Varma Mutual Pension Insurance Co
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Varma Mutual Pension Insurance Co reported 308 stock positions worth $16.5 billion. Its top holding was Invesco MSCI N Amr Climt ETF (KLMN) at 16.2% of the portfolio, followed by Invesco MSCI GL CLM 500 ETF (KLMT, 8.4%) and Vanguard S&P 500 ETF (VOO, 4.6%). Compared with Q3 2025, it opened 32 new positions, sold out of 36, added to 154 and reduced 102. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Xtracke MSCI Emer Ms ETF-Usd (EMCS, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- Varma, H9
- CIK
- 0001698484
- Portfolio Value
- $16.5B (Q4 2025)
- SEC Filing
- 0001140361-26-003200 ↗ filed Feb 2, 2026
Holdings Value
Holdings 308 stocks · $16.5B
| KLMN Invesco MSCI N Amr Climt ETF | 16.18% | 95,333,362 | $2.7B | Add +9.2% |
| KLMT Invesco MSCI GL CLM 500 ETF | 8.41% | 44,931,497 | $1.4B | No change |
| VOO Vanguard S&P 500 ETF | 4.58% | 1,207,700 | $757.4M | New |
| NVDA Nvidia Corp. | 4.53% | 4,015,866 | $749.0M | Add +1.2% |
| AAPL Apple Inc. | 4.10% | 2,495,883 | $678.5M | Add +4.4% |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | 3.81% | 17,660,261 | $629.3M | Reduce -36.8% |
| MSFT Microsoft Corp. | 3.33% | 1,139,676 | $551.2M | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 3.03% | 1,602,199 | $501.5M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 2.28% | 1,632,111 | $376.7M | Reduce -0.9% |
| LCTU iShares U.S. Carbon Transiti | 2.16% | 4,814,000 | $356.7M | No change |
| RSP Invesco S&P 500 Equal Weight | 1.98% | 1,708,000 | $327.2M | New |
| META Meta Platforms Inc. Class A | 1.50% | 375,244 | $247.7M | Add +0.3% |
| VCIT Vanguard Int-Term Corporate | 1.37% | 2,700,000 | $226.1M | No change |
| AVGO Broadcom Inc. | 1.35% | 643,130 | $222.6M | Add +3.5% |
| TSLA Tesla Inc. | 1.10% | 404,023 | $181.7M | Add +3.0% |
| JPM JPMorgan Chase & Co. | 0.88% | 450,511 | $145.2M | Reduce -0.4% |
| LLY Eli Lilly & Co. | 0.80% | 122,868 | $132.0M | Add +1.1% |
| VCLT Vanguard Long-Term Corp. Bond | 0.73% | 1,600,000 | $121.4M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.67% | 364,600 | $110.8M | No change |
| V Visa Inc. Class A | 0.62% | 291,341 | $102.2M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.51% | 148,208 | $84.6M | Add +4.9% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.51% | 1,250,000 | $84.3M | No change |
| EMLC Vaneck JPM Em Local Curr BND | 0.48% | 3,100,000 | $80.0M | No change |
| XOM Exxon Mobil Corp. | 0.48% | 662,803 | $79.8M | Add +1.1% |
| JNJ Johnson & Johnson | 0.47% | 376,356 | $77.9M | Reduce -0.5% |
| WMT Walmart Inc. | 0.45% | 667,866 | $74.4M | Reduce -6.1% |
| VCEB Vanguard ESG US Corp. Bond | 0.42% | 1,100,000 | $70.0M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 1,196,424 | $65.8M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 0.36% | 190,914 | $59.9M | Add +11.8% |
| ABBV Abbvie Inc. | 0.36% | 261,667 | $59.8M | Reduce -0.7% |
| NFLX Netflix Inc. | 0.36% | 632,250 | $59.3M | Add +2.5% |
| PLTR Palantir Technologies Inc. Class A | 0.36% | 333,170 | $59.2M | Add +6.1% |
| COST Costco Wholesale Corp. | 0.34% | 65,457 | $56.4M | Add +0.6% |
| FALN iShares Fallen Angels ETF | 0.33% | 2,000,000 | $54.6M | No change |
| PG The Procter & Gamble Co. | 0.33% | 378,855 | $54.3M | Add +1.3% |
| GE General Electric filed as GE AEROSPACE | 0.32% | 173,745 | $53.5M | Add +2.6% |
