Varma Mutual Pension Insurance Co
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Varma Mutual Pension Insurance Co reported 320 stock positions worth $13.2 billion. Its top holding was Invesco MSCI N Amr Climt ETF (KLMN) at 17.7% of the portfolio, followed by Invesco MSCI GL CLM 500 ETF (KLMT, 12.7%) and Apple (AAPL, 3.9%). Compared with Q3 2024, it opened 37 new positions, sold out of 32, added to 36 and reduced 237. The biggest buy was a new position in Invesco MSCI N Amr Climt ETF (KLMN) and the biggest sale iShares Expanded Tech-Softwa (IGV, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- Varma, H9
- CIK
- 0001698484
- Portfolio Value
- $13.2B (Q4 2024)
- SEC Filing
- 0001140361-25-003517 ↗ filed Feb 7, 2025
Holdings Value
Holdings 320 stocks · $13.2B
| KLMN Invesco MSCI N Amr Climt ETF | 17.68% | 96,708,594 | $2.3B | New |
| KLMT Invesco MSCI GL CLM 500 ETF | 12.73% | 64,298,247 | $1.7B | No change |
| AAPL Apple Inc. | 3.94% | 2,071,383 | $518.7M | Reduce -9.4% |
| NVDA Nvidia Corp. | 3.48% | 3,412,266 | $458.2M | Reduce -28.4% |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | 3.18% | 16,000,000 | $418.4M | New |
| MSFT Microsoft Corp. | 3.15% | 983,776 | $414.7M | Reduce -11.1% |
| LCTU iShares U.S. Carbon Transiti | 2.34% | 4,814,000 | $308.3M | No change |
| AMZN Amazon.com Inc. | 2.21% | 1,325,416 | $290.8M | Reduce -22.3% |
| GOOGL Alphabet Inc. Class A | 1.94% | 1,345,699 | $254.7M | Reduce -19.7% |
| VCIT Vanguard Int-Term Corporate | 1.65% | 2,700,000 | $216.7M | No change |
| META Meta Platforms Inc. Class A | 1.34% | 301,094 | $176.3M | Reduce -5.5% |
| TSLA Tesla Inc. | 1.25% | 407,026 | $164.4M | Reduce -17.2% |
| AVGO Broadcom Inc. | 1.14% | 649,230 | $150.5M | Reduce -3.3% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.98% | 2,050,000 | $129.5M | No change |
| VCLT Vanguard Long-Term Corp. Bond | 0.91% | 1,600,000 | $119.6M | New |
| IGV iShares Expanded Tech-Softwa | 0.77% | 1,016,162 | $101.7M | Reduce -86.1% |
| JPM JPMorgan Chase & Co. | 0.77% | 420,711 | $100.8M | Reduce -22.8% |
| EMLC Vaneck JPM Em Local Curr BND | 0.72% | 4,100,000 | $94.8M | No change |
| LLY Eli Lilly & Co. | 0.71% | 120,468 | $93.0M | Reduce -20.4% |
| V Visa Inc. Class A | 0.62% | 257,741 | $81.5M | Reduce -18.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.56% | 372,400 | $73.5M | Reduce -43.3% |
| XOM Exxon Mobil Corp. | 0.53% | 644,203 | $69.3M | Reduce -26.7% |
| VCEB Vanguard ESG US Corp. Bond | 0.52% | 1,100,000 | $68.2M | New |
| UNH Unitedhealth Group Inc. | 0.52% | 134,662 | $68.1M | Reduce -17.8% |
| MA Mastercard Inc. Class A | 0.51% | 128,308 | $67.6M | Reduce -23.7% |
| PG The Procter & Gamble Co. | 0.46% | 358,806 | $60.2M | Reduce -25.5% |
| HD Home Depot Inc. | 0.45% | 151,632 | $59.0M | Reduce -13.6% |
| NFLX Netflix Inc. | 0.45% | 66,075 | $58.9M | Reduce -15.7% |
