Varma Mutual Pension Insurance Co
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed August 13, 2026), Varma Mutual Pension Insurance Co reported 319 stock positions worth $17.1 billion. Its top holding was iShares Expanded Tech-Softwa (IGV) at 9.6% of the portfolio, followed by Invesco MSCI N Amr Climt ETF (KLMN, 8.8%) and Invesco MSCI GL CLM 500 ETF (KLMT, 7.9%). Compared with Q4 2025, it opened 14 new positions, sold out of 4, added to 48 and reduced 46. The biggest buy was a new position in iShares Expanded Tech-Softwa (IGV) and the biggest sale Invesco MSCI N Amr Climt ETF (KLMN, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- Varma, H9
- CIK
- 0001698484
- Portfolio Value
- $17.1B (Q1 2026)
- SEC Filing
- 0001140361-26-032746 ↗ filed Aug 13, 2026
Holdings Value
Holdings 319 stocks · $17.1B
| IGV iShares Expanded Tech-Softwa | 9.56% | 20,358,901 | $1.6B | New |
| KLMN Invesco MSCI N Amr Climt ETF | 8.78% | 56,035,951 | $1.5B | Reduce -41.2% |
| KLMT Invesco MSCI GL CLM 500 ETF | 7.94% | 44,931,497 | $1.4B | No change |
| XLE SS Energy Select Sector | 5.05% | 14,067,185 | $861.8M | New |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | 4.49% | 20,621,177 | $766.1M | Add +16.8% |
| NVDA Nvidia Corp. | 4.00% | 3,908,266 | $681.6M | Reduce -2.7% |
| AAPL Apple Inc. | 3.75% | 2,516,883 | $638.8M | Add +0.8% |
| GOOGL Alphabet Inc. Class A | 2.70% | 1,602,199 | $460.7M | No change |
| MSFT Microsoft Corp. | 2.54% | 1,168,076 | $432.4M | Add +2.5% |
| AMZN Amazon.com Inc. | 2.02% | 1,657,111 | $345.1M | Add +1.5% |
| LCTU iShares U.S. Carbon Transiti | 1.98% | 4,814,000 | $337.6M | No change |
| KWEB Kranesh Csi China Internet | 1.48% | 8,885,966 | $252.6M | New |
| QQQ Invesco QQQ Trust Series 1 | 1.35% | 400,000 | $230.9M | New |
| VCIT Vanguard Int-Term Corporate | 1.31% | 2,700,000 | $223.4M | No change |
| META Meta Platforms Inc. Class A | 1.28% | 380,894 | $217.9M | Add +1.5% |
| AVGO Broadcom Inc. | 1.13% | 621,930 | $192.5M | Reduce -3.3% |
| TSLA Tesla Inc. | 0.90% | 414,023 | $153.9M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 0.78% | 450,511 | $132.5M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.72% | 364,600 | $123.2M | No change |
| VCLT Vanguard Long-Term Corp. Bond | 0.70% | 1,600,000 | $119.6M | No change |
| XOM Exxon Mobil Corp. | 0.66% | 662,803 | $112.5M | No change |
| LLY Eli Lilly & Co. | 0.64% | 117,868 | $108.4M | Reduce -4.1% |
| JNJ Johnson & Johnson | 0.55% | 381,356 | $93.2M | Add +1.3% |
| V Visa Inc. Class A | 0.52% | 291,341 | $88.1M | No change |
| WMT Walmart Inc. | 0.48% | 665,366 | $82.7M | Reduce -0.4% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.48% | 1,250,000 | $82.1M | No change |
| EMLC Vaneck JPM Em Local Curr BND | 0.46% | 3,100,000 | $77.8M | No change |
| MA Mastercard Inc. Class A | 0.43% | 148,208 | $74.1M | No change |
| EWZ iShares MSCI Brazil ETF | 0.41% | 1,800,550 | $69.1M | New |
| VCEB Vanguard ESG US Corp. Bond | 0.41% | 1,100,000 | $69.1M | No change |
| CVX Chevron Corp. | 0.37% | 308,436 | $63.8M | No change |
| COST Costco Wholesale Corp. | 0.37% | 63,957 | $63.7M | Reduce -2.3% |
| NFLX Netflix Inc. | 0.35% | 620,250 | $59.6M | Reduce -1.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 1,196,424 | $58.3M | No change |
| ABBV Abbvie Inc. | 0.34% | 266,667 | $58.0M | Add +1.9% |
| MU Micron Technology Inc. | 0.34% | 170,071 | $57.5M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.33% | 1,700,000 | $55.5M | New |
