Varma Mutual Pension Insurance Co

Name: Varma Mutual Pension Insurance Co 13F holdings, Q2 2025
Creator: Varma Mutual Pension Insurance Co
Published: 2025-08-07

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
APH Amphenol Corp. Class A	0.14%	193,139	$19.1M	Reduce -15.3%
CRWD CrowdStrike Holdings Inc. Class A	0.14%	36,515	$18.6M	Reduce -3.4%
UNP Union Pacific Corp.	0.14%	80,749	$18.6M	Reduce -15.6%
DHR Danaher Corp.	0.14%	93,926	$18.6M	Add +4.5%
EMB iShares JP Morgan Usd Emergi	0.14%	200,000	$18.5M	Reduce -71.4%
ENB Enbridge Inc.	0.14%	408,961	$18.5M	Reduce -1.1%
MDLZ Mondelez International Inc. Class A	0.13%	271,065	$18.3M	Add +3.1%
TMUS T-Mobile US Inc.	0.13%	76,217	$18.2M	Reduce -12.1%
MDT Medtronic PLC	0.13%	206,051	$18.0M	Add +7.8%
AMT American Tower Corp.	0.13%	80,806	$17.9M	Reduce -45.4%
TT Trane Technologies PLC	0.13%	40,211	$17.6M	Reduce -3.1%
PH Parker Hannifin Corp.	0.13%	24,837	$17.3M	Add +3.8%
LOW Lowe's Cos Inc.	0.13%	77,963	$17.3M	Reduce -0.8%
PLD Prologis Inc.	0.13%	164,446	$17.3M	Reduce -3.2%
AEM Agnico Eagle Mines Ltd.	0.13%	145,252	$17.3M	Add +11.5%
FISV Fiserv Inc.	0.13%	99,731	$17.2M	Add +11.5%
ANET Arista Networks Inc.	0.13%	167,700	$17.2M	Add +0.5%
WPM Wheaton Precious Metals Corp.	0.13%	191,058	$17.1M	Add +5.3%
MELI MercadoLibre Inc.	0.13%	6,521	$17.0M	Reduce -4.4%
CB Chubb Ltd.	0.13%	58,821	$17.0M	Add +1.4%
BX Blackstone Inc.	0.13%	113,600	$17.0M	Add +1.3%
TDG Transdigm Group Inc.	0.12%	11,020	$16.8M	Reduce -0.9%
BN Brookfield Corp.	0.12%	268,113	$16.6M	Add +1.8%
WM Waste Management Inc.	0.12%	71,650	$16.4M	Reduce -1.8%
CME Cme Group Inc.	0.12%	59,196	$16.3M	Reduce -3.6%
VRTX Vertex Pharmaceuticals Inc.	0.12%	36,626	$16.3M	Reduce -2.7%
ICE Intercontinental Exchange Inc.	0.12%	88,401	$16.2M	Reduce -6.4%
EOG EOG Resources Inc.	0.12%	135,192	$16.2M	Add +15.7%
MCO Moody's Corp.	0.12%	31,966	$16.0M	Reduce -0.9%
HLT Hilton Worldwide Holdings Inc.	0.12%	60,070	$16.0M	Reduce -4.9%
ECL Ecolab Inc.	0.12%	59,240	$16.0M	Add +3.0%
EMR Emerson Electric Co.	0.12%	118,005	$15.7M	Add +2.2%
CEG Constellation Energy	0.11%	47,997	$15.5M	Reduce -2.8%
CL Colgate-Palmolive Co.	0.11%	170,417	$15.5M	Add +3.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.11%	137,229	$15.2M	Reduce -5.9%
EBND State Street SPDR Bloomberg	0.11%	700,000	$15.0M	Add +250.0%
CMG Chipotle Mexican Grill Inc.	0.11%	266,002	$14.9M	Add +2.0%
TEL Te Connectivity PLC	0.11%	87,945	$14.8M	Reduce -8.1%