| WMT Walmart Inc. | 0.45% | 651,609 | $58.9M | Reduce -29.3% |
| COST Costco Wholesale Corp. | 0.43% | 62,444 | $57.2M | Reduce -29.1% |
| ORCL Oracle Corp. | 0.43% | 340,318 | $56.7M | Reduce -2.7% |
| JNJ Johnson & Johnson | 0.39% | 359,056 | $51.9M | Reduce -16.2% |
| CRM Salesforce Inc. | 0.39% | 154,528 | $51.7M | Reduce -9.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 1,061,224 | $46.6M | Reduce -25.8% |
| ABBV Abbvie Inc. | 0.35% | 259,467 | $46.1M | Reduce -23.0% |
| NOW ServiceNow Inc. | 0.33% | 41,083 | $43.6M | Reduce -4.0% |
| MRK Merck & Co. Inc. | 0.32% | 425,174 | $42.3M | Reduce -15.4% |
| KO The Coca-Cola Co. | 0.32% | 677,843 | $42.2M | Reduce -28.0% |
| ADBE Adobe Inc. | 0.30% | 89,426 | $39.8M | Reduce -32.9% |
| CVX Chevron Corp. | 0.29% | 263,530 | $38.2M | Reduce -26.0% |
| GOOG Alphabet Inc. Class C | 0.29% | 198,000 | $37.7M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 71,117 | $37.0M | Reduce -15.6% |
| WFC Wells Fargo & Co. | 0.27% | 511,859 | $36.0M | Reduce -27.6% |
| PEP Pepsico Inc. | 0.27% | 230,095 | $35.0M | Reduce -27.7% |
| MCD McDonald's Corp. | 0.26% | 117,172 | $34.0M | Reduce -25.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 299,744 | $33.4M | Reduce -6.1% |
| CSCO Cisco Systems Inc. | 0.24% | 537,647 | $31.8M | Reduce -3.7% |
| LIN Linde PLC | 0.24% | 75,885 | $31.8M | Reduce -4.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 143,358 | $31.5M | Reduce -4.8% |
| CAT Caterpillar Inc. | 0.23% | 84,356 | $30.6M | Reduce -13.5% |
| ISRG Intuitive Surgical Inc. | 0.23% | 58,053 | $30.3M | Reduce -19.5% |
| ACN Accenture PLC Class A | 0.23% | 85,786 | $30.2M | Reduce -7.4% |
| SPGI S&P Global Inc. | 0.23% | 60,207 | $30.0M | Reduce -26.3% |
| GS Goldman Sachs Group Inc. | 0.23% | 52,300 | $29.9M | Reduce -34.0% |
| AMD Advanced Micro Devices | 0.23% | 247,917 | $29.9M | Reduce -2.4% |
| RY Royal Bank of Canada | 0.23% | 248,029 | $29.9M | Reduce -25.2% |
| ABT Abbott Laboratories | 0.22% | 258,152 | $29.2M | Reduce -19.6% |
| GE General Electric filed as GE AEROSPACE | 0.22% | 173,508 | $28.9M | Reduce -14.9% |
| T AT&T Inc. | 0.22% | 1,253,860 | $28.6M | Reduce -22.2% |
| QCOM Qualcomm Inc. | 0.21% | 178,871 | $27.5M | Add +0.2% |
| BSX Boston Scientific Corp. | 0.21% | 307,481 | $27.5M | Reduce -18.9% |
| AXP American Express Co. | 0.21% | 91,835 | $27.3M | Reduce -27.5% |
| VZ Verizon Communications Inc. | 0.20% | 675,009 | $27.0M | Reduce -8.7% |
| EMB iShares JP Morgan Usd Emergi | 0.20% | 300,000 | $26.7M | Reduce -85.0% |
| BKNG Booking Holdings Inc. | 0.20% | 5,335 | $26.5M | Reduce -27.3% |
| INTU Intuit Inc. | 0.20% | 42,058 | $26.4M | Reduce -7.7% |
| AMGN Amgen Inc. | 0.19% | 98,459 | $25.7M | Reduce -14.3% |
| MS Morgan Stanley | 0.19% | 202,712 | $25.5M | Reduce -28.3% |
| ETN Eaton Corp. PLC | 0.19% | 75,391 | $25.0M | Reduce -18.9% |
| BLK BlackRock Inc. | 0.19% | 24,012 | $24.6M | New |
