Varma Mutual Pension Insurance Co

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Varma Mutual Pension Insurance Co reported 318 stock positions worth $11.6 billion. Its top holding was Invesco MSCI N Amr Climt ETF (KLMN) at 16.9% of the portfolio, followed by Invesco MSCI GL CLM 500 ETF (KLMT, 10.0%) and Apple (AAPL, 4.3%). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 27 and reduced 275. The biggest buy was iShares Expanded Tech-Softwa (IGV, shares +144%) and the biggest sale Invesco MSCI GL CLM 500 ETF (KLMT, shares −30%).

Most Recent 13F
Q2 2026
Location
Varma, H9
CIK
0001698484
Portfolio Value
$11.6B (Q1 2025)
SEC Filing
0001140361-25-018585 ↗ filed May 13, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $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 $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 318 stocks · $11.6B
KLMN Invesco MSCI N Amr Climt ETF 16.88% 85,392,268 $2.0B Reduce -11.7%
KLMT Invesco MSCI GL CLM 500 ETF 9.95% 44,931,497 $1.2B Reduce -30.1%
AAPL Apple Inc. 4.27% 2,237,283 $497.0M Add +8.0%
MSFT Microsoft Corp. 3.34% 1,033,676 $388.0M Add +5.1%
NVDA Nvidia Corp. 3.26% 3,500,466 $379.4M Add +2.6%
LCTU iShares U.S. Carbon Transiti 2.51% 4,814,000 $291.8M No change
AMZN Amazon.com Inc. 1.99% 1,214,111 $231.0M Reduce -8.4%
IGV iShares Expanded Tech-Softwa 1.90% 2,482,227 $220.9M Add +144.3%
VCIT Vanguard Int-Term Corporate 1.90% 2,700,000 $220.8M No change
GOOGL Alphabet Inc. Class A 1.67% 1,256,099 $194.2M Reduce -6.7%
EMCS Xtracke MSCI Emer Ms ETF-Usd 1.45% 6,000,000 $168.2M Reduce -62.5%
META Meta Platforms Inc. Class A 1.45% 291,694 $168.1M Reduce -3.1%
VWOB Vanguard Emerg MKTS Gov BND 1.13% 2,050,000 $131.6M No change
VCLT Vanguard Long-Term Corp. Bond 1.04% 1,600,000 $121.5M No change
JNK SS SPDR BB High Yield Bond 0.90% 1,100,000 $104.8M New
EMLC Vaneck JPM Em Local Curr BND 0.84% 4,100,000 $97.8M No change
AVGO Broadcom Inc. 0.81% 565,030 $94.6M Reduce -13.0%
JPM JPMorgan Chase & Co. 0.80% 378,111 $92.8M Reduce -10.1%
TSLA Tesla Inc. 0.79% 354,323 $91.8M Reduce -12.9%
LLY Eli Lilly & Co. 0.77% 108,868 $89.9M Reduce -9.6%
V Visa Inc. Class A 0.70% 233,541 $81.8M Reduce -9.4%
XOM Exxon Mobil Corp. 0.61% 592,103 $70.4M Reduce -8.1%
VCEB Vanguard ESG US Corp. Bond 0.60% 1,100,000 $69.2M No change
MA Mastercard Inc. Class A 0.55% 116,608 $63.9M Reduce -9.1%
EMB iShares JP Morgan Usd Emergi 0.55% 700,000 $63.4M Add +133.3%
UNH Unitedhealth Group Inc. 0.54% 120,262 $63.0M Reduce -10.7%
TSM Taiwan Semiconductor-SP ADR 0.53% 372,400 $61.8M No change
JNJ Johnson & Johnson 0.51% 356,756 $59.2M Reduce -0.6%
PG The Procter & Gamble Co. 0.49% 333,055 $56.8M Reduce -7.2%
NFLX Netflix Inc. 0.47% 58,975 $55.0M Reduce -10.8%
COST Costco Wholesale Corp. 0.47% 57,957 $54.8M Reduce -7.2%
