Varma Mutual Pension Insurance Co

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Varma Mutual Pension Insurance Co reported 354 stock positions worth $11.5 billion. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Xtrackers Emerg Mark Carb Re (EMCR, 4.4%) and Apple (AAPL, 4.1%). Compared with Q4 2023, it opened 91 new positions, sold out of 15, added to 247 and reduced 9. The biggest buy was a new position in Apple (AAPL) and the biggest sale an exit from iShares ESG Optimized MSCI U (SUSA).

Most Recent 13F
Q2 2026
Location
Varma, H9
CIK
0001698484
Portfolio Value
$11.5B (Q1 2024)
SEC Filing
0001140361-24-025715 ↗ filed May 13, 2024

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $11.5B $11.5B Q1 2024 Q2 2024: $12.4B Q2 2024 Q3 2024: $12.6B Q3 2024 Q4 2024: $13.2B Q4 2024 Q1 2025: $11.6B Q1 2025 Q2 2025: $13.6B Q2 2025 Q3 2025: $15.6B Q3 2025 Q4 2025: $16.5B Q4 2025 Q1 2026: $17.1B Q1 2026 Q2 2026: $18.9B Q2 2026

Holdings 354 stocks · $11.5B
MSFT Microsoft Corp. 4.80% 1,315,672 $553.5M Add +62.5%
EMCR Xtrackers Emerg Mark Carb Re 4.41% 17,971,430 $509.3M Reduce -35.5%
AAPL Apple Inc. 4.05% 2,726,753 $467.6M New
NVDA Nvidia Corp. 3.62% 461,968 $417.4M Add +168.8%
AMZN Amazon.com Inc. 3.26% 2,088,332 $376.7M New
GOOGL Alphabet Inc. Class A 2.77% 2,117,779 $319.6M Add +58.9%
LCTU iShares U.S. Carbon Transiti 2.39% 4,814,000 $276.4M No change
EMB iShares JP Morgan Usd Emergi 2.06% 2,656,000 $238.2M No change
META Meta Platforms Inc. Class A 2.02% 479,854 $233.0M Add +17.1%
VCIT Vanguard Int-Term Corporate 1.88% 2,700,000 $217.4M No change
VCSH Vanguard S/T Corp. Bond ETF 1.46% 2,180,000 $168.5M No change
VWOB Vanguard Emerg MKTS Gov BND 1.24% 2,250,000 $143.7M No change
ASHR Xtrackers Harvest Csi 300 CH 1.10% 5,269,125 $126.8M New
JPM JPMorgan Chase & Co. 1.03% 591,400 $118.5M Add +489.6%
LLY Eli Lilly & Co. 0.96% 142,873 $111.1M Add +146.0%
XOM Exxon Mobil Corp. 0.91% 904,800 $105.2M Add +532.7%
AVGO Broadcom Inc. 0.91% 78,824 $104.5M Add +163.4%
EMLC Vaneck JPM Em Local Curr BND 0.87% 4,100,000 $100.5M No change
V Visa Inc. Class A 0.82% 337,900 $94.3M Add +488.7%
TSLA Tesla Inc. 0.75% 492,900 $86.6M Add +143.9%
MA Mastercard Inc. Class A 0.74% 178,400 $85.9M Add +492.7%
UNH Unitedhealth Group Inc. 0.68% 158,000 $78.2M Add +149.2%
JNJ Johnson & Johnson 0.61% 446,300 $70.6M Add +148.5%
PG The Procter & Gamble Co. 0.60% 428,200 $69.5M Add +143.2%
HD Home Depot Inc. 0.60% 180,148 $69.1M Add +142.0%
CVX Chevron Corp. 0.58% 425,400 $67.1M Add +535.9%
MRK Merck & Co. Inc. 0.55% 484,200 $63.9M Add +147.7%
ABBV Abbvie Inc. 0.53% 332,800 $60.6M Add +146.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.51% 1,562,479 $59.2M New
AMD Advanced Micro Devices 0.48% 309,922 $55.9M New
COST Costco Wholesale Corp. 0.48% 76,000 $55.7M Add +142.0%
CRM Salesforce Inc. 0.48% 182,926 $55.1M Add +164.2%
IGV iShares Expanded Tech-Softwa 0.47% 632,390 $53.9M New
KO The Coca-Cola Co. 0.43% 810,700 $49.6M Add +146.6%
NFLX Netflix Inc. 0.43% 81,098 $49.3M Add +159.1%
WMT Walmart Inc. 0.42% 812,300 $48.9M Add +148.9%
PEP Pepsico Inc. 0.42% 275,700 $48.3M Add +148.6%
WFC Wells Fargo & Co. 0.40% 791,500 $45.9M Add +489.4%
TMO Thermo Fisher Scientific Inc. 0.39% 78,400 $45.6M Add +145.8%
LIN Linde PLC 0.38% 95,500 $44.3M Add +400.0%
