4%
MSFT Microsoft Corp. 4.15% 746,276 $276.2M Reduce -5.1%
GOOGL Alphabet Inc. Class A 3.87% 895,643 $257.6M Reduce -19.6%
META Meta Platforms Inc. Class A 2.72% 315,582 $180.6M Reduce -14.6%
AVGO Broadcom Inc. 2.22% 477,142 $147.7M Reduce -25.5%
JPM JPMorgan Chase & Co. 2.10% 474,583 $139.6M Add +7.9%
LRCX Lam Research Corp. 1.88% 586,101 $125.2M Add +2.0%
AMAT Applied Materials Inc. 1.74% 338,165 $115.6M Add +17.9%
COST Costco Wholesale Corp. 1.56% 103,861 $103.5M Reduce -22.5%
GOOG Alphabet Inc. Class C 1.39% 322,649 $92.6M Add +29.4%
MRK Merck & Co. Inc. 1.35% 744,629 $89.6M Reduce -4.0%
ABBV Abbvie Inc. 1.26% 386,744 $84.1M Add +193.5%
KLAC KLA Corp. 1.23% 55,496 $81.7M Reduce -31.6%
NEM Newmont Corp. 1.22% 746,815 $80.8M Reduce -1.0%
MA Mastercard Inc. Class A 1.17% 156,019 $78.0M Add +18.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.10% 458,986 $73.3M Add +7.8%
LLY Eli Lilly & Co. 1.06% 76,692 $70.5M Reduce -24.0%
EBAY eBay Inc. 1.06% 773,239 $70.4M Add +2.5%
ANET Arista Networks Inc. 1.00% 542,532 $66.6M Add +5.8%
KO The Coca-Cola Co. 0.96% 836,647 $63.6M Add +21.9%
V Visa Inc. Class A 0.91% 200,418 $60.6M Reduce -45.0%
JNJ Johnson & Johnson 0.90% 244,050 $59.7M Add +15.8%
EME Emcor Group Inc. 0.83% 75,081 $55.4M Reduce -0.7%
HD Home Depot Inc. 0.82% 166,745 $54.8M Reduce -21.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.81% 221,544 $53.7M Add +16.8%
PGR Progressive Corp. 0.76% 254,549 $50.5M Add +10.8%
NFLX Netflix Inc. 0.70% 483,035 $46.4M Reduce -37.0%
MU Micron Technology Inc. 0.70% 137,197 $46.4M Reduce -1.1%
GE General Electric filed as GE AEROSPACE 0.68% 159,709 $45.3M Add +64.7%
VZ Verizon Communications Inc. 0.62% 826,105 $41.5M Add +34.1%
ECL Ecolab Inc. 0.61% 153,663 $40.9M Add +120.7%
C Citigroup Inc. 0.59% 345,479 $39.2M Add +92.8%
PH Parker Hannifin Corp. 0.59% 43,588 $39.0M Add +32.2%
AXP American Express Co. 0.58% 128,001 $38.7M Add +23.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.55% 753,328 $36.7M Add +81.6%
CMI Cummins Inc. 0.55% 68,204 $36.7M Add +10.3%
CSCO Cisco Systems Inc. 0.55% 472,291 $36.6M Add +63.0%
WFC Wells Fargo & Co. 0.55% 458,980 $36.5M Add +7.3%
NTES Netease Inc.-ADR 0.54% 321,279 $36.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.54% 372,593 $35.9M Add +34.4%
TT Trane Technologies PLC 0.53% 84,365 $35.2M Reduce -51.4%
ITW Illinois Tool Works 0.53% 134,514 $35.0M Add +158.5%
ROST Ross Stores Inc. 0.52% 159,958 $34.7M Add +59.3%
CRM Salesforce Inc. 0.51% 182,608 $34.1M Add +18.9%
MELI MercadoLibre Inc. 0.50% 19,254 $33.3M Add +65.3%
TD Toronto-Dominion Bank 0.50% 355,871 $33.1M Add +113.1%
ACN Accenture PLC Class A 0.49% 164,539 $32.6M Add +118.4%