| DHR Danaher Corp. | 0.18% | 103,426 | $23.7M | Reduce -22.3% |
| CMCSA Comcast Corp. Class A | 0.18% | 623,594 | $23.4M | Reduce -11.3% |
| PLTR Palantir Technologies Inc. Class A | 0.18% | 308,500 | $23.3M | New |
| C Citigroup Inc. | 0.18% | 329,376 | $23.2M | Reduce -25.4% |
| UNP Union Pacific Corp. | 0.17% | 100,701 | $23.0M | Reduce -8.4% |
| PFE Pfizer Inc. | 0.17% | 864,563 | $22.9M | Reduce -18.2% |
| MRSH Marsh & McLennan Cos | 0.17% | 107,304 | $22.8M | Add +0.8% |
| TXN Texas Instruments Inc. | 0.17% | 118,741 | $22.3M | Add +18.7% |
| AMAT Applied Materials Inc. | 0.17% | 136,782 | $22.2M | Add +3.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.17% | 180,683 | $21.8M | Reduce -27.7% |
| ADI Analog Devices Inc. | 0.16% | 101,859 | $21.6M | Reduce -1.0% |
| LOW Lowe's Cos Inc. | 0.16% | 87,599 | $21.6M | Reduce -19.0% |
| COP Conocophillips | 0.16% | 217,252 | $21.5M | Reduce -23.7% |
| BX Blackstone Inc. | 0.16% | 124,000 | $21.4M | Reduce -37.1% |
| PGR Progressive Corp. | 0.16% | 89,044 | $21.3M | Reduce -24.6% |
| NEE Nextera Energy Inc. | 0.16% | 294,793 | $21.1M | Reduce -1.2% |
| SHOP Shopify Inc. Class A | 0.16% | 192,658 | $20.5M | Reduce -17.3% |
| BABA Alibaba Group Holding-SP ADR | 0.15% | 240,400 | $20.4M | Add +12.7% |
| FISV Fiserv Inc. | 0.15% | 98,531 | $20.2M | Reduce -30.0% |
| GILD Gilead Sciences Inc. | 0.15% | 217,015 | $20.0M | Reduce -20.6% |
| ANET Arista Networks Inc. | 0.15% | 181,000 | $20.0M | Reduce -5.1% |
| PLD Prologis Inc. | 0.15% | 188,046 | $19.9M | Add +0.9% |
| PANW Palo Alto Networks Inc. | 0.15% | 109,176 | $19.9M | Reduce -4.8% |
| LRCX Lam Research Corp. | 0.15% | 274,730 | $19.8M | New |
| PH Parker Hannifin Corp. | 0.15% | 31,137 | $19.8M | Reduce -21.3% |
| UBER Uber Technologies Inc. | 0.15% | 326,292 | $19.7M | Reduce -8.6% |
| ENB Enbridge Inc. | 0.15% | 456,861 | $19.4M | Reduce -28.7% |
| BMY Bristol-Myers Squibb Co. | 0.15% | 341,926 | $19.3M | Reduce -23.5% |
| TMUS T-Mobile US Inc. | 0.15% | 86,517 | $19.1M | Reduce -38.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.14% | 46,826 | $18.9M | Reduce -16.3% |
Portfolio Sells Q3 2024 → Q4 2024
| IGV iShares Expanded Tech-Softwa | Reduce -86.1% | 0.77% | −4.50 |
| NVDA Nvidia Corp. | Reduce -28.4% | 3.48% | −1.53 |
| INDA iShares MSCI India ETF | Reduce -91.8% | 0.12% | −1.48 |
| VCSH Vanguard S/T Corp. Bond ETF | Sold out | 0.00% | −1.35 |
| EMB iShares JP Morgan Usd Emergi | Reduce -85.0% | 0.20% | −1.24 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -43.3% | 0.56% | −0.43 |
| MSFT Microsoft Corp. | Reduce -11.1% | 3.15% | −0.41 |
| EMCR Xtrackers Emerg Mark Carb Re | Sold out | 0.00% | −0.38 |
| GOOGL Alphabet Inc. Class A | Reduce -19.7% | 1.94% | −0.34 |
| AMZN Amazon.com Inc. | Reduce -22.3% | 2.21% | −0.31 |
| LLY Eli Lilly & Co. | Reduce -20.4% | 0.71% | −0.29 |