FALN iShares Fallen Angels ETF 0.46% 2,000,000 $53.6M New
WMT Walmart Inc. 0.46% 605,166 $53.1M Reduce -7.1%
ASHR Xtrackers Harvest Csi 300 CH 0.45% 1,990,078 $52.9M New
ABBV Abbvie Inc. 0.44% 246,167 $51.6M Reduce -5.1%
HD Home Depot Inc. 0.44% 139,095 $51.0M Reduce -8.3%
KO The Coca-Cola Co. 0.38% 609,276 $43.6M Reduce -10.1%
KURE Kraneshares MSCI All China H 0.36% 2,682,129 $41.8M New
ORCL Oracle Corp. 0.36% 297,118 $41.5M Reduce -12.7%
CVX Chevron Corp. 0.35% 242,230 $40.5M Reduce -8.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.35% 961,624 $40.1M Reduce -9.4%
CRM Salesforce Inc. 0.32% 136,828 $36.7M Reduce -11.4%
ABT Abbott Laboratories 0.29% 258,552 $34.3M Add +0.1%
MRK Merck & Co. Inc. 0.29% 382,074 $34.3M Reduce -10.1%
MCD McDonald's Corp. 0.29% 109,566 $34.2M Reduce -6.5%
WFC Wells Fargo & Co. 0.29% 464,859 $33.4M Reduce -9.2%
LIN Linde PLC 0.29% 71,285 $33.2M Reduce -6.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.28% 132,258 $32.9M Reduce -7.7%
GE General Electric filed as GE AEROSPACE 0.28% 164,008 $32.8M Reduce -5.5%
T AT&T Inc. 0.28% 1,153,960 $32.6M Reduce -8.0%
PEP Pepsico Inc. 0.28% 213,457 $32.0M Reduce -7.2%
CSCO Cisco Systems Inc. 0.27% 503,147 $31.0M Reduce -6.4%
TMO Thermo Fisher Scientific Inc. 0.26% 61,117 $30.4M Reduce -14.1%
ALV Autoliv Inc. 0.25% 326,237 $28.9M New
BSX Boston Scientific Corp. 0.24% 279,081 $28.2M Reduce -9.2%
BABA Alibaba Group Holding-SP ADR 0.24% 210,400 $27.8M Reduce -12.5%
SPGI S&P Global Inc. 0.24% 54,507 $27.7M Reduce -9.5%
AMT American Tower Corp. 0.24% 147,848 $27.4M Add +66.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.23% 276,844 $27.3M Reduce -7.6%
GOOG Alphabet Inc. Class C 0.23% 171,800 $26.8M Reduce -13.2%
AMGN Amgen Inc. 0.23% 85,659 $26.7M Reduce -13.0%
CAT Caterpillar Inc. 0.23% 80,556 $26.6M Reduce -4.5%
GS Goldman Sachs Group Inc. 0.22% 47,500 $25.9M Reduce -9.2%
ISRG Intuitive Surgical Inc. 0.22% 52,253 $25.9M Reduce -10.0%
QCOM Qualcomm Inc. 0.22% 165,271 $25.4M Reduce -7.6%
NOW ServiceNow Inc. 0.22% 31,483 $25.1M Reduce -23.4%
RY Royal Bank of Canada 0.22% 222,529 $25.1M Reduce -10.3%
ACN Accenture PLC Class A 0.21% 79,886 $24.9M Reduce -6.9%
PLTR Palantir Technologies Inc. Class A 0.21% 285,100 $24.1M Reduce -7.6%
INTU Intuit Inc. 0.21% 38,958 $23.9M Reduce -7.4%
MRSH Marsh & McLennan Cos 0.20% 96,704 $23.6M Reduce -9.9%
BKNG Booking Holdings Inc. 0.20% 5,024 $23.1M Reduce -5.8%
TMUS T-Mobile US Inc. 0.20% 86,717 $23.1M Add +0.2%
PGR Progressive Corp. 0.20% 80,644 $22.8M Reduce -9.4%
UNP Union Pacific Corp. 0.19% 95,701 $22.6M Reduce -5.0%
VZ Verizon Communications Inc. 0.19% 498,409 $22.6M Reduce -26.2%
AXP American Express Co. 0.19% 83,435 $22.4M Reduce -9.2%
PFE Pfizer Inc. 0.19% 863,263 $21.9M Reduce -0.1%