| GOOG Alphabet Inc. Class C | 0.32% | 190,914 | $54.8M | No change |
| PG The Procter & Gamble Co. | 0.32% | 378,855 | $54.7M | No change |
| CAT Caterpillar Inc. | 0.32% | 76,416 | $54.1M | No change |
| KO The Coca-Cola Co. | 0.32% | 707,276 | $53.8M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.31% | 365,900 | $53.5M | Add +9.8% |
| AMAT Applied Materials Inc. | 0.31% | 156,582 | $53.5M | Add +6.1% |
| LRCX Lam Research Corp. | 0.30% | 241,730 | $51.6M | Add +4.3% |
| ECH iShares MSCI Chile ETF | 0.30% | 1,294,477 | $51.5M | New |
| AMD Advanced Micro Devices | 0.29% | 242,917 | $49.4M | No change |
| HD Home Depot Inc. | 0.29% | 150,095 | $49.4M | Reduce -3.2% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 173,745 | $49.3M | No change |
| MRK Merck & Co. Inc. | 0.29% | 406,874 | $48.9M | Add +2.5% |
| CSCO Cisco Systems Inc. | 0.28% | 611,847 | $47.5M | Reduce -6.8% |
| GS Goldman Sachs Group Inc. | 0.27% | 55,200 | $46.7M | Reduce -8.3% |
| KLAC KLA Corp. | 0.27% | 30,964 | $45.6M | Add +26.1% |
| WFC Wells Fargo & Co. | 0.25% | 538,759 | $42.9M | No change |
| GEV GE Vernova Inc. | 0.23% | 45,443 | $39.7M | Add +3.4% |
| LIN Linde PLC | 0.23% | 79,585 | $39.5M | No change |
| C Citigroup Inc. | 0.23% | 341,876 | $38.8M | No change |
| RY Royal Bank of Canada | 0.23% | 240,529 | $38.8M | No change |
| PEP Pepsico Inc. | 0.22% | 246,557 | $38.3M | No change |
| UNH Unitedhealth Group Inc. | 0.22% | 140,062 | $37.9M | Add +5.3% |
| VZ Verizon Communications Inc. | 0.22% | 742,109 | $37.3M | No change |
| MS Morgan Stanley | 0.21% | 221,412 | $36.4M | No change |
| COP Conocophillips | 0.21% | 275,852 | $36.4M | No change |
| T AT&T Inc. | 0.21% | 1,248,460 | $36.2M | No change |
| AXP American Express Co. | 0.20% | 110,935 | $33.6M | No change |
| AMGN Amgen Inc. | 0.20% | 95,159 | $33.5M | Add +7.9% |
| MCD McDonald's Corp. | 0.20% | 107,366 | $33.4M | Reduce -9.3% |
| ORCL Oracle Corp. | 0.19% | 224,518 | $33.0M | Reduce -11.8% |
| EMB iShares JP Morgan Usd Emergi | 0.19% | 350,000 | $32.9M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 132,408 | $32.1M | Reduce -5.0% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 63,217 | $31.1M | No change |
| INTC Intel Corp. | 0.18% | 693,623 | $30.6M | Add +0.7% |
| EWY iShares MSCI South Korea ETF | 0.18% | 248,071 | $30.5M | New |
| NEE Nextera Energy Inc. | 0.18% | 325,893 | $30.3M | Reduce -1.5% |
| ABT Abbott Laboratories | 0.18% | 291,652 | $29.9M | Add +3.5% |
| SCHW Schwab (charles) Corp. | 0.17% | 310,181 | $29.2M | No change |
| PH Parker Hannifin Corp. | 0.17% | 32,475 | $29.1M | No change |
| EBND State Street SPDR Bloomberg | 0.17% | 1,400,000 | $28.9M | Add +100.0% |
| PFE Pfizer Inc. | 0.17% | 1,022,063 | $28.7M | Add +6.2% |
| GILD Gilead Sciences Inc. | 0.17% | 205,915 | $28.7M | Add +5.1% |
| AEM Agnico Eagle Mines Ltd. | 0.17% | 141,252 | $28.6M | No change |
| INDA iShares MSCI India ETF | 0.17% | 607,910 | $28.5M | No change |
| ETN Eaton Corp. PLC | 0.17% | 79,475 | $28.4M | No change |
| TD Toronto-Dominion Bank | 0.16% | 301,698 | $28.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 290,594 | $28.0M | No change |
| CRM Salesforce Inc. | 0.16% | 148,028 | $27.6M | Reduce -5.8% |
| APH Amphenol Corp. Class A | 0.16% | 218,589 | $27.6M | No change |
| SPGI S&P Global Inc. | 0.16% | 64,507 | $27.4M | No change |