| XOM Exxon Mobil Corp. | Reduce -26.7% | 0.53% | −0.29 |
| UNH Unitedhealth Group Inc. | Reduce -17.8% | 0.52% | −0.21 |
| ADBE Adobe Inc. | Reduce -32.9% | 0.30% | −0.20 |
| ABBV Abbvie Inc. | Reduce -23.0% | 0.35% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -22.8% | 0.77% | −0.19 |
| COST Costco Wholesale Corp. | Reduce -29.1% | 0.43% | −0.17 |
| PG The Procter & Gamble Co. | Reduce -25.5% | 0.46% | −0.17 |
| KO The Coca-Cola Co. | Reduce -28.0% | 0.32% | −0.17 |
| PEP Pepsico Inc. | Reduce -27.7% | 0.27% | −0.15 |
| MA Mastercard Inc. Class A | Reduce -23.7% | 0.51% | −0.15 |
| AAPL Apple Inc. | Reduce -9.4% | 3.94% | −0.15 |
| WMT Walmart Inc. | Reduce -29.3% | 0.45% | −0.15 |
| JNJ Johnson & Johnson | Reduce -16.2% | 0.39% | −0.15 |
| TARGET CORP | Sold out | 0.00% | −0.14 |
| CVX Chevron Corp. | Reduce -26.0% | 0.29% | −0.13 |
| K Kellanova | Sold out | 0.00% | −0.13 |
| EWH iShares MSCI Hong Kong ETF | Sold out | 0.00% | −0.13 |
| TRAVELERS COMPANIES INC | Sold out | 0.00% | −0.13 |
| BAC Bank of America Corp. | Reduce -25.8% | 0.35% | −0.12 |
| AMERISOURCEBERGEN CORP | Sold out | 0.00% | −0.11 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −0.11 |
| V Visa Inc. Class A | Reduce -18.7% | 0.62% | −0.11 |
| TMUS T-Mobile US Inc. | Reduce -38.6% | 0.15% | −0.10 |
| MCD McDonald's Corp. | Reduce -25.0% | 0.26% | −0.10 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.10 |
| BX Blackstone Inc. | Reduce -37.1% | 0.16% | −0.10 |
| HD Home Depot Inc. | Reduce -13.6% | 0.45% | −0.10 |
| GS Goldman Sachs Group Inc. | Reduce -34.0% | 0.23% | −0.10 |
| AMGN Amgen Inc. | Reduce -14.3% | 0.19% | −0.10 |
| QUANTA SVCS INC | Sold out | 0.00% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -5.5% | 1.34% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -27.6% | 0.27% | −0.09 |
| RY Royal Bank of Canada | Reduce -25.2% | 0.23% | −0.09 |
| UPS United Parcel Service Class B | Reduce -50.4% | 0.07% | −0.09 |
| CMG Chipotle Mexican Grill Inc. | Reduce -45.0% | 0.12% | −0.09 |
| MTD Mettler-Toledo International | Sold out | 0.00% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -15.4% | 0.32% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -15.6% | 0.28% | −0.08 |
| COP Conocophillips | Reduce -23.7% | 0.16% | −0.08 |
Portfolio Buys Q3 2024 → Q4 2024
| KLMN Invesco MSCI N Amr Climt ETF | New | 17.68% | +17.68 |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | New | 3.18% | +3.18 |
| VCLT Vanguard Long-Term Corp. Bond | New | 0.91% | +0.91 |
| VCEB Vanguard ESG US Corp. Bond | New | 0.52% | +0.52 |
| BLK BlackRock Inc. | New | 0.19% | +0.19 |
| PLTR Palantir Technologies Inc. Class A | New | 0.18% | +0.18 |
| LRCX Lam Research Corp. | New | 0.15% | +0.15 |
| FTNT Fortinet Inc. | New | 0.09% | +0.09 |
| TRV The Travelers Cos Inc. | New | 0.09% | +0.09 |
| APP AppLovin Corp. Class A | New | 0.08% | +0.08 |