QCOM Qualcomm Inc. 0.49% 251,201 $32.3M Reduce -2.9%
ETN Eaton Corp. PLC 0.49% 90,188 $32.3M Add +22.7%
TSCO Tractor Supply Company 0.48% 710,832 $32.2M Reduce -16.8%
UNP Union Pacific Corp. 0.48% 131,871 $32.0M Add +38.9%
PNC PNC Financial Services Group 0.47% 151,342 $31.5M Add +17.6%
MS Morgan Stanley 0.47% 189,897 $31.3M Add +29.4%
APD Air Products & Chemicals Inc. 0.47% 106,809 $31.0M Add +36.3%
HIG Hartford Insurance Group Inc. 0.46% 226,993 $30.7M Reduce -3.6%
CTVA Corteva Inc. 0.46% 362,338 $30.3M Add +52.0%
NOW ServiceNow Inc. 0.45% 284,729 $29.8M Reduce -5.5%
ORCL Oracle Corp. 0.45% 201,823 $29.7M Reduce -36.1%
STLD Steel Dynamics Inc. 0.44% 164,038 $29.5M Add +46.9%
HLT Hilton Worldwide Holdings Inc. 0.44% 96,820 $29.4M Add +29.4%
FDX FedEx Corp. 0.43% 80,650 $28.7M Add +105.8%
MFC Manulife Financial Corp. 0.43% 833,547 $28.6M Add +26.6%
GEV GE Vernova Inc. 0.43% 32,522 $28.4M Add +29.6%
EXC Exelon Corp. 0.42% 575,730 $28.2M Add +206.5%
PEP Pepsico Inc. 0.42% 180,225 $28.0M Add +14.5%
EQIX Equinix Inc. 0.42% 28,371 $27.8M New
HCA HCA Healthcare Inc. 0.42% 58,394 $27.6M Reduce -17.3%
T AT&T Inc. 0.41% 951,942 $27.6M Add +92.8%
SHW The Sherwin-Williams Co. 0.41% 85,535 $27.4M Add +31.2%
LOW Lowe's Cos Inc. 0.41% 114,807 $27.1M Add +34.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.40% 282,370 $26.7M Add +89.0%
BMY Bristol-Myers Squibb Co. 0.40% 434,631 $26.4M Add +100.2%
SYK Stryker Corp. 0.40% 80,063 $26.3M Add +92.3%
CL Colgate-Palmolive Co. 0.39% 307,337 $26.2M Add +16.4%
JCI Johnson Controls Internation 0.39% 199,076 $26.1M Add +31.5%
AMD Advanced Micro Devices 0.39% 126,833 $25.8M Reduce -20.0%
EIX Edison International 0.39% 349,866 $25.6M Add +74.6%
RY Royal Bank of Canada 0.38% 158,735 $25.6M Add +34.3%
COF Capital One Financial Corp. 0.38% 139,057 $25.4M Add +29.4%
BLK BlackRock Inc. 0.38% 26,304 $25.3M Add +31.1%
CNI Canadian Natl Railway Co. 0.37% 241,265 $24.8M Add +93.3%
PG The Procter & Gamble Co. 0.37% 170,048 $24.6M Reduce -4.2%
GM General Motors Co. 0.37% 329,549 $24.6M Reduce -17.7%
BN Brookfield Corp. 0.37% 603,573 $24.4M Add +29.4%
ADP Automatic Data Processing 0.36% 117,977 $24.0M Add +25.8%
ADI Analog Devices Inc. 0.36% 75,029 $23.9M Reduce -40.7%
TMO Thermo Fisher Scientific Inc. 0.36% 48,135 $23.7M Add +35.3%
DE Deere & Co. 0.35% 41,172 $23.2M Add +47.3%
PCAR Paccar Inc. 0.35% 199,285 $23.0M Add +31.7%
SYY Sysco Corp. 0.35% 322,307 $23.0M Add +32.7%
AMP Ameriprise Financial Inc. 0.34% 51,372 $22.8M Add +13.0%
F Ford Motor Co. filed as FORD MTR CO 0.34% 1,947,830 $22.5M Add +61.8%
SBUX Starbucks Corp. 0.34% 249,151 $22.3M Add +40.4%