SBUX Starbucks Corp.	0.11%	160,242	$14.7M	Reduce -3.8%
NEM Newmont Corp.	0.11%	248,456	$14.5M	Add +3.2%
SNPS Synopsys Inc.	0.11%	28,065	$14.4M	Add +2.6%
WMB Williams Cos Inc.	0.11%	228,800	$14.4M	Add +6.8%
MMM 3M Co.	0.11%	93,845	$14.3M	Reduce -1.6%
INTC Intel Corp.	0.11%	637,223	$14.3M	Add +46.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.10%	257,656	$14.2M	Add +0.4%
BMY Bristol-Myers Squibb Co.	0.10%	306,926	$14.2M	Reduce -1.4%
MSTR Strategy Inc. filed as MICROSTRATEGY INC	0.10%	35,100	$14.2M	Add +25.8%
HWM Howmet Aerospace Inc.	0.10%	76,224	$14.2M	Reduce -9.4%
CSX CSX Corp.	0.10%	434,464	$14.2M	Add +11.2%
MAR Marriott International Class A	0.10%	50,736	$13.9M	Add +2.4%
EQIX Equinix Inc.	0.10%	17,353	$13.8M	Add +3.6%
KKR KKR & Co. Inc.	0.10%	103,127	$13.7M	Add +2.1%
ADSK Autodesk Inc.	0.10%	44,295	$13.7M	Reduce -8.3%
CDNS Cadence Design SYS Inc.	0.10%	44,449	$13.7M	Reduce -2.0%
ELV Elevance Health Inc.	0.10%	35,182	$13.7M	Add +5.4%
FANG Diamondback Energy Inc.	0.10%	99,399	$13.7M	Add +57.0%
DASH DoorDash Inc. Class A	0.10%	54,600	$13.5M	Add +10.8%
AON Aon PLC Class A	0.10%	37,700	$13.4M	Add +11.2%
JCI Johnson Controls Internation	0.10%	125,506	$13.3M	Reduce -24.7%
SHW The Sherwin-Williams Co.	0.10%	38,493	$13.2M	Add +2.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.10%	41,250	$13.2M	Add +9.6%
RCL Royal Caribbean Cruises Ltd.	0.10%	42,154	$13.2M	Add +6.0%
CTAS Cintas Corp.	0.10%	58,756	$13.1M	Add +1.4%
CNI Canadian Natl Railway Co.	0.10%	125,546	$13.1M	Add +3.5%
PPG PPG Industries Inc.	0.10%	113,486	$12.9M	Add +7.0%
ALV Autoliv Inc.	0.10%	115,237	$12.9M	Reduce -64.7%
CP Canadian Pacific Kansas City	0.09%	161,909	$12.8M	Reduce -19.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.09%	180,411	$12.8M	Reduce -7.2%
NXPI NXP Semiconductors NV	0.09%	58,444	$12.8M	Add +79.6%
DOV Dover Corp.	0.09%	69,306	$12.7M	Add +5.3%
NDAQ Nasdaq Inc.	0.09%	141,776	$12.7M	Add +9.8%
MRVL Marvell Technology Inc.	0.09%	163,658	$12.7M	Add +12.3%
OKE Oneok Inc.	0.09%	154,262	$12.6M	Add +42.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.09%	138,190	$12.6M	Reduce -11.2%
PNC PNC Financial Services Group	0.09%	67,434	$12.6M	Add +2.7%
CARR Carrier Global Corp.	0.09%	170,009	$12.4M	Add +2.2%
MCK McKesson Corp.	0.09%	16,953	$12.4M	Reduce -32.9%
SRE Sempra	0.09%	163,300	$12.4M	New
CI The Cigna Group	0.09%	37,342	$12.3M	Reduce -8.1%
ROP Roper Technologies Inc.	0.09%	21,734	$12.3M	No change
