Varma Mutual Pension Insurance Co

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Varma Mutual Pension Insurance Co reported 312 stock positions worth $15.6 billion. Its top holding was Invesco MSCI N Amr Climt ETF (KLMN) at 15.3% of the portfolio, followed by Invesco MSCI GL CLM 500 ETF (KLMT, 8.7%) and Xtracke MSCI Emer Ms ETF-Usd (EMCS, 6.2%). Compared with Q2 2025, it opened 7 new positions, sold out of 4, added to 267 and reduced 18. The biggest buy was iShares Russell 2000 ETF (IWM, shares +927%) and the biggest sale Invesco MSCI N Amr Climt ETF (KLMN, shares −14%).

Most Recent 13F
Q2 2026
Location
Varma, H9
CIK
0001698484
Portfolio Value
$15.6B (Q3 2025)
SEC Filing
0001140361-25-040748 ↗ filed Nov 6, 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 Q1 2025 Q2 2025: $13.6B Q2 2025 Q3 2025: $15.6B $15.6B Q3 2025 Q4 2025: $16.5B Q4 2025 Q1 2026: $17.1B Q1 2026 Q2 2026: $18.9B Q2 2026

Holdings 312 stocks · $15.6B
KLMN Invesco MSCI N Amr Climt ETF 15.31% 87,333,362 $2.4B Reduce -13.8%
KLMT Invesco MSCI GL CLM 500 ETF 8.73% 44,931,497 $1.4B No change
EMCS Xtracke MSCI Emer Ms ETF-Usd 6.19% 27,941,634 $965.9M Add +16.1%
NVDA Nvidia Corp. 4.75% 3,969,166 $740.6M Add +7.1%
AAPL Apple Inc. 3.90% 2,391,483 $608.9M Add +2.6%
MSFT Microsoft Corp. 3.86% 1,163,376 $602.6M Add +10.8%
GOOGL Alphabet Inc. Class A 2.51% 1,610,699 $391.6M Add +8.7%
AMZN Amazon.com Inc. 2.32% 1,646,711 $361.6M Add +8.8%
IWM iShares Russell 2000 ETF 2.26% 1,458,061 $352.8M Add +926.9%
LCTU iShares U.S. Carbon Transiti 2.24% 4,814,000 $349.4M No change
META Meta Platforms Inc. Class A 1.76% 374,044 $274.7M Add +8.0%
VCIT Vanguard Int-Term Corporate 1.46% 2,700,000 $227.1M No change
AVGO Broadcom Inc. 1.31% 621,230 $204.9M Add +6.6%
TSLA Tesla Inc. 1.12% 392,123 $174.4M Add +11.3%
JPM JPMorgan Chase & Co. 0.91% 452,211 $142.6M Add +21.7%
VCLT Vanguard Long-Term Corp. Bond 0.80% 1,600,000 $124.2M No change
ASHR Xtrackers Harvest Csi 300 CH 0.77% 3,641,000 $120.1M New
TSM Taiwan Semiconductor-SP ADR 0.65% 364,600 $101.8M No change
V Visa Inc. Class A 0.64% 291,841 $99.6M Add +21.7%
ORCL Oracle Corp. 0.63% 351,418 $98.8M Add +54.7%
LLY Eli Lilly & Co. 0.59% 121,468 $92.7M Add +11.2%
VWOB Vanguard Emerg MKTS Gov BND 0.54% 1,250,000 $83.6M No change
MA Mastercard Inc. Class A 0.52% 141,308 $80.4M Add +21.6%
EMLC Vaneck JPM Em Local Curr BND 0.51% 3,100,000 $79.1M No change
NFLX Netflix Inc. 0.47% 61,675 $73.9M Add +9.0%
XOM Exxon Mobil Corp. 0.47% 655,303 $73.9M Add +8.6%
WMT Walmart Inc. 0.47% 711,366 $73.3M Add +15.0%
VCEB Vanguard ESG US Corp. Bond 0.45% 1,100,000 $70.6M No change
JNJ Johnson & Johnson 0.45% 378,256 $70.1M Add +8.9%
HD Home Depot Inc. 0.41% 159,695 $64.7M Add +13.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.40% 1,208,924 $62.4M Add +21.7%
ABBV Abbvie Inc. 0.39% 263,467 $61.0M Add +8.8%
COST Costco Wholesale Corp. 0.39% 65,057 $60.2M Add +12.3%
PG The Procter & Gamble Co. 0.37% 374,055 $57.5M Add +11.8%
PLTR Palantir Technologies Inc. Class A 0.37% 314,000 $57.3M Add +8.7%
FALN iShares Fallen Angels ETF 0.36% 2,000,000 $55.6M No change
CVX Chevron Corp. 0.34% 342,936 $53.3M Add +47.3%
GE General Electric filed as GE AEROSPACE 0.33% 169,308 $50.9M Add +12.1%
UNH Unitedhealth Group Inc. 0.32% 145,462 $50.2M Add +15.8%
KO The Coca-Cola Co. 0.29% 684,076 $45.4M Add +13.2%