| WELL Welltower Inc. | 0.16% | 137,676 | $27.2M | No change |
| BLK BlackRock Inc. | 0.16% | 27,912 | $26.8M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.16% | 166,966 | $26.7M | Reduce -9.7% |
| ISRG Intuitive Surgical Inc. | 0.15% | 57,253 | $26.4M | No change |
| DE Deere & Co. | 0.15% | 46,567 | $26.2M | No change |
| KURE Kraneshares MSCI All China H | 0.15% | 1,520,129 | $25.9M | No change |
| ADI Analog Devices Inc. | 0.15% | 81,159 | $25.8M | Reduce -11.0% |
| UNP Union Pacific Corp. | 0.15% | 104,849 | $25.4M | Add +45.9% |
| TXN Texas Instruments Inc. | 0.15% | 128,941 | $25.0M | Reduce -10.4% |
| WPM Wheaton Precious Metals Corp. | 0.15% | 191,258 | $25.0M | No change |
| NEM Newmont Corp. | 0.15% | 230,556 | $25.0M | No change |
| ANET Arista Networks Inc. | 0.14% | 198,550 | $24.4M | No change |
| BMY Bristol-Myers Squibb Co. | 0.14% | 393,026 | $23.8M | Add +11.3% |
Portfolio Sells Q4 2025 → Q1 2026
| KLMN Invesco MSCI N Amr Climt ETF | Reduce -41.2% | 8.78% | −7.40 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −4.58 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −1.98 |
| NVDA Nvidia Corp. | Reduce -2.7% | 4.00% | −0.53 |
| FALN iShares Fallen Angels ETF | Sold out | 0.00% | −0.33 |
| AVGO Broadcom Inc. | Reduce -3.3% | 1.13% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -4.1% | 0.64% | −0.16 |
| ORCL Oracle Corp. | Reduce -11.8% | 0.19% | −0.11 |
| CRM Salesforce Inc. | Reduce -5.8% | 0.16% | −0.09 |
| ADBE Adobe Inc. | Reduce -30.0% | 0.07% | −0.08 |
| INTU Intuit Inc. | Reduce -7.5% | 0.10% | −0.07 |
| IBM Intl Business Machines Corp. | Reduce -5.0% | 0.19% | −0.06 |
| ACN Accenture PLC Class A | Reduce -9.5% | 0.11% | −0.06 |
| NOW ServiceNow Inc. | Reduce -3.4% | 0.10% | −0.06 |
| GS Goldman Sachs Group Inc. | Reduce -8.3% | 0.27% | −0.05 |
| AXON Axon Enterprise Inc. | Reduce -28.4% | 0.04% | −0.04 |
| BR Broadridge Financial Solutio | Reduce -22.8% | 0.05% | −0.04 |
| WDAY Workday Inc. Class A | Reduce -30.0% | 0.03% | −0.04 |
| GIB Cgi Inc. | Reduce -30.0% | 0.04% | −0.03 |
| HD Home Depot Inc. | Reduce -3.2% | 0.29% | −0.03 |
| NKE Nike Inc. Class B | Reduce -17.9% | 0.06% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -6.8% | 0.28% | −0.03 |
| HCA HCA Healthcare Inc. | Reduce -32.6% | 0.05% | −0.03 |
| IQV Iqvia Holdings Inc. | Reduce -9.4% | 0.05% | −0.02 |
| MCD McDonald's Corp. | Reduce -9.3% | 0.20% | −0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -19.2% | 0.04% | −0.02 |
| J Jacobs Solutions Inc. | Reduce -23.0% | 0.05% | −0.02 |
| HPQ HP Inc. | Reduce -30.1% | 0.03% | −0.02 |
| VEEV Veeva Systems Inc. Class A | Reduce -10.5% | 0.04% | −0.02 |
| CVS CVS Health Corp. | Reduce -5.0% | 0.08% | −0.02 |
| EW Edwards Lifesciences Corp. | Reduce -14.7% | 0.05% | −0.02 |
| TJX TJX Companies Inc. | Reduce -9.7% | 0.16% | −0.02 |
| XYL Xylem Inc. | Reduce -4.2% | 0.06% | −0.01 |
| ACM Aecom | Reduce -10.1% | 0.04% | −0.01 |
| NFLX Netflix Inc. | Reduce -1.9% | 0.35% | −0.01 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.01 |
| DELL Dell Technologies -C | Reduce -29.9% | 0.05% | −0.01 |
| RSG Republic Services Inc. | Reduce -6.0% | 0.08% | −0.00 |
| TXN Texas Instruments Inc. | Reduce -10.4% | 0.15% | −0.00 |
| MRVL Marvell Technology Inc. | Reduce -15.8% | 0.08% | −0.00 |
| WM Waste Management Inc. | Reduce -4.7% | 0.11% | −0.00 |
| MSI Motorola Solutions Inc. | Reduce -12.2% | 0.07% | −0.00 |