SPOT Spotify Technology SA	0.09%	16,000	$12.3M	New
SNOW Snowflake Inc.	0.09%	54,746	$12.3M	Reduce -11.3%
SPG Simon Property Group Inc.	0.09%	75,849	$12.2M	Add +0.7%
ORLY O'reilly Automotive Inc.	0.09%	135,120	$12.2M	Reduce -1.1%
MFC Manulife Financial Corp.	0.09%	381,339	$12.2M	Reduce -0.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.09%	358,452	$12.1M	Add +22.1%
RSG Republic Services Inc.	0.09%	49,078	$12.1M	Reduce -4.7%
RCI Rogers Communications Inc. Class B	0.09%	406,500	$12.0M	New
O Realty Income Corp.	0.09%	207,918	$12.0M	Add +7.1%
ITW Illinois Tool Works	0.09%	48,334	$12.0M	Add +1.1%
PYPL PayPal Holdings Inc.	0.09%	160,629	$11.9M	Add +2.8%
IR Ingersoll-Rand Inc.	0.09%	142,164	$11.8M	Add +42.6%
COR Cencora Inc.	0.09%	39,425	$11.8M	Reduce -8.2%
TRI Thomson Reuters Corp.	0.09%	58,854	$11.8M	Reduce -5.2%
SPY SS SPDR S&P 500 ETF Trust-US	0.09%	19,000	$11.7M	New
APP AppLovin Corp. Class A	0.09%	33,500	$11.7M	Add +6.0%
CMI Cummins Inc.	0.09%	35,620	$11.7M	Add +4.7%
AVB Avalonbay Communities Inc.	0.09%	57,261	$11.7M	Add +9.2%
USB US Bancorp	0.09%	255,520	$11.6M	Reduce -3.0%
PCAR Paccar Inc.	0.08%	121,283	$11.5M	Add +2.7%
MSI Motorola Solutions Inc.	0.08%	27,401	$11.5M	Add +3.8%
HOOD Robinhood Markets Inc. Class A	0.08%	122,900	$11.5M	New
HES Hess Corp.	0.08%	82,738	$11.5M	Add +20.0%
KMI Kinder Morgan Inc.	0.08%	389,403	$11.4M	Add +3.9%
CVS CVS Health Corp.	0.08%	165,873	$11.4M	Reduce -17.0%
BDX Becton Dickinson and Co.	0.08%	66,421	$11.4M	Add +5.6%
ED Consolidated Edison Inc.	0.08%	113,215	$11.4M	Reduce -0.7%
NKE Nike Inc. Class B	0.08%	159,095	$11.3M	Reduce -8.1%
GIS General Mills Inc.	0.08%	217,372	$11.3M	Add +31.6%
CTVA Corteva Inc.	0.08%	150,976	$11.3M	Reduce -9.3%
SLF Sun Life Financial Inc.	0.08%	168,864	$11.2M	Add +0.6%
NSC Norfolk Southern Corp.	0.08%	43,610	$11.2M	Add +2.6%
KDP Keurig Dr Pepper Inc.	0.08%	337,626	$11.2M	Add +10.6%
FTNT Fortinet Inc.	0.08%	105,200	$11.1M	Reduce -4.0%
AXON Axon Enterprise Inc.	0.08%	13,300	$11.0M	Reduce -5.7%
APO Apollo Global Management Inc.	0.08%	77,501	$11.0M	Add +7.5%
CTSH Cognizant Tech Solutions-A	0.08%	140,611	$11.0M	Add +4.7%
GLW Corning Inc.	0.08%	206,632	$10.9M	Reduce -6.3%
COIN Coinbase Global Inc. Class A	0.08%	31,000	$10.9M	No change
NET Cloudflare Inc. Class A	0.08%	55,100	$10.8M	New
DLR Digital Realty Trust Inc.	0.08%	61,783	$10.8M	Add +4.8%
PBA Pembina Pipeline Corp.	0.08%	285,379	$10.7M	Add +17.2%