| HD Home Depot Inc. | 0.32% | 155,095 | $53.4M | Reduce -2.9% |
| GS Goldman Sachs Group Inc. | 0.32% | 60,200 | $52.9M | Add +10.1% |
| AMD Advanced Micro Devices | 0.31% | 242,917 | $52.0M | Add +31.9% |
| CSCO Cisco Systems Inc. | 0.31% | 656,847 | $50.6M | Add +1.4% |
| WFC Wells Fargo & Co. | 0.30% | 538,759 | $50.2M | Add +0.2% |
| ORCL Oracle Corp. | 0.30% | 254,518 | $49.6M | Reduce -27.6% |
| KO The Coca-Cola Co. | 0.30% | 707,276 | $49.4M | Add +3.4% |
| MU Micron Technology Inc. | 0.29% | 170,071 | $48.5M | Reduce -5.5% |
| CVX Chevron Corp. | 0.28% | 308,436 | $47.0M | Reduce -10.1% |
| UNH Unitedhealth Group Inc. | 0.27% | 133,062 | $43.9M | Reduce -8.5% |
| CAT Caterpillar Inc. | 0.26% | 76,416 | $43.8M | Reduce -2.7% |
| MRK Merck & Co. Inc. | 0.25% | 396,874 | $41.8M | Reduce -1.5% |
| CRM Salesforce Inc. | 0.25% | 157,228 | $41.7M | Reduce -13.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.25% | 139,408 | $41.3M | Add +0.7% |
| RY Royal Bank of Canada | 0.25% | 240,529 | $41.1M | Add +1.1% |
| AXP American Express Co. | 0.25% | 110,935 | $41.0M | Reduce -2.4% |
| C Citigroup Inc. | 0.24% | 341,876 | $39.9M | No change |
| LRCX Lam Research Corp. | 0.24% | 231,730 | $39.7M | Reduce -10.5% |
| MS Morgan Stanley | 0.24% | 221,412 | $39.3M | Add +3.7% |
| AMAT Applied Materials Inc. | 0.23% | 147,582 | $37.9M | Reduce -7.3% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 63,217 | $36.6M | Reduce -4.1% |
| MCD McDonald's Corp. | 0.22% | 118,366 | $36.2M | Add +2.2% |
| PEP Pepsico Inc. | 0.21% | 246,557 | $35.4M | Reduce -4.8% |
| ABT Abbott Laboratories | 0.21% | 281,652 | $35.3M | Add +0.6% |
| LIN Linde PLC | 0.21% | 79,585 | $33.9M | Reduce -0.6% |
| SPGI S&P Global Inc. | 0.20% | 64,507 | $33.7M | Add +1.7% |
| EMB iShares JP Morgan Usd Emergi | 0.20% | 350,000 | $33.7M | Add +75.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 290,594 | $33.1M | Add +2.0% |
| INDA iShares MSCI India ETF | 0.20% | 607,910 | $32.9M | No change |
| ISRG Intuitive Surgical Inc. | 0.20% | 57,253 | $32.4M | Reduce -1.0% |
| COF Capital One Financial Corp. | 0.19% | 129,282 | $31.3M | Add +4.6% |
| T AT&T Inc. | 0.19% | 1,248,460 | $31.0M | Add +4.3% |
| SCHW Schwab (charles) Corp. | 0.19% | 310,181 | $31.0M | Add +7.1% |
| QCOM Qualcomm Inc. | 0.19% | 180,771 | $30.9M | Reduce -3.8% |
| SHOP Shopify Inc. Class A | 0.19% | 191,408 | $30.9M | Reduce -2.3% |
| VZ Verizon Communications Inc. | 0.18% | 742,109 | $30.2M | Add +7.6% |
| BLK BlackRock Inc. | 0.18% | 27,912 | $29.9M | Add +7.3% |
| KLAC KLA Corp. | 0.18% | 24,564 | $29.8M | Reduce -4.7% |
| BKNG Booking Holdings Inc. | 0.18% | 5,524 | $29.6M | Add +3.8% |
| APH Amphenol Corp. Class A | 0.18% | 218,589 | $29.5M | Add +4.1% |
| INTU Intuit Inc. | 0.18% | 44,158 | $29.3M | Reduce -2.0% |
| AMGN Amgen Inc. | 0.17% | 88,159 | $28.9M | Reduce -1.2% |
| GEV GE Vernova Inc. | 0.17% | 43,943 | $28.7M | Reduce -3.9% |
| PH Parker Hannifin Corp. | 0.17% | 32,475 | $28.5M | Add +11.8% |
| TD Toronto-Dominion Bank | 0.17% | 301,698 | $28.5M | Add +2.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.17% | 184,966 | $28.4M | Add +1.1% |
| ACN Accenture PLC Class A | 0.17% | 105,386 | $28.3M | Add +21.4% |
| NOW ServiceNow Inc. | 0.16% | 175,415 | $26.9M | Reduce -12.3% |
| BSX Boston Scientific Corp. | 0.16% | 280,181 | $26.7M | Add +3.4% |