COP Conocophillips 0.37% 339,100 $43.2M Add +543.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.37% 352,572 $43.1M Add +146.8%
ADBE Adobe Inc. 0.37% 85,123 $43.0M Add +163.3%
ACN Accenture PLC Class A 0.37% 123,100 $42.7M Add +149.7%
MCD McDonald's Corp. 0.36% 148,600 $41.9M Add +146.8%
CSCO Cisco Systems Inc. 0.34% 797,513 $39.8M Add +126.4%
ABT Abbott Laboratories 0.34% 344,500 $39.2M New
INDA iShares MSCI India ETF 0.34% 755,271 $39.0M Reduce -52.7%
INTU Intuit Inc. 0.33% 58,975 $38.3M Add +150.2%
GE General Electric 0.33% 218,229 $38.3M Add +146.8%
ORCL Oracle Corp. 0.33% 304,204 $38.2M Add +152.0%
SPGI S&P Global Inc. 0.33% 89,500 $38.1M Add +485.0%
AMAT Applied Materials Inc. 0.33% 183,900 $37.9M New
QCOM Qualcomm Inc. 0.32% 218,067 $36.9M Add +165.7%
CAT Caterpillar Inc. 0.32% 99,796 $36.6M Add +152.7%
TSM Taiwan Semiconductor-SP ADR 0.31% 266,100 $36.2M Reduce -16.5%
RY Royal Bank of Canada 0.31% 354,700 $35.8M New
CMCSA Comcast Corp. Class A 0.31% 813,282 $35.3M Add +128.0%
DHR Danaher Corp. 0.29% 135,800 $33.9M Add +120.5%
INTC Intel Corp. 0.29% 757,400 $33.5M Add +154.1%
GS Goldman Sachs Group Inc. 0.29% 80,000 $33.4M Add +488.2%
VZ Verizon Communications Inc. 0.29% 794,886 $33.4M Add +141.0%
AXP American Express Co. 0.29% 146,100 $33.3M New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.29% 172,800 $33.0M Add +152.3%
NOW ServiceNow Inc. 0.28% 42,716 $32.6M Add +160.2%
LRCX Lam Research Corp. 0.28% 33,400 $32.5M Add +156.9%
C Citigroup Inc. 0.27% 488,200 $30.9M Add +484.0%
TXN Texas Instruments Inc. 0.26% 174,212 $30.3M Add +138.3%
ETN Eaton Corp. PLC 0.26% 96,466 $30.2M Add +150.8%
MS Morgan Stanley 0.26% 318,700 $30.0M Add +488.0%
PFE Pfizer Inc. 0.26% 1,064,900 $29.6M Add +143.2%
AMGN Amgen Inc. 0.25% 103,500 $29.4M New
BLK BlackRock Finance Inc. 0.25% 34,900 $29.1M Add +481.7%
ISRG Intuitive Surgical Inc. 0.25% 71,600 $28.6M Add +142.7%
BKNG Booking Holdings Inc. 0.25% 7,830 $28.4M Add +167.2%
LOW Lowe's Cos Inc. 0.25% 111,301 $28.4M Add +138.8%
PLD Prologis Inc. 0.24% 215,200 $28.0M Add +393.6%
UBER Uber Technologies Inc. 0.24% 361,846 $27.9M Add +149.8%
PGR Progressive Corp. 0.24% 133,400 $27.6M Add +482.5%
ENB Enbridge Inc. 0.24% 761,100 $27.5M Add +534.8%
EWC iShares MSCI Canada ETF 0.24% 714,350 $27.3M Reduce -84.1%
BSX Boston Scientific Corp. 0.23% 394,200 $27.0M Add +148.2%
UNP Union Pacific Corp. 0.23% 109,552 $26.9M Add +149.3%
TD Toronto-Dominion Bank 0.23% 445,000 $26.9M New
MU Micron Technology Inc. 0.22% 218,899 $25.8M Add +157.2%
NEE Nextera Energy Inc. 0.22% 401,700 $25.7M Add +122.8%
SCHW Schwab (charles) Corp. 0.22% 351,000 $25.4M Add +473.5%
SYK Stryker Corp. 0.22% 70,700 $25.3M Add +145.5%
FCX Freeport-McMoran Inc. 0.22% 535,400 $25.2M Add +398.5%
FISV Fiserv Inc. 0.22% 156,800 $25.1M Add +482.9%
CB Chubb Ltd. 0.22% 96,400 $25.0M Add +480.7%
T AT&T Inc. 0.22% 1,411,173 $24.8M Add +141.5%
EOG EOG Resources Inc. 0.21% 193,300 $24.7M Add +538.0%
GOOG Alphabet Inc. Class C 0.21% 160,385 $24.4M Reduce -7.9%
MRSH Marsh & McLennan Cos 0.21% 117,300 $24.2M Add +489.4%
ADI Analog Devices Inc. 0.21% 121,027 $23.9M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.20% 232,668 $23.6M Add +144.7%
MDT Medtronic PLC 0.20% 269,900 $23.5M Add +155.8%
BMY Bristol-Myers Squibb Co. 0.20% 432,700 $23.5M Add +145.2%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.20% 238,400 $23.3M New

