Varma Mutual Pension Insurance Co
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Varma Mutual Pension Insurance Co reported 309 stock positions worth $13.6 billion. Its top holding was Invesco MSCI N Amr Climt ETF (KLMN) at 19.1% of the portfolio, followed by Invesco MSCI GL CLM 500 ETF (KLMT, 9.4%) and Xtracke MSCI Emer Ms ETF-Usd (EMCS, 5.5%). Compared with Q1 2025, it opened 19 new positions, sold out of 28, added to 160 and reduced 116. The biggest buy was Xtracke MSCI Emer Ms ETF-Usd (EMCS, shares +301%) and the biggest sale an exit from iShares Expanded Tech-Softwa (IGV).
- Most Recent 13F
- Q2 2026
- Location
- Varma, H9
- CIK
- 0001698484
- Portfolio Value
- $13.6B (Q2 2025)
- SEC Filing
- 0001140361-25-029494 ↗ filed Aug 7, 2025
Holdings Value
Holdings 309 stocks · $13.6B
| KLMN Invesco MSCI N Amr Climt ETF | 19.09% | 101,366,510 | $2.6B | Add +18.7% |
| KLMT Invesco MSCI GL CLM 500 ETF | 9.42% | 44,931,497 | $1.3B | No change |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | 5.53% | 24,060,680 | $751.1M | Add +301.0% |
| NVDA Nvidia Corp. | 4.32% | 3,707,266 | $585.7M | Add +5.9% |
| MSFT Microsoft Corp. | 3.85% | 1,049,476 | $522.0M | Add +1.5% |
| AAPL Apple Inc. | 3.52% | 2,329,683 | $478.0M | Add +4.1% |
| AMZN Amazon.com Inc. | 2.45% | 1,513,611 | $332.1M | Add +24.7% |
| LCTU iShares U.S. Carbon Transiti | 2.39% | 4,814,000 | $323.8M | No change |
| GOOGL Alphabet Inc. Class A | 1.92% | 1,481,599 | $261.1M | Add +17.9% |
| META Meta Platforms Inc. Class A | 1.88% | 346,344 | $255.6M | Add +18.7% |
| VCIT Vanguard Int-Term Corporate | 1.65% | 2,700,000 | $223.9M | No change |
| AVGO Broadcom Inc. | 1.18% | 582,830 | $160.7M | Add +3.1% |
| VCLT Vanguard Long-Term Corp. Bond | 0.89% | 1,600,000 | $121.4M | No change |
| TSLA Tesla Inc. | 0.82% | 352,223 | $111.9M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 0.79% | 371,511 | $107.7M | Reduce -1.8% |
| LLY Eli Lilly & Co. | 0.63% | 109,268 | $85.2M | Add +0.4% |
| V Visa Inc. Class A | 0.63% | 239,741 | $85.1M | Add +2.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.61% | 364,600 | $82.6M | Reduce -2.1% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.60% | 1,250,000 | $81.7M | Reduce -39.0% |
| EMLC Vaneck JPM Em Local Curr BND | 0.58% | 3,100,000 | $78.6M | Reduce -24.4% |
| NFLX Netflix Inc. | 0.56% | 56,575 | $75.8M | Reduce -4.1% |
| VCEB Vanguard ESG US Corp. Bond | 0.51% | 1,100,000 | $69.7M | No change |
| MA Mastercard Inc. Class A | 0.48% | 116,208 | $65.3M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.48% | 603,403 | $65.0M | Add +1.9% |
| WMT Walmart Inc. | 0.45% | 618,466 | $60.5M | Add +2.2% |
| INDA iShares MSCI India ETF | 0.43% | 1,051,640 | $58.6M | New |
| COST Costco Wholesale Corp. | 0.42% | 57,957 | $57.4M | No change |
| FALN iShares Fallen Angels ETF | 0.40% | 2,000,000 | $54.3M | No change |
| PG The Procter & Gamble Co. | 0.39% | 334,655 | $53.3M | Add +0.5% |
| JNJ Johnson & Johnson | 0.39% | 347,356 | $53.1M | Reduce -2.6% |
| HD Home Depot Inc. | 0.38% | 140,395 | $51.5M | Add +0.9% |
| ORCL Oracle Corp. | 0.37% | 227,218 | $49.7M | Reduce -23.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 993,324 | $47.0M | Add +3.3% |
| KURE Kraneshares MSCI All China H | 0.33% | 2,682,129 | $45.4M | No change |
| ABBV Abbvie Inc. | 0.33% | 242,267 | $45.0M | Reduce -1.6% |