GILD Gilead Sciences Inc. 0.19% 195,015 $21.9M Reduce -10.1%
MS Morgan Stanley 0.18% 184,012 $21.5M Reduce -9.2%
C Citigroup Inc. 0.18% 298,976 $21.2M Reduce -9.2%
COP Conocophillips 0.18% 198,152 $20.8M Reduce -8.8%
DE Deere & Co. 0.18% 44,307 $20.8M Add +36.7%
NEE Nextera Energy Inc. 0.18% 291,793 $20.7M Reduce -1.0%
BLK BlackRock Inc. 0.18% 21,812 $20.6M Reduce -9.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.17% 166,566 $20.3M Reduce -7.8%
UBER Uber Technologies Inc. 0.17% 275,592 $20.1M Reduce -15.5%
TXN Texas Instruments Inc. 0.17% 110,741 $19.9M Reduce -6.7%
FISV Fiserv Inc. 0.17% 89,431 $19.7M Reduce -9.2%
ADBE Adobe Inc. 0.17% 51,326 $19.7M Reduce -42.6%
PLD Prologis Inc. 0.16% 169,946 $19.0M Reduce -9.6%
BMY Bristol-Myers Squibb Co. 0.16% 311,326 $19.0M Reduce -8.9%
ADI Analog Devices Inc. 0.16% 93,959 $18.9M Reduce -7.8%
ADP Automatic Data Processing 0.16% 61,653 $18.8M Add +11.0%
AMAT Applied Materials Inc. 0.16% 127,882 $18.6M Reduce -6.5%
LRCX Lam Research Corp. 0.16% 254,330 $18.5M Reduce -7.4%
DHR Danaher Corp. 0.16% 89,926 $18.4M Reduce -13.1%
LOW Lowe's Cos Inc. 0.16% 78,563 $18.3M Reduce -10.3%
ENB Enbridge Inc. 0.16% 413,661 $18.3M Reduce -9.5%
VRTX Vertex Pharmaceuticals Inc. 0.16% 37,626 $18.2M Reduce -19.6%

Show all 318 holdings

Portfolio Sells Q4 2024 → Q1 2025
KLMT Invesco MSCI GL CLM 500 ETF Reduce -30.1% 9.95% −2.78
EMCS Xtracke MSCI Emer Ms ETF-Usd Reduce -62.5% 1.45% −1.73
KLMN Invesco MSCI N Amr Climt ETF Reduce -11.7% 16.88% −0.80
TSLA Tesla Inc. Reduce -12.9% 0.79% −0.46
AVGO Broadcom Inc. Reduce -13.0% 0.81% −0.33
GOOGL Alphabet Inc. Class A Reduce -6.7% 1.67% −0.26
AMZN Amazon.com Inc. Reduce -8.4% 1.99% −0.22
ADBE Adobe Inc. Reduce -42.6% 0.17% −0.13
INDA iShares MSCI India ETF Sold out 0.00% −0.12
NOW ServiceNow Inc. Reduce -23.4% 0.22% −0.12
AMD Advanced Micro Devices Reduce -36.7% 0.14% −0.09
CRM Salesforce Inc. Reduce -11.4% 0.32% −0.08
ORCL Oracle Corp. Reduce -12.7% 0.36% −0.07
ROK Rockwell Automation Inc. Sold out 0.00% −0.07
AWK American Water Works Co. Inc. Sold out 0.00% −0.06
GOOG Alphabet Inc. Class C Reduce -13.2% 0.23% −0.06
MRVL Marvell Technology Inc. Reduce -7.7% 0.08% −0.06
ANET Arista Networks Inc. Reduce -7.8% 0.11% −0.04
ETN Eaton Corp. PLC Reduce -13.9% 0.15% −0.04
GLNG Golar LNG Ltd. Sold out 0.00% −0.04
TTD Trade Desk Inc./the Class A Reduce -7.0% 0.03% −0.03
WDAY Workday Inc. Class A Reduce -36.4% 0.06% −0.03
HEI.A Heico Corp. Class A Reduce -65.5% 0.02% −0.03
BX Blackstone Inc. Reduce -9.6% 0.13% −0.03
CMCSA Comcast Corp. Class A Reduce -23.8% 0.15% −0.03
MRK Merck & Co. Inc. Reduce -10.1% 0.29% −0.03
XYZ Block Inc. Reduce -9.1% 0.05% −0.03
PH Parker Hannifin Corp. Reduce -23.1% 0.13% −0.03
KKR KKR & Co. Inc. Reduce -9.1% 0.10% −0.02