| NEE Nextera Energy Inc. | 0.16% | 330,893 | $26.6M | Add +1.4% |
| ANET Arista Networks Inc. | 0.16% | 198,550 | $26.0M | Add +8.9% |
| KURE Kraneshares MSCI All China H | 0.16% | 1,520,129 | $25.9M | No change |
| COP Conocophillips | 0.16% | 275,852 | $25.8M | Reduce -0.9% |
| UBER Uber Technologies Inc. | 0.16% | 315,317 | $25.8M | Add +5.8% |
| WELL Welltower Inc. | 0.15% | 137,676 | $25.6M | Add +0.7% |
| INTC Intel Corp. | 0.15% | 688,623 | $25.4M | Reduce -0.6% |
| ETN Eaton Corp. PLC | 0.15% | 79,475 | $25.3M | Add +4.1% |
| PGR Progressive Corp. | 0.15% | 110,044 | $25.1M | Add +11.8% |
| TXN Texas Instruments Inc. | 0.15% | 143,941 | $25.0M | Add +41.5% |
| ADI Analog Devices Inc. | 0.15% | 91,159 | $24.7M | Reduce -6.5% |
| ADBE Adobe Inc. | 0.15% | 69,326 | $24.3M | Add +45.9% |
| GILD Gilead Sciences Inc. | 0.15% | 195,915 | $24.0M | Reduce -4.3% |
| APP AppLovin Corp. Class A | 0.14% | 35,600 | $24.0M | Reduce -2.2% |
| AEM Agnico Eagle Mines Ltd. | 0.14% | 141,252 | $24.0M | Reduce -10.3% |
Portfolio Sells Q3 2025 → Q4 2025
| EMCS Xtracke MSCI Emer Ms ETF-Usd | Reduce -36.8% | 3.81% | −2.39 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −2.26 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.77 |
| MSFT Microsoft Corp. | Reduce -2.0% | 3.33% | −0.53 |
| ORCL Oracle Corp. | Reduce -27.6% | 0.30% | −0.33 |
| HD Home Depot Inc. | Reduce -2.9% | 0.32% | −0.09 |
| ITW Illinois Tool Works | Sold out | 0.00% | −0.09 |
| O Realty Income Corp. | Sold out | 0.00% | −0.09 |
| PBA Pembina Pipeline Corp. | Sold out | 0.00% | −0.08 |
| NOW ServiceNow Inc. | Reduce -12.3% | 0.16% | −0.07 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.07 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.07 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.07 |
| PEG Public Service Enterprise GP | Sold out | 0.00% | −0.07 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.07 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.07 |
| AMP Ameriprise Financial Inc. | Reduce -89.2% | 0.01% | −0.07 |
| PRU Prudential Financial Inc. | Reduce -89.2% | 0.01% | −0.06 |
| ROST Ross Stores Inc. | Sold out | 0.00% | −0.06 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.06 |
| AVY Avery Dennison Corp. | Sold out | 0.00% | −0.06 |
| ARES Ares Management Corp. Class A | Reduce -89.2% | 0.01% | −0.06 |
| WAB Wabtec Corp. | Sold out | 0.00% | −0.06 |
| PSA Public Storage | Sold out | 0.00% | −0.06 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.06 |
| UNP Union Pacific Corp. | Reduce -31.6% | 0.10% | −0.06 |
| CVX Chevron Corp. | Reduce -10.1% | 0.28% | −0.06 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.06 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -8.5% | 0.27% | −0.06 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.06 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.05 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.05 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.05 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.05 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.05 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.05 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.04 |
| RCI Rogers Communications Inc. Class B | Reduce -46.9% | 0.05% | −0.04 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.04 |