| KO The Coca-Cola Co. | 0.32% | 604,576 | $42.8M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 0.30% | 595,947 | $41.3M | Add +18.4% |
| PLTR Palantir Technologies Inc. Class A | 0.29% | 288,800 | $39.4M | Add +1.3% |
| UNH Unitedhealth Group Inc. | 0.29% | 125,662 | $39.2M | Add +4.5% |
| CRM Salesforce Inc. | 0.29% | 142,828 | $38.9M | Add +4.4% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 151,008 | $38.9M | Reduce -7.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 127,358 | $37.5M | Reduce -3.7% |
| ABT Abbott Laboratories | 0.27% | 267,252 | $36.3M | Add +3.4% |
| WFC Wells Fargo & Co. | 0.26% | 441,159 | $35.3M | Reduce -5.1% |
| LIN Linde PLC | 0.26% | 73,785 | $34.6M | Add +3.5% |
| AMD Advanced Micro Devices | 0.25% | 238,317 | $33.8M | Add +51.8% |
| CVX Chevron Corp. | 0.25% | 232,830 | $33.3M | Reduce -3.9% |
| INTU Intuit Inc. | 0.24% | 41,458 | $32.7M | Add +6.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 261,794 | $32.5M | Reduce -5.4% |
| T AT&T Inc. | 0.23% | 1,099,260 | $31.8M | Reduce -4.7% |
| GS Goldman Sachs Group Inc. | 0.23% | 44,800 | $31.7M | Reduce -5.7% |
| NOW ServiceNow Inc. | 0.23% | 30,783 | $31.6M | Reduce -2.2% |
| PEP Pepsico Inc. | 0.23% | 236,157 | $31.2M | Add +10.6% |
| MCD McDonald's Corp. | 0.23% | 106,466 | $31.1M | Reduce -2.8% |
| IWM iShares Russell 2000 ETF | 0.23% | 141,987 | $30.6M | New |
| AXP American Express Co. | 0.22% | 93,135 | $29.7M | Add +11.6% |
| GOOG Alphabet Inc. Class C | 0.22% | 165,950 | $29.4M | Reduce -3.4% |
| MRK Merck & Co. Inc. | 0.22% | 369,674 | $29.3M | Reduce -3.3% |
| ISRG Intuitive Surgical Inc. | 0.21% | 53,453 | $29.0M | Add +2.3% |
| BSX Boston Scientific Corp. | 0.21% | 268,181 | $28.8M | Reduce -3.9% |
| RY Royal Bank of Canada | 0.21% | 218,929 | $28.8M | Reduce -1.6% |
| BKNG Booking Holdings Inc. | 0.21% | 4,924 | $28.5M | Reduce -2.0% |
| ACN Accenture PLC Class A | 0.21% | 93,586 | $28.0M | Add +17.1% |
| QCOM Qualcomm Inc. | 0.20% | 172,871 | $27.5M | Add +4.6% |
| VZ Verizon Communications Inc. | 0.20% | 633,809 | $27.4M | Add +27.2% |
| SPGI S&P Global Inc. | 0.20% | 52,007 | $27.4M | Reduce -4.6% |
| TXN Texas Instruments Inc. | 0.20% | 131,741 | $27.4M | Add +19.0% |
| CAT Caterpillar Inc. | 0.20% | 69,356 | $26.9M | Reduce -13.9% |
| AMAT Applied Materials Inc. | 0.20% | 146,482 | $26.8M | Add +14.5% |
| MS Morgan Stanley | 0.18% | 175,112 | $24.7M | Reduce -4.8% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 60,717 | $24.6M | Reduce -0.7% |
| UBER Uber Technologies Inc. | 0.18% | 261,792 | $24.4M | Reduce -5.0% |
| ADBE Adobe Inc. | 0.18% | 61,826 | $23.9M | Add +20.5% |
| ETN Eaton Corp. PLC | 0.18% | 66,925 | $23.9M | Add +3.1% |
| C Citigroup Inc. | 0.18% | 280,376 | $23.9M | Reduce -6.2% |
| LRCX Lam Research Corp. | 0.17% | 238,030 | $23.2M | Reduce -6.4% |
| COP Conocophillips | 0.17% | 256,352 | $23.0M | Add +29.4% |
| AMGN Amgen Inc. | 0.17% | 81,959 | $22.9M | Reduce -4.3% |
| BLK BlackRock Inc. | 0.16% | 21,312 | $22.4M | Reduce -2.3% |
| SCHW Schwab (charles) Corp. | 0.16% | 237,581 | $21.7M | Add +3.7% |
| NEE Nextera Energy Inc. | 0.16% | 310,593 | $21.6M | Add +6.4% |
| COF Capital One Financial Corp. | 0.16% | 101,282 | $21.5M | Add +44.6% |
| PGR Progressive Corp. | 0.16% | 80,644 | $21.5M | No change |
| ADI Analog Devices Inc. | 0.16% | 89,659 | $21.3M | Reduce -4.6% |
| FCX Freeport-McMoran Inc. | 0.16% | 491,767 | $21.3M | Add +16.0% |
| PFE Pfizer Inc. | 0.16% | 878,063 | $21.3M | Add +1.7% |