UNH Unitedhealth Group Inc. 0.34% 82,412 $22.3M Add +39.4%
PFE Pfizer Inc. 0.33% 784,855 $22.0M Add +138.1%
MCD McDonald's Corp. 0.33% 70,878 $22.0M Add +80.2%
AEM Agnico Eagle Mines Ltd. 0.33% 108,221 $21.9M Add +2.8%
ADBE Adobe Inc. 0.33% 89,697 $21.8M Add +4.3%
TXN Texas Instruments Inc. 0.33% 111,518 $21.7M Add +29.6%

Show all 190 holdings

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -5.1% 4.15% −1.36
GOOGL Alphabet Inc. Class A Reduce -19.6% 3.87% −1.19
TTE Totalenergies SE Sold out 0.00% −1.08
AVGO Broadcom Inc. Reduce -25.5% 2.22% −0.99
V Visa Inc. Class A Reduce -45.0% 0.91% −0.94
META Meta Platforms Inc. Class A Reduce -14.6% 2.72% −0.82
AAPL Apple Inc. Reduce -8.4% 5.57% −0.71
NVDA Nvidia Corp. Reduce -6.7% 6.47% −0.68
SPGI S&P Global Inc. Reduce -60.5% 0.27% −0.54
LLY Eli Lilly & Co. Reduce -24.0% 1.06% −0.51
GH Guardant Health Inc. Sold out 0.00% −0.50
TT Trane Technologies PLC Reduce -51.4% 0.53% −0.45
ORCL Oracle Corp. Reduce -36.1% 0.45% −0.45
NFLX Netflix Inc. Reduce -37.0% 0.70% −0.34
TECH Bio-Techne Corp. Sold out 0.00% −0.32
ADPT Adaptive Biotechnologies Reduce -77.1% 0.08% −0.31
ROK Rockwell Automation Inc. Sold out 0.00% −0.29
HD Home Depot Inc. Reduce -21.9% 0.82% −0.24
NOW ServiceNow Inc. Reduce -5.5% 0.45% −0.22
CRWD CrowdStrike Holdings Inc. Class A Reduce -41.6% 0.22% −0.22
KLAC KLA Corp. Reduce -31.6% 1.23% −0.20
DXCM Dexcom Inc. Reduce -73.5% 0.07% −0.19
DAR Darling Ingredients Inc. Sold out 0.00% −0.19
HWM Howmet Aerospace Inc. Sold out 0.00% −0.19
FOXA Fox Corp. Class A Sold out 0.00% −0.17
SHOP Shopify Inc. Class A Reduce -19.8% 0.26% −0.17
LIN Linde PLC Sold out 0.00% −0.17
ALL Allstate Corp. Sold out 0.00% −0.16
QCOM Qualcomm Inc. Reduce -2.9% 0.49% −0.16
TEL Te Connectivity PLC Sold out 0.00% −0.15
ADI Analog Devices Inc. Reduce -40.7% 0.36% −0.14
TSCO Tractor Supply Company Reduce -16.8% 0.48% −0.14
HUBS HubSpot Inc. Sold out 0.00% −0.13
URI United Rentals Inc. Sold out 0.00% −0.13
TDG Transdigm Group Inc. Sold out 0.00% −0.12
CDW CDW Corp. Sold out 0.00% −0.12
COST Costco Wholesale Corp. Reduce -22.5% 1.56% −0.12
RMD Resmed Inc. Sold out 0.00% −0.12
UAL United Airlines Holdings Inc. Reduce -76.8% 0.03% −0.11
NSC Norfolk Southern Corp. Reduce -28.9% 0.30% −0.11
DVA Davita Inc. Sold out 0.00% −0.10
AMD Advanced Micro Devices Reduce -20.0% 0.39% −0.10
GM General Motors Co. Reduce -17.7% 0.37% −0.10
FCNCA First Citizens Bcshs Class A Sold out 0.00% −0.10
PAYX Paychex Inc. Sold out 0.00% −0.10
DAL Delta Air Lines Inc. Reduce -61.8% 0.06% −0.10
PYPL PayPal Holdings Inc. Sold out 0.00% −0.10
KGC Kinross Gold Corp. Reduce -57.5% 0.08% −0.09
DECK Deckers Outdoor Corp. Reduce -63.5% 0.05% −0.08