WFC Wells Fargo & Co. 0.29% 537,859 $45.1M Add +21.9%
CSCO Cisco Systems Inc. 0.28% 647,947 $44.3M Add +8.7%
GS Goldman Sachs Group Inc. 0.28% 54,700 $43.6M Add +22.1%
CRM Salesforce Inc. 0.28% 182,428 $43.2M Add +27.7%
GOOG Alphabet Inc. Class C 0.27% 170,814 $41.6M Add +2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.25% 138,458 $39.1M Add +8.7%
LIN Linde PLC 0.24% 80,085 $38.0M Add +8.5%
AXP American Express Co. 0.24% 113,635 $37.7M Add +22.0%
ABT Abbott Laboratories 0.24% 279,852 $37.5M Add +4.7%
CAT Caterpillar Inc. 0.24% 78,556 $37.5M Add +13.3%
NOW ServiceNow Inc. 0.24% 39,983 $36.8M Add +29.9%
PEP Pepsico Inc. 0.23% 258,857 $36.4M Add +9.6%
MCD McDonald's Corp. 0.23% 115,866 $35.2M Add +8.8%
RY Royal Bank of Canada 0.22% 237,929 $35.1M Add +8.7%
C Citigroup Inc. 0.22% 341,876 $34.7M Add +21.9%
LRCX Lam Research Corp. 0.22% 258,830 $34.7M Add +8.7%
MS Morgan Stanley 0.22% 213,512 $33.9M Add +21.9%
MRK Merck & Co. Inc. 0.22% 402,774 $33.8M Add +8.9%
T AT&T Inc. 0.22% 1,196,460 $33.8M Add +8.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.21% 284,894 $32.6M Add +8.8%
AMAT Applied Materials Inc. 0.21% 159,182 $32.6M Add +8.7%
TMO Thermo Fisher Scientific Inc. 0.20% 65,917 $32.0M Add +8.6%
KURE Kraneshares MSCI All China H 0.20% 1,520,129 $31.8M Reduce -43.3%
INDA iShares MSCI India ETF 0.20% 607,910 $31.6M Reduce -42.2%
QCOM Qualcomm Inc. 0.20% 187,971 $31.3M Add +8.7%
SPGI S&P Global Inc. 0.20% 63,407 $30.9M Add +21.9%
INTU Intuit Inc. 0.20% 45,058 $30.8M Add +8.7%
BLK BlackRock Inc. 0.19% 26,012 $30.3M Add +22.1%
VZ Verizon Communications Inc. 0.19% 689,809 $30.3M Add +8.8%
MU Micron Technology Inc. 0.19% 179,971 $30.1M Add +8.8%
AMD Advanced Micro Devices 0.19% 184,117 $29.8M Reduce -22.7%
UBER Uber Technologies Inc. 0.19% 297,892 $29.2M Add +13.8%
SHOP Shopify Inc. Class A 0.19% 195,858 $29.1M Add +8.7%
BKNG Booking Holdings Inc. 0.18% 5,324 $28.7M Add +8.1%
ETN Eaton Corp. PLC 0.18% 76,325 $28.6M Add +14.1%
GEV GE Vernova Inc. 0.18% 45,743 $28.1M Add +16.9%
KLAC KLA Corp. 0.18% 25,764 $27.8M Add +8.9%
SCHW Schwab (charles) Corp. 0.18% 289,681 $27.7M Add +21.9%
ANET Arista Networks Inc. 0.17% 182,300 $26.6M Add +8.7%
AEM Agnico Eagle Mines Ltd. 0.17% 157,552 $26.5M Add +8.5%
BSX Boston Scientific Corp. 0.17% 270,881 $26.4M Add +1.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.17% 182,966 $26.4M Add +14.9%
COP Conocophillips 0.17% 278,352 $26.3M Add +8.6%
COF Capital One Financial Corp. 0.17% 123,582 $26.3M Add +22.0%
APP AppLovin Corp. Class A 0.17% 36,400 $26.2M Add +8.7%
APH Amphenol Corp. Class A 0.17% 209,939 $26.0M Add +8.7%
ISRG Intuitive Surgical Inc. 0.17% 57,853 $25.9M Add +8.2%
AMGN Amgen Inc. 0.16% 89,259 $25.2M Add +8.9%
UNP Union Pacific Corp. 0.16% 105,049 $24.8M Add +30.1%
NEE Nextera Energy Inc. 0.16% 326,193 $24.6M Add +5.0%
PFE Pfizer Inc. 0.16% 960,563 $24.5M Add +9.4%
WELL Welltower Inc. 0.16% 136,776 $24.4M Add +8.6%
PGR Progressive Corp. 0.16% 98,444 $24.3M Add +22.1%
ADI Analog Devices Inc. 0.15% 97,459 $23.9M Add +8.7%
BX Blackstone Inc. 0.15% 138,600 $23.7M Add +22.0%
TD Toronto-Dominion Bank 0.15% 294,798 $23.6M Add +8.7%
INTC Intel Corp. 0.15% 692,723 $23.2M Add +8.7%
WPM Wheaton Precious Metals Corp. 0.15% 207,358 $23.2M Add +8.5%
PANW Palo Alto Networks Inc. 0.15% 112,776 $23.0M Add +8.7%
NEM Newmont Corp. 0.15% 269,756 $22.7M Add +8.6%