| PANW Palo Alto Networks Inc. | 0.16% | 103,776 | $21.2M | Add +3.1% |
| KLAC KLA Corp. | 0.16% | 23,664 | $21.2M | Add +54.0% |
| GILD Gilead Sciences Inc. | 0.15% | 187,815 | $20.8M | Reduce -3.7% |
| SHOP Shopify Inc. Class A | 0.15% | 180,158 | $20.7M | Reduce -0.1% |
| GEV GE Vernova Inc. | 0.15% | 39,143 | $20.7M | Reduce -8.4% |
| MU Micron Technology Inc. | 0.15% | 165,471 | $20.4M | Add +5.0% |
| CMCSA Comcast Corp. Class A | 0.15% | 563,894 | $20.1M | Add +18.7% |
| DE Deere & Co. | 0.15% | 39,207 | $19.9M | Reduce -11.5% |
| TD Toronto-Dominion Bank | 0.15% | 271,198 | $19.9M | Reduce -6.5% |
| MRSH Marsh & McLennan Cos | 0.15% | 90,704 | $19.8M | Reduce -6.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.14% | 159,266 | $19.7M | Reduce -4.4% |
| ADP Automatic Data Processing | 0.14% | 63,453 | $19.6M | Add +2.9% |
| SYK Stryker Corp. | 0.14% | 49,110 | $19.4M | Add +3.4% |
| WELL Welltower Inc. | 0.14% | 125,976 | $19.4M | Add +7.0% |
Portfolio Sells Q1 2025 → Q2 2025
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −1.90 |
| JNK SS SPDR BB High Yield Bond | Sold out | 0.00% | −0.90 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -39.0% | 0.60% | −0.53 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.45 |
| EMB iShares JP Morgan Usd Emergi | Reduce -71.4% | 0.14% | −0.41 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -24.4% | 0.58% | −0.26 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.24 |
| ALV Autoliv Inc. | Reduce -64.7% | 0.10% | −0.15 |
| JNJ Johnson & Johnson | Reduce -2.6% | 0.39% | −0.12 |
| ABBV Abbvie Inc. | Reduce -1.6% | 0.33% | −0.11 |
| AMT American Tower Corp. | Reduce -45.4% | 0.13% | −0.10 |
| CVX Chevron Corp. | Reduce -3.9% | 0.25% | −0.10 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.7% | 0.18% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -3.3% | 0.22% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| PSX Phillips 66 | Sold out | 0.00% | −0.08 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.08 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.07 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.07 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.07 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −0.07 |
| QSR Restaurant Brands Intern | Sold out | 0.00% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -0.3% | 0.48% | −0.07 |
| ES Eversource Energy | Sold out | 0.00% | −0.07 |
| DOC Healthpeak Properties Inc. | Sold out | 0.00% | −0.07 |
| OMC Omnicom Group | Sold out | 0.00% | −0.07 |
| MCD McDonald's Corp. | Reduce -2.8% | 0.23% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -12.1% | 0.13% | −0.07 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.06 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.06 |
| AMGN Amgen Inc. | Reduce -4.3% | 0.17% | −0.06 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −0.06 |
| KO The Coca-Cola Co. | Reduce -0.8% | 0.32% | −0.06 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.4% | 0.10% | −0.06 |
| UNP Union Pacific Corp. | Reduce -15.6% | 0.14% | −0.06 |
| MRSH Marsh & McLennan Cos | Reduce -6.2% | 0.15% | −0.06 |
| HST Host Hotels & Resorts Inc. | Sold out | 0.00% | −0.06 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.06 |
| EIX Edison International | Sold out | 0.00% | −0.05 |