| JCI Johnson Controls Internation | Reduce -6.2% | 0.11% | −0.00 |
| ADI Analog Devices Inc. | Reduce -11.0% | 0.15% | +0.00 |
| SRE Sempra | Reduce -3.2% | 0.09% | +0.00 |
| NEE Nextera Energy Inc. | Reduce -1.5% | 0.18% | +0.02 |
| STX Seagate Technology Holdings | Reduce -6.4% | 0.10% | +0.02 |
| GLW Corning Inc. | Reduce -14.7% | 0.13% | +0.03 |
| COST Costco Wholesale Corp. | Reduce -2.3% | 0.37% | +0.03 |
| WMT Walmart Inc. | Reduce -0.4% | 0.48% | +0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| IGV iShares Expanded Tech-Softwa | New | 9.56% | +9.56 |
| XLE SS Energy Select Sector | New | 5.05% | +5.05 |
| KWEB Kranesh Csi China Internet | New | 1.48% | +1.48 |
| QQQ Invesco QQQ Trust Series 1 | New | 1.35% | +1.35 |
| EMCS Xtracke MSCI Emer Ms ETF-Usd | Add +16.8% | 4.49% | +0.69 |
| EWZ iShares MSCI Brazil ETF | New | 0.41% | +0.41 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 0.33% | +0.33 |
| ECH iShares MSCI Chile ETF | New | 0.30% | +0.30 |
| EWY iShares MSCI South Korea ETF | New | 0.18% | +0.18 |
| KSTR Kraneshares China Technology | New | 0.11% | +0.11 |
| KLAC KLA Corp. | Add +26.1% | 0.27% | +0.09 |
| AMAT Applied Materials Inc. | Add +6.1% | 0.31% | +0.08 |
| EBND State Street SPDR Bloomberg | Add +100.0% | 0.17% | +0.08 |
| JNJ Johnson & Johnson | Add +1.3% | 0.55% | +0.08 |
| LRCX Lam Research Corp. | Add +4.3% | 0.30% | +0.06 |
| GEV GE Vernova Inc. | Add +3.4% | 0.23% | +0.06 |
| UNP Union Pacific Corp. | Add +45.9% | 0.15% | +0.05 |
| BABA Alibaba Group Holding-SP ADR | New | 0.05% | +0.05 |
| MRK Merck & Co. Inc. | Add +2.5% | 0.29% | +0.03 |
| DOV Dover Corp. | Add +47.9% | 0.10% | +0.03 |
| CP Canadian Pacific Kansas City | Add +45.2% | 0.10% | +0.03 |
| ONON On Holding AG Class A | New | 0.03% | +0.03 |
| CNI Canadian Natl Railway Co. | Add +47.1% | 0.08% | +0.03 |
| INTC Intel Corp. | Add +0.7% | 0.18% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +11.3% | 0.14% | +0.02 |
| PFE Pfizer Inc. | Add +6.2% | 0.17% | +0.02 |
| PWR Quanta Services Inc. | Add +2.6% | 0.10% | +0.02 |
| GILD Gilead Sciences Inc. | Add +5.1% | 0.17% | +0.02 |
| AMGN Amgen Inc. | Add +7.9% | 0.20% | +0.02 |
| AS Amer Sports Inc. | New | 0.02% | +0.02 |
| ED Consolidated Edison Inc. | Add +10.7% | 0.10% | +0.02 |
| WAT Waters Corp. | New | 0.02% | +0.02 |
| DECK Deckers Outdoor Corp. | New | 0.01% | +0.01 |
| HWM Howmet Aerospace Inc. | Add +3.5% | 0.12% | +0.01 |
| SCCO Southern Copper Corp. | Add +0.8% | 0.07% | +0.01 |
| EXC Exelon Corp. | Add +3.4% | 0.09% | +0.01 |
| MCK McKesson Corp. | Add +7.1% | 0.12% | +0.01 |
| PCAR Paccar Inc. | Add +7.3% | 0.10% | +0.01 |
| RCL Royal Caribbean Cruises Ltd. | Add +13.3% | 0.08% | +0.01 |
| CI The Cigna Group | Add +14.1% | 0.08% | +0.01 |
| HEI.A Heico Corp. Class A | Add +52.3% | 0.02% | +0.00 |
| UPS United Parcel Service Class B | Add +10.1% | 0.07% | +0.00 |
| CARR Carrier Global Corp. | Add +1.6% | 0.07% | +0.00 |
| VRTX Vertex Pharmaceuticals Inc. | Add +7.4% | 0.11% | +0.00 |
| REGN Regeneron Pharmaceuticals | Add +5.8% | 0.08% | +0.00 |
| ARGX Argenx SE - ADR | Add +25.0% | 0.02% | +0.00 |
| COR Cencora Inc. | Add +9.9% | 0.08% | −0.00 |
| CMG Chipotle Mexican Grill Inc. | Add +13.1% | 0.07% | −0.00 |
| MDT Medtronic PLC | Add +9.2% | 0.12% | −0.01 |
| BDX Becton Dickinson and Co. | Add +15.9% | 0.07% | −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 |