Show all 312 holdings

Portfolio Sells Q2 2025 → Q3 2025
KLMN Invesco MSCI N Amr Climt ETF Reduce -13.8% 15.31% −3.78
INDA iShares MSCI India ETF Reduce -42.2% 0.20% −0.23
KURE Kraneshares MSCI All China H Reduce -43.3% 0.20% −0.13
ALV Autoliv Inc. Sold out 0.00% −0.10
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.09
HES Hess Corp. Sold out 0.00% −0.08
TXN Texas Instruments Inc. Reduce -22.8% 0.12% −0.08
ACN Accenture PLC Class A Reduce -7.3% 0.14% −0.07
ADBE Adobe Inc. Reduce -23.1% 0.11% −0.07
FTAI Ftai Aviation Ltd. Sold out 0.00% −0.07
AMD Advanced Micro Devices Reduce -22.7% 0.19% −0.06
VRTX Vertex Pharmaceuticals Inc. Reduce -4.6% 0.09% −0.03
JCI Johnson Controls Internation Reduce -22.8% 0.07% −0.03
SYK Stryker Corp. Reduce -1.2% 0.12% −0.03
MRVL Marvell Technology Inc. Reduce -22.7% 0.07% −0.03
CAG Conagra Brands Inc. Reduce -20.4% 0.04% −0.02
BMY Bristol-Myers Squibb Co. Reduce -0.4% 0.09% −0.02
BDX Becton Dickinson and Co. Reduce -6.2% 0.07% −0.01
MDT Medtronic PLC Reduce -1.3% 0.12% −0.01
A Agilent Technologies Inc. Reduce -5.0% 0.05% −0.01
SE Sea Ltd.-ADR Reduce -2.8% 0.05% −0.00
SRE Sempra Reduce -1.5% 0.09% +0.00