CLS Celestica Inc. Sold out 0.00% −0.08

Portfolio Buys Q4 2025 → Q1 2026
ABBV Abbvie Inc. Add +193.5% 1.26% +0.83
AMAT Applied Materials Inc. Add +17.9% 1.74% +0.67
LRCX Lam Research Corp. Add +2.0% 1.88% +0.46
EQIX Equinix Inc. New 0.42% +0.42
ECL Ecolab Inc. Add +120.7% 0.61% +0.35
ITW Illinois Tool Works Add +158.5% 0.53% +0.34
EXC Exelon Corp. Add +206.5% 0.42% +0.31
C Citigroup Inc. Add +92.8% 0.59% +0.29
TD Toronto-Dominion Bank Add +113.1% 0.50% +0.27
FDX FedEx Corp. Add +105.8% 0.43% +0.27
JNJ Johnson & Johnson Add +15.8% 0.90% +0.26
KO The Coca-Cola Co. Add +21.9% 0.96% +0.26
VZ Verizon Communications Inc. Add +34.1% 0.62% +0.26
ROST Ross Stores Inc. Add +59.3% 0.52% +0.26
GOOG Alphabet Inc. Class C Add +29.4% 1.39% +0.26
WAT Waters Corp. New 0.25% +0.25
AMT American Tower Corp. New 0.25% +0.25
GE General Electric Add +64.7% 0.68% +0.25
T AT&T Inc. Add +92.8% 0.41% +0.24
CSCO Cisco Systems Inc. Add +63.0% 0.55% +0.23
BMY Bristol-Myers Squibb Co. Add +100.2% 0.40% +0.23
CTVA Corteva Inc. Add +52.0% 0.46% +0.22
BAC Bank of America Corp. Add +81.6% 0.55% +0.22
PFE Pfizer Inc. Add +138.1% 0.33% +0.21
EIX Edison International Add +74.6% 0.39% +0.21
CM Can Imperial BK of Commerce Add +89.0% 0.40% +0.20
ACN Accenture PLC Class A Add +118.4% 0.49% +0.20
CNI Canadian Natl Railway Co. Add +93.3% 0.37% +0.19
GEV GE Vernova Inc. Add +29.6% 0.43% +0.19
APD Air Products & Chemicals Inc. Add +36.3% 0.47% +0.19
SYK Stryker Corp. Add +92.3% 0.40% +0.18
STLD Steel Dynamics Inc. Add +46.9% 0.44% +0.17
PH Parker Hannifin Corp. Add +32.2% 0.59% +0.17
UNP Union Pacific Corp. Add +38.9% 0.48% +0.16
LYB Lyondellbasell Indu Class A New 0.16% +0.16
MELI MercadoLibre Inc. Add +65.3% 0.50% +0.16
DE Deere & Co. Add +47.3% 0.35% +0.16
MMM 3M Co. Add +118.3% 0.31% +0.16
MCD McDonald's Corp. Add +80.2% 0.33% +0.16
FIX Comfort Systems USA Inc. New 0.16% +0.16
TJX TJX Companies Inc. Add +7.8% 1.10% +0.15
TGT Target Corp. Add +688.2% 0.17% +0.15
WM Waste Management Inc. Add +83.0% 0.29% +0.15
ETN Eaton Corp. PLC Add +22.7% 0.49% +0.15
CB Chubb Ltd. Add +81.0% 0.28% +0.14
ACM Aecom New 0.14% +0.14
NTR Nutrien Ltd. New 0.14% +0.14
BURL Burlington Stores Inc. New 0.13% +0.13
HLT Hilton Worldwide Holdings Inc. Add +29.4% 0.44% +0.13
JCI Johnson Controls Internation Add +31.5% 0.39% +0.13

Notes & Other Activity Q4 2025 → Q1 2026
PLD Prologis Inc. COM · principal Sold out 145,124 $18.5Mbefore exit
EQIX Equinix Inc. COM · principal Sold out 21,599 $16.5Mbefore exit
AMT American Tower Corp. COM · principal Sold out 67,171 $11.8Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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