Show all 354 holdings

Portfolio Sells Q4 2023 → Q1 2024
SUSA iShares ESG Optimized MSCI U Sold out 0.00% −20.55
VFH Vanguard Financials ETF Sold out 0.00% −8.32
IWM iShares Russell 2000 ETF Reduce -99.1% 0.05% −6.45
EMCR Xtrackers Emerg Mark Carb Re Reduce -35.5% 4.41% −4.25
VGT Vanguard Info Tech ETF Sold out 0.00% −3.56
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −2.48
ITB iShares U.S. Home Constructi Sold out 0.00% −1.86
EWC iShares MSCI Canada ETF Reduce -84.1% 0.24% −1.62
XLE SS Energy Select Sector Sold out 0.00% −1.21
XLF SS Financial Select Sector Sold out 0.00% −0.70
XLC SS Comm Select Sector SPDR Sold out 0.00% −0.63
XLV SS Health Care Select Sector Sold out 0.00% −0.62
INDA iShares MSCI India ETF Reduce -52.7% 0.34% −0.54
XLRE SS Real Estate Select Sector Sold out 0.00% −0.41
EEM iShares MSCI Emerging Market Reduce -89.6% 0.03% −0.34
GXC State Street SPDR S&P China Reduce -79.6% 0.02% −0.12
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.07
GOOG Alphabet Inc. Class C Reduce -7.9% 0.21% −0.06
TSM Taiwan Semiconductor-SP ADR Reduce -16.5% 0.31% −0.06
BMRN Biomarin Pharmaceutical Inc. Reduce -40.0% 0.02% −0.03
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.03
KEYS Keysight Technologies Inc. Sold out 0.00% −0.02
RMD Resmed Inc. Sold out 0.00% −0.02
NTR Nutrien Ltd. Sold out 0.00% −0.02