Portfolio Buys Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF Add +926.9% 2.26% +2.04
ASHR Xtrackers Harvest Csi 300 CH New 0.77% +0.77
EMCS Xtracke MSCI Emer Ms ETF-Usd Add +16.1% 6.19% +0.66
GOOGL Alphabet Inc. Class A Add +8.7% 2.51% +0.59
NVDA Nvidia Corp. Add +7.1% 4.75% +0.43
AAPL Apple Inc. Add +2.6% 3.90% +0.38
TSLA Tesla Inc. Add +11.3% 1.12% +0.29
ORCL Oracle Corp. Add +54.7% 0.63% +0.27
AVGO Broadcom Inc. Add +6.6% 1.31% +0.13
JPM JPMorgan Chase & Co. Add +21.7% 0.91% +0.12
MJSC Mufg Japan S Cap Active ETF New 0.11% +0.11
CVX Chevron Corp. Add +47.3% 0.34% +0.10
APP AppLovin Corp. Class A Add +8.7% 0.17% +0.08
PLTR Palantir Technologies Inc. Class A Add +8.7% 0.37% +0.08
ABBV Abbvie Inc. Add +8.8% 0.39% +0.06
JNJ Johnson & Johnson Add +8.9% 0.45% +0.06
BAC Bank of America Corp. Add +21.7% 0.40% +0.05
HOOD Robinhood Markets Inc. Class A Add +21.5% 0.14% +0.05
LRCX Lam Research Corp. Add +8.7% 0.22% +0.05
GOOG Alphabet Inc. Class C Add +2.9% 0.27% +0.05
C Citigroup Inc. Add +21.9% 0.22% +0.05
GS Goldman Sachs Group Inc. Add +22.1% 0.28% +0.05
ANET Arista Networks Inc. Add +8.7% 0.17% +0.04
INTC Intel Corp. Add +8.7% 0.15% +0.04
WRD Weride Inc.-ADR New 0.04% +0.04
AEM Agnico Eagle Mines Ltd. Add +8.5% 0.17% +0.04
MU Micron Technology Inc. Add +8.8% 0.19% +0.04
CAT Caterpillar Inc. Add +13.3% 0.24% +0.04
GE General Electric Add +12.1% 0.33% +0.04
NEM Newmont Corp. Add +8.6% 0.15% +0.04
GLW Corning Inc. Add +8.8% 0.12% +0.04
MS Morgan Stanley Add +21.9% 0.22% +0.04
HD Home Depot Inc. Add +13.8% 0.41% +0.04
MA Mastercard Inc. Class A Add +21.6% 0.52% +0.03
SHOP Shopify Inc. Class A Add +8.7% 0.19% +0.03
UNH Unitedhealth Group Inc. Add +15.8% 0.32% +0.03
AUR Aurora Innovation Inc. New 0.03% +0.03
BLK BlackRock Inc. Add +22.1% 0.19% +0.03
WFC Wells Fargo & Co. Add +21.9% 0.29% +0.03
GEV GE Vernova Inc. Add +16.9% 0.18% +0.03
BX Blackstone Inc. Add +22.0% 0.15% +0.03
APH Amphenol Corp. Class A Add +8.7% 0.17% +0.03
TEL Te Connectivity PLC Add +8.8% 0.13% +0.03
BNY Bank of New York Mellon Corp. Add +22.0% 0.12% +0.03
NKE Nike Inc. Class B Add +52.0% 0.11% +0.02
TJX TJX Companies Inc. Add +14.9% 0.17% +0.02
WMT Walmart Inc. Add +15.0% 0.47% +0.02
BURL Burlington Stores Inc. New 0.02% +0.02
CMI Cummins Inc. Add +14.3% 0.11% +0.02
TMO Thermo Fisher Scientific Inc. Add +8.6% 0.20% +0.02

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