LNG Cheniere Energy Inc.	0.08%	43,900	$10.7M	Add +4.8%
HCA HCA Healthcare Inc.	0.08%	27,863	$10.7M	Add +9.9%
PWR Quanta Services Inc.	0.08%	28,140	$10.6M	Add +1.1%
TRV The Travelers Cos Inc.	0.08%	39,647	$10.6M	Reduce -6.6%
DVN Devon Energy Corp.	0.08%	332,870	$10.6M	Add +24.2%
EXC Exelon Corp.	0.08%	242,515	$10.5M	Add +2.6%
BKR Baker Hughes Co.	0.08%	274,229	$10.5M	Add +15.2%
UPS United Parcel Service Class B	0.08%	103,670	$10.5M	Add +1.4%
FLUT Flutter Entertainment PLC-Di	0.08%	36,600	$10.5M	Add +4.0%
TFC Truist Financial Corp.	0.08%	241,980	$10.4M	Add +1.0%
ZTS Zoetis Inc.	0.08%	66,458	$10.4M	Add +4.7%
ABNB Airbnb Inc. Class A	0.08%	77,305	$10.2M	Reduce -0.6%
TRP TC Energy Corp.	0.07%	209,000	$10.2M	Add +0.2%
REG Regency Centers Corp.	0.07%	142,937	$10.2M	Add +3.0%
AMP Ameriprise Financial Inc.	0.07%	18,962	$10.1M	Add +1.1%
AME Ametek Inc.	0.07%	55,795	$10.1M	Add +3.9%
AZO AutoZone Inc.	0.07%	2,703	$10.0M	Reduce -6.9%
EW Edwards Lifesciences Corp.	0.07%	128,158	$10.0M	Reduce -5.7%
WDAY Workday Inc. Class A	0.07%	41,569	$10.0M	Add +43.5%
CBRE CBRE Group Inc. Class A	0.07%	71,200	$10.0M	Add +10.6%
CRH CRH PLC	0.07%	108,500	$10.0M	Add +1.2%
PEG Public Service Enterprise GP	0.07%	118,037	$9.9M	Add +0.7%
YUM Yum! Brands Inc.	0.07%	67,053	$9.9M	Reduce -9.0%
AIG American International Group	0.07%	115,930	$9.9M	Reduce -20.1%
SYY Sysco Corp.	0.07%	130,007	$9.8M	Add +1.6%
AVY Avery Dennison Corp.	0.07%	55,329	$9.7M	Add +25.4%
AFL Aflac Inc.	0.07%	91,991	$9.7M	Add +3.7%
KMB Kimberly-Clark Corp.	0.07%	75,216	$9.7M	Reduce -5.4%
PRU Prudential Financial Inc.	0.07%	89,239	$9.6M	Add +1.7%
KIM Kimco Realty Corp.	0.07%	455,593	$9.6M	Add +17.1%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.07%	141,700	$9.6M	Add +4.4%
REGN Regeneron Pharmaceuticals	0.07%	18,188	$9.5M	Add +7.7%
CTRA Coterra Energy Inc.	0.07%	374,691	$9.5M	Add +7.5%
DD Dupont DE Nemours Inc.	0.07%	138,639	$9.5M	Add +14.2%
ARES Ares Management Corp. Class A	0.07%	54,900	$9.5M	No change
GM General Motors Co.	0.07%	193,003	$9.5M	Reduce -7.3%
ACM Aecom	0.07%	83,900	$9.5M	New
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.07%	288,788	$9.4M	Reduce -1.8%
VTR Ventas Inc.	0.07%	147,768	$9.3M	Add +1.7%
FTAI Ftai Aviation Ltd.	0.07%	81,000	$9.3M	New
F Ford Motor Co. filed as FORD MTR CO	0.07%	847,972	$9.2M	Reduce -0.8%
WAB Wabtec Corp.	0.07%	43,924	$9.2M	Add +0.7%
URI United Rentals Inc.	0.07%	12,205	$9.2M	Add +3.4%