Portfolio Buys Q4 2023 → Q1 2024
AAPL Apple Inc. New 4.05% +4.05
AMZN Amazon.com Inc. New 3.26% +3.26
NVDA Nvidia Corp. Add +168.8% 3.62% +2.66
MSFT Microsoft Corp. Add +62.5% 4.80% +1.38
ASHR Xtrackers Harvest Csi 300 CH New 1.10% +1.10
JPM JPMorgan Chase & Co. Add +489.6% 1.03% +0.83
XOM Exxon Mobil Corp. Add +532.7% 0.91% +0.75
GOOGL Alphabet Inc. Class A Add +58.9% 2.77% +0.68
V Visa Inc. Class A Add +488.7% 0.82% +0.65
MA Mastercard Inc. Class A Add +492.7% 0.74% +0.60
LLY Eli Lilly & Co. Add +146.0% 0.96% +0.58
AVGO Broadcom Inc. Add +163.4% 0.91% +0.53
BAC Bank of America Corp. New 0.51% +0.51
AMD Advanced Micro Devices New 0.48% +0.48
CVX Chevron Corp. Add +535.9% 0.58% +0.47
IGV iShares Expanded Tech-Softwa New 0.47% +0.47
META Meta Platforms Inc. Class A Add +17.1% 2.02% +0.39
ABT Abbott Laboratories New 0.34% +0.34
AMAT Applied Materials Inc. New 0.33% +0.33
WFC Wells Fargo & Co. Add +489.4% 0.40% +0.32
MRK Merck & Co. Inc. Add +147.7% 0.55% +0.31
PG The Procter & Gamble Co. Add +143.2% 0.60% +0.31
RY Royal Bank of Canada New 0.31% +0.31
HD Home Depot Inc. Add +142.0% 0.60% +0.31
COP Conocophillips Add +543.5% 0.37% +0.31
UNH Unitedhealth Group Inc. Add +149.2% 0.68% +0.30
LIN Linde PLC Add +400.0% 0.38% +0.30
JNJ Johnson & Johnson Add +148.5% 0.61% +0.30
ABBV Abbvie Inc. Add +146.0% 0.53% +0.29
AXP American Express Co. New 0.29% +0.29
CRM Salesforce Inc. Add +164.2% 0.48% +0.27
NFLX Netflix Inc. Add +159.1% 0.43% +0.26
AMGN Amgen Inc. New 0.25% +0.25
SPGI S&P Global Inc. Add +485.0% 0.33% +0.25
COST Costco Wholesale Corp. Add +142.0% 0.48% +0.25
TD Toronto-Dominion Bank New 0.23% +0.23
WMT Walmart Inc. Add +148.9% 0.42% +0.23
GS Goldman Sachs Group Inc. Add +488.2% 0.29% +0.23
DIS The Walt Disney Co. Add +146.8% 0.37% +0.23
C Citigroup Inc. Add +484.0% 0.27% +0.22
KO The Coca-Cola Co. Add +146.6% 0.43% +0.21
ADI Analog Devices Inc. New 0.21% +0.21
PEP Pepsico Inc. Add +148.6% 0.42% +0.21
GE General Electric Add +146.8% 0.33% +0.21
TMO Thermo Fisher Scientific Inc. Add +145.8% 0.39% +0.20
MS Morgan Stanley Add +488.0% 0.26% +0.20
BMO Bank of Montreal New 0.20% +0.20
PGR Progressive Corp. Add +482.5% 0.24% +0.20
BLK BlackRock Finance Inc. Add +481.7% 0.25% +0.20
ELV Elevance Health Inc. New 0.20% +0.20

Notes & Other Activity Q4 2023 → Q1 2024
CRH CRH PLC ORD Sold out 0 $0before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 313$18.9BKLMN, KLMT, IGV, EMCS, NVDA
Q1 2026Amended 319$17.1BIGV, KLMN, KLMT, XLE, EMCS
Q4 2025 308$16.5BKLMN, KLMT, VOO, NVDA, AAPL
Q3 2025 312$15.6BKLMN, KLMT, EMCS, NVDA, AAPL
Q2 2025 309$13.6BKLMN, KLMT, EMCS, NVDA, MSFT
Q1 2025 318$11.6BKLMN, KLMT, AAPL, MSFT, NVDA
Q4 2024 320$13.2BKLMN, KLMT, AAPL, NVDA, EMCS
Q3 2024 316$12.6BKLMT, IGV, NVDA, AAPL, MSFT
Q2 2024 344$12.4BKLMT, NVDA, IGV, AAPL, MSFT
Q1 2024 354$11.5BMSFT, EMCR, AAPL, NVDA, AMZN