| MCK McKesson Corp. | Reduce -32.9% | 0.09% | −0.05 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.05 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.05 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.05 |
| PDD PDD Holdings Inc. | Reduce -52.3% | 0.03% | −0.05 |
| T AT&T Inc. | Reduce -4.7% | 0.23% | −0.05 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -2.7% | 0.12% | −0.04 |
| SPGI S&P Global Inc. | Reduce -4.6% | 0.20% | −0.04 |
| PLD Prologis Inc. | Reduce -3.2% | 0.13% | −0.04 |
| AIG American International Group | Reduce -20.1% | 0.07% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| EMCS Xtracke MSCI Emer Ms ETF-Usd | Add +301.0% | 5.53% | +4.09 |
| KLMN Invesco MSCI N Amr Climt ETF | Add +18.7% | 19.09% | +2.21 |
| NVDA Nvidia Corp. | Add +5.9% | 4.32% | +1.05 |
| MSFT Microsoft Corp. | Add +1.5% | 3.85% | +0.51 |
| AMZN Amazon.com Inc. | Add +24.7% | 2.45% | +0.46 |
| META Meta Platforms Inc. Class A | Add +18.7% | 1.88% | +0.44 |
| INDA iShares MSCI India ETF | New | 0.43% | +0.43 |
| AVGO Broadcom Inc. | Add +3.1% | 1.18% | +0.37 |
| GOOGL Alphabet Inc. Class A | Add +17.9% | 1.92% | +0.25 |
| IWM iShares Russell 2000 ETF | New | 0.23% | +0.23 |
| AMD Advanced Micro Devices | Add +51.8% | 0.25% | +0.11 |
| SRE Sempra | New | 0.09% | +0.09 |
| SPOT Spotify Technology SA | New | 0.09% | +0.09 |
| RCI Rogers Communications Inc. Class B | New | 0.09% | +0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.09% | +0.09 |
| HOOD Robinhood Markets Inc. Class A | New | 0.08% | +0.08 |
| PLTR Palantir Technologies Inc. Class A | Add +1.3% | 0.29% | +0.08 |
| NET Cloudflare Inc. Class A | New | 0.08% | +0.08 |
| EBND State Street SPDR Bloomberg | Add +250.0% | 0.11% | +0.08 |
| ACM Aecom | New | 0.07% | +0.07 |
| FTAI Ftai Aviation Ltd. | New | 0.07% | +0.07 |
| CCI Crown Castle Inc. | New | 0.07% | +0.07 |
| AWK American Water Works Co. Inc. | New | 0.07% | +0.07 |
| KLAC KLA Corp. | Add +54.0% | 0.16% | +0.07 |
| WTW Willis Towers Watson PLC | New | 0.07% | +0.07 |
| CAG Conagra Brands Inc. | New | 0.06% | +0.06 |
| DB Deutsche Bank AG-Registered | New | 0.06% | +0.06 |
| CCEP Coca-Cola Europacific Partne | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | Add +44.6% | 0.16% | +0.05 |
| SE Sea Ltd.-ADR | New | 0.05% | +0.05 |
| EBAY eBay Inc. | New | 0.05% | +0.05 |
| NXPI NXP Semiconductors NV | Add +79.6% | 0.09% | +0.04 |
| AMAT Applied Materials Inc. | Add +14.5% | 0.20% | +0.04 |
| CSCO Cisco Systems Inc. | Add +18.4% | 0.30% | +0.04 |
| MSTR Strategy Inc. | Add +25.8% | 0.10% | +0.04 |
| INTU Intuit Inc. | Add +6.4% | 0.24% | +0.03 |
| MU Micron Technology Inc. | Add +5.0% | 0.15% | +0.03 |
| TXN Texas Instruments Inc. | Add +19.0% | 0.20% | +0.03 |
| RCL Royal Caribbean Cruises Ltd. | Add +6.0% | 0.10% | +0.03 |
| AXP American Express Co. | Add +11.6% | 0.22% | +0.03 |
| ETN Eaton Corp. PLC | Add +3.1% | 0.18% | +0.02 |
| DASH DoorDash Inc. Class A | Add +10.8% | 0.10% | +0.02 |
| INTC Intel Corp. | Add +46.5% | 0.11% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +16.0% | 0.16% | +0.02 |
| IR Ingersoll-Rand Inc. | Add +42.6% | 0.09% | +0.02 |
| PWR Quanta Services Inc. | Add +1.1% | 0.08% | +0.02 |
| MRVL Marvell Technology Inc. | Add +12.3% | 0.09% | +0.02 |
| ANET Arista Networks Inc. | Add +0.5% | 0.13% | +0.02 |
| WDAY Workday Inc. Class A | Add +43.5% | 0.07% | +0.02 |
| APP AppLovin Corp. Class A | Add +6.0% | 0.09% | +0.01 |
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 |