| ARES Ares Management Corp. Class A | New | 0.08% | +0.08 |
| TGT Target Corp. | New | 0.08% | +0.08 |
| CRH CRH PLC | New | 0.08% | +0.08 |
| COR Cencora Inc. | New | 0.08% | +0.08 |
| EW Edwards Lifesciences Corp. | New | 0.08% | +0.08 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.08% | +0.08 |
| PWR Quanta Services Inc. | New | 0.07% | +0.07 |
| AXON Axon Enterprise Inc. | New | 0.07% | +0.07 |
| ALL Allstate Corp. | New | 0.07% | +0.07 |
| CBRE CBRE Group Inc. Class A | New | 0.07% | +0.07 |
| FLUT Flutter Entertainment PLC-Di | New | 0.07% | +0.07 |
| HST Host Hotels & Resorts Inc. | New | 0.07% | +0.07 |
| KVUE Kenvue Inc. | New | 0.07% | +0.07 |
| TTD Trade Desk Inc./the Class A | New | 0.07% | +0.07 |
| FICO Fair Isaac Corp. | New | 0.07% | +0.07 |
| MSTR Strategy Inc. | New | 0.07% | +0.07 |
| ROK Rockwell Automation Inc. | New | 0.07% | +0.07 |
| DASH DoorDash Inc. Class A | New | 0.06% | +0.06 |
| IPG Interpublic Group of Cos Inc. | New | 0.06% | +0.06 |
| GRMN Garmin Ltd. | New | 0.06% | +0.06 |
| CAH Cardinal Health Inc. | New | 0.06% | +0.06 |
| TRP TC Energy Corp. | Add +247.6% | 0.08% | +0.06 |
| LNG Cheniere Energy Inc. | Add +243.9% | 0.07% | +0.05 |
| TEL Te Connectivity PLC | Add +104.8% | 0.11% | +0.05 |
| COIN Coinbase Global Inc. Class A | Add +207.1% | 0.07% | +0.05 |
| SCCO Southern Copper Corp. | New | 0.05% | +0.05 |
| GEHC GE Healthcare Technology | New | 0.04% | +0.04 |
| FAST Fastenal Co. | New | 0.04% | +0.04 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.03% | +0.03 |
| CVNA Carvana Co. | New | 0.03% | +0.03 |
| ROP Roper Technologies Inc. | Add +46.8% | 0.09% | +0.02 |
| SNOW Snowflake Inc. | Add +9.2% | 0.08% | +0.02 |
| CTSH Cognizant Tech Solutions-A | Add +33.9% | 0.08% | +0.02 |
| HEI.A Heico Corp. Class A | Add +76.4% | 0.05% | +0.02 |
| PPG PPG Industries Inc. | Add +27.9% | 0.10% | +0.02 |
| NKE Nike Inc. Class B | Add +18.5% | 0.12% | +0.01 |
| ARGX Argenx SE - ADR | New | 0.01% | +0.01 |
| CTRA Coterra Energy Inc. | Add +13.3% | 0.07% | +0.01 |
| TXN Texas Instruments Inc. | Add +18.7% | 0.17% | +0.01 |
| TDG Transdigm Group Inc. | Add +14.9% | 0.12% | +0.01 |
Notes & Other Activity Q3 2024 → Q4 2024
| RCI Rogers Communications Inc. Class B | CL B | Reduce -100.0% | 0 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 313 | $18.9B | KLMN, KLMT, IGV, EMCS, NVDA |
| Q1 2026Amended | 319 | $17.1B | IGV, KLMN, KLMT, XLE, EMCS |
| Q4 2025 | 308 | $16.5B | KLMN, KLMT, VOO, NVDA, AAPL |
| Q3 2025 | 312 | $15.6B | KLMN, KLMT, EMCS, NVDA, AAPL |
| Q2 2025 | 309 | $13.6B | KLMN, KLMT, EMCS, NVDA, MSFT |
| Q1 2025 | 318 | $11.6B | KLMN, KLMT, AAPL, MSFT, NVDA |
| Q4 2024 | 320 | $13.2B | KLMN, KLMT, AAPL, NVDA, EMCS |
| Q3 2024 | 316 | $12.6B | KLMT, IGV, NVDA, AAPL, MSFT |
| Q2 2024 | 344 | $12.4B | KLMT, NVDA, IGV, AAPL, MSFT |
| Q1 2024 | 354 | $11.5B | MSFT, EMCR, AAPL, NVDA, AMZN |