| WRD Weride Inc.-ADR | Sold out | 0.00% | −0.04 |
| FIS Fidelity National Info Serv | Reduce -89.2% | 0.00% | −0.04 |
| HOOD Robinhood Markets Inc. Class A | Reduce -7.0% | 0.10% | −0.04 |
| AMZN Amazon.com Inc. | Reduce -0.9% | 2.28% | −0.04 |
| IT Gartner Inc. | Sold out | 0.00% | −0.04 |
| LIN Linde PLC | Reduce -0.6% | 0.21% | −0.04 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.04 |
| CP Canadian Pacific Kansas City | Reduce -32.3% | 0.06% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -0.4% | 0.88% | −0.04 |
| AUR Aurora Innovation Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | New | 4.58% | +4.58 |
| RSP Invesco S&P 500 Equal Weight | New | 1.98% | +1.98 |
| KLMN Invesco MSCI N Amr Climt ETF | Add +9.2% | 16.18% | +0.87 |
| LLY Eli Lilly & Co. | Add +1.1% | 0.80% | +0.20 |
| AAPL Apple Inc. | Add +4.4% | 4.10% | +0.20 |
| AMD Advanced Micro Devices | Add +31.9% | 0.31% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +11.8% | 0.36% | +0.10 |
| BR Broadridge Financial Solutio | New | 0.09% | +0.09 |
| FNV Franco-Nevada Corp. | New | 0.09% | +0.09 |
| EMB iShares JP Morgan Usd Emergi | Add +75.0% | 0.20% | +0.08 |
| VRSK Verisk Analytics Inc. | New | 0.08% | +0.08 |
| WDC Western Digital Corp. | New | 0.08% | +0.08 |
| XYL Xylem Inc. | New | 0.08% | +0.08 |
| STX Seagate Technology Holdings | New | 0.08% | +0.08 |
| TTWO Take-Two Interactive Softwre | New | 0.08% | +0.08 |
| WBD Warner Bros Discovery Inc. | New | 0.07% | +0.07 |
| KHC The Kraft Heinz Co. | New | 0.07% | +0.07 |
| GIB Cgi Inc. | New | 0.07% | +0.07 |
| VRT Vertiv Holdings Co. Class A | New | 0.07% | +0.07 |
| KEYS Keysight Technologies Inc. | New | 0.07% | +0.07 |
| OXY Occidental Petroleum Corp. | New | 0.07% | +0.07 |
| J Jacobs Solutions Inc. | New | 0.07% | +0.07 |
| CCJ Cameco Corp. | New | 0.07% | +0.07 |
| PTC PTC Inc. | New | 0.06% | +0.06 |
| AMCR Amcor PLC | New | 0.06% | +0.06 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.06% | +0.06 |
| OMC Omnicom Group | New | 0.06% | +0.06 |
| TRMB Trimble Inc. | New | 0.06% | +0.06 |
| DOC Healthpeak Properties Inc. | New | 0.06% | +0.06 |
| STN Stantec Inc. | New | 0.06% | +0.06 |
| RBLX Roblox Corp. Class A | New | 0.05% | +0.05 |
| DELL Dell Technologies -C | New | 0.05% | +0.05 |
| VEEV Veeva Systems Inc. Class A | New | 0.05% | +0.05 |
| AU Anglogold Ashanti PLC | New | 0.05% | +0.05 |
| DDOG Datadog Inc. Class A | New | 0.05% | +0.05 |
| CLS Celestica Inc. | New | 0.05% | +0.05 |
| JCI Johnson Controls Internation | Add +58.4% | 0.11% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +10.1% | 0.32% | +0.04 |
| ADBE Adobe Inc. | Add +45.9% | 0.15% | +0.04 |
| ARGT Global X MSCI Argentina ETF | New | 0.04% | +0.04 |
| ACN Accenture PLC Class A | Add +21.4% | 0.17% | +0.03 |
| AVGO Broadcom Inc. | Add +3.5% | 1.35% | +0.03 |
| PH Parker Hannifin Corp. | Add +11.8% | 0.17% | +0.03 |
| TXN Texas Instruments Inc. | Add +41.5% | 0.15% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +15.4% | 0.12% | +0.03 |
| SMCI Super Micro Computer Inc. | New | 0.03% | +0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Add +16.3% | 0.11% | +0.02 |
| RY Royal Bank of Canada | Add +1.1% | 0.25% | +0.02 |
| CSCO Cisco Systems Inc. | Add +1.4% | 0.31% | +0.02 |
| COF Capital One Financial Corp. | Add +4.6% | 0.19% | +0.02 |
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 |