PAYX Paychex Inc.	0.07%	62,853	$9.1M	Add +3.0%
MET Metlife Inc.	0.07%	113,156	$9.1M	No change
CCI Crown Castle Inc.	0.07%	88,500	$9.1M	New
ALL Allstate Corp.	0.07%	44,800	$9.0M	Reduce -0.2%
AWK American Water Works Co. Inc.	0.07%	64,742	$9.0M	New
PSA Public Storage	0.07%	30,498	$8.9M	Add +8.5%
WTW Willis Towers Watson PLC	0.07%	29,000	$8.9M	New
CHD Church & Dwight Co. Inc.	0.07%	92,199	$8.9M	Add +8.8%
CAH Cardinal Health Inc.	0.06%	52,200	$8.8M	Reduce -20.3%
IT Gartner Inc.	0.06%	21,501	$8.7M	Add +12.0%
FAST Fastenal Co.	0.06%	206,500	$8.7M	Reduce -0.9%
GWW WW Grainger Inc. filed as GRAINGER W W INC	0.06%	8,138	$8.5M	Add +6.5%
APD Air Products & Chemicals Inc.	0.06%	29,943	$8.4M	Reduce -9.4%
CAG Conagra Brands Inc.	0.06%	408,300	$8.4M	New
IQV Iqvia Holdings Inc.	0.06%	52,750	$8.3M	Reduce -8.5%
TGT Target Corp.	0.06%	83,780	$8.3M	Add +12.5%
A Agilent Technologies Inc.	0.06%	69,971	$8.3M	Add +23.0%
XYZ Block Inc.	0.06%	121,025	$8.2M	Add +13.4%
KVUE Kenvue Inc.	0.06%	388,966	$8.1M	Add +0.9%
WY Weyerhaeuser Co.	0.06%	313,542	$8.1M	Reduce -0.6%
OTIS Otis Worldwide Corp.	0.06%	80,942	$8.0M	Add +4.4%
DB Deutsche Bank AG-Registered	0.06%	269,900	$8.0M	New
EFX Equifax Inc.	0.06%	30,564	$7.9M	Reduce -7.6%
CPRT Copart Inc.	0.06%	160,388	$7.9M	Reduce -0.4%
HPQ HP Inc.	0.06%	316,647	$7.7M	Add +23.1%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	0.06%	74,538	$7.6M	Reduce -7.1%
ROST Ross Stores Inc.	0.06%	59,627	$7.6M	Reduce -9.6%
HEI Heico Corp.	0.06%	23,000	$7.5M	Reduce -17.0%
FIS Fidelity National Info Serv	0.06%	92,282	$7.5M	Reduce -4.7%
GEHC GE Healthcare Technology	0.06%	101,300	$7.5M	Add +9.8%
FICO Fair Isaac Corp.	0.06%	4,100	$7.5M	Add +2.5%
SCCO Southern Copper Corp.	0.05%	73,368	$7.4M	Add +17.7%
FDX FedEx Corp.	0.05%	32,120	$7.3M	Reduce -1.5%
CCEP Coca-Cola Europacific Partne	0.05%	75,200	$7.0M	New
SE Sea Ltd.-ADR	0.05%	42,200	$6.7M	New
CVNA Carvana Co.	0.05%	19,360	$6.5M	Add +1.6%
EBAY eBay Inc.	0.05%	85,900	$6.4M	New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.04%	383,900	$5.3M	Add +5.2%
RACE Ferrari NV	0.03%	7,900	$3.9M	Reduce -7.1%
PDD PDD Holdings Inc.	0.03%	34,000	$3.6M	Reduce -52.3%
HEI.A Heico Corp. Class A	0.02%	12,750	$3.3M	No change
ARGX Argenx SE - ADR	0.01%	3,000	$1.7M	Add +100.0%
DXCM Dexcom Inc.	0.01%	10,000	$873K	New
MRP Millrose Properties	0.00%	7,957	$227K	Reduce -55.7%

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