EIX Edison International Reduce -16.5% 0.05% −0.02
PYPL PayPal Holdings Inc. Reduce -9.1% 0.09% −0.02
NKE Nike Inc. Class B Reduce -15.3% 0.09% −0.02
DHR Danaher Corp. Reduce -13.1% 0.16% −0.02
COIN Coinbase Global Inc. Class A Reduce -10.7% 0.05% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -14.1% 0.26% −0.02
A Agilent Technologies Inc. Reduce -23.4% 0.06% −0.02
DIS The Walt Disney Co. Reduce -7.6% 0.23% −0.02
DXCM Dexcom Inc. Sold out 0.00% −0.02
TGT Target Corp. Reduce -7.3% 0.07% −0.02
ACN Accenture PLC Class A Reduce -6.9% 0.21% −0.01
DLR Digital Realty Trust Inc. Reduce -9.2% 0.07% −0.01
EQIX Equinix Inc. Reduce -9.2% 0.12% −0.01
APO Apollo Global Management Inc. Reduce -8.8% 0.08% −0.01
PWR Quanta Services Inc. Reduce -10.9% 0.06% −0.01
AXP American Express Co. Reduce -9.2% 0.19% −0.01
CDNS Cadence Design SYS Inc. Reduce -8.1% 0.10% −0.01
ARES Ares Management Corp. Class A Reduce -10.6% 0.07% −0.01
CMI Cummins Inc. Reduce -13.7% 0.09% −0.01
MAR Marriott International Class A Reduce -7.8% 0.10% −0.01
BNS Bank of Nova Scotia Reduce -10.5% 0.10% −0.01

Portfolio Buys Q4 2024 → Q1 2025
IGV iShares Expanded Tech-Softwa Add +144.3% 1.90% +1.13
JNK SS SPDR BB High Yield Bond New 0.90% +0.90
FALN iShares Fallen Angels ETF New 0.46% +0.46
ASHR Xtrackers Harvest Csi 300 CH New 0.45% +0.45
KURE Kraneshares MSCI All China H New 0.36% +0.36
EMB iShares JP Morgan Usd Emergi Add +133.3% 0.55% +0.34
AAPL Apple Inc. Add +8.0% 4.27% +0.33
ALV Autoliv Inc. New 0.25% +0.25
MSFT Microsoft Corp. Add +5.1% 3.34% +0.19
AMT American Tower Corp. Add +66.3% 0.24% +0.11
DE Deere & Co. Add +36.7% 0.18% +0.07
ABT Abbott Laboratories Add +0.1% 0.29% +0.07
CVS CVS Health Corp. Add +19.4% 0.12% +0.06
TMUS T-Mobile US Inc. Add +0.2% 0.20% +0.05
CP Canadian Pacific Kansas City Add +41.0% 0.12% +0.04
ADP Automatic Data Processing Add +11.0% 0.16% +0.04
ITW Illinois Tool Works Add +36.9% 0.10% +0.03
CNI Canadian Natl Railway Co. Add +33.1% 0.10% +0.03
EXC Exelon Corp. Add +5.2% 0.09% +0.03
CSX CSX Corp. Add +36.7% 0.10% +0.03
FAST Fastenal Co. Add +37.5% 0.07% +0.03
UPS United Parcel Service Class B Add +35.7% 0.10% +0.02
GEHC GE Healthcare Technology Add +30.7% 0.06% +0.02
FDX FedEx Corp. Add +36.4% 0.07% +0.02
JCI Johnson Controls Internation Add +1.2% 0.11% +0.02
ES Eversource Energy Add +4.1% 0.07% +0.01
AME Ametek Inc. Add +0.8% 0.08% +0.01
PCG P G & E Corp. Add +11.4% 0.08% +0.01
URI United Rentals Inc. Add +2.5% 0.06% +0.00
EMR Emerson Electric Co. Add +1.1% 0.11% +0.00
CMG Chipotle Mexican Grill Inc. Add +1.4% 0.11% −0.01
NVDA Nvidia Corp. Add +2.6% 3.26% −0.22

Notes & Other Activity Q4 2024 → Q1 2025
RCI Rogers Communications Inc. Class B CL B 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