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National Pension Service

National Pension Service Portfolio holdings

AUM $132B
1-Year Est. Return 28.96%
This Fund
S&P 500
This Quarter Est. Return
+4.14%
1 Year Est. Return
+28.96%
3 Year Est. Return
+101.23%
5 Year Est. Return
+136.69%
10 Year Est. Return
+496.6%
AUM
$135B
AUM Growth
+$6.29B
Cap. Flow
+$3.37B
Cap. Flow %
2.5%
Top 10 Hldgs %
35.96%
Holding
577
New
25
Increased
383
Reduced
145
Closed
16

Top Buys

Rank Stock Value
1
SPOT icon
Spotify
SPOT
+$340M
2
CRH icon
CRH
CRH
+$246M
3
AMZN icon
Amazon
AMZN
+$207M
4
STX icon
Seagate
STX
+$194M
5
WDC icon
Western Digital
WDC
+$187M

Top Sells

Rank Stock Value
1
ALL icon
Allstate
ALL
+$99.4M
2
WDAY icon
Workday
WDAY
+$95.1M
3
SE icon
Sea Limited
SE
+$92M
4
PYPL icon
PayPal
PYPL
+$90.3M
5
CEG icon
Constellation Energy
CEG
+$90.1M

Sector Composition

Rank Sector Weight
1 Technology 32.83%
2 Financials 11.69%
3 Communication Services 10.61%
4 Consumer Discretionary 9.77%
5 Healthcare 9.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DOV icon
326
Dover
DOV
$28B
$50M 0.04%
256,310
+10,194
+4% +$1.86M
NTRA icon
327
Natera
NTRA
$45.5B
$49.9M 0.04%
217,837
+208,565
+2,249% +$43.5M
AVB icon
328
AvalonBay Communities
AVB
$25.7B
$49.8M 0.04%
274,838
+46,683
+20% +$8.47M
CIEN icon
329
Ciena
CIEN
$61.2B
$49.7M 0.04%
+212,421
New +$41.2M
RF icon
330
Regions Financial
RF
$26.9B
$49M 0.04%
1,809,511
+44,429
+3% +$1.13M
CFG icon
331
Citizens Financial Group
CFG
$31.1B
$49M 0.04%
839,262
+704,054
+521% +$37.8M
KVUE icon
332
Kenvue
KVUE
$36.5B
$48.9M 0.04%
2,835,972
+31,011
+1% +$507K
STLD icon
333
Steel Dynamics
STLD
$37.7B
$48.8M 0.04%
288,248
+241,279
+514% +$38.3M
INSM icon
334
Insmed
INSM
$28.9B
$48.8M 0.04%
+280,442
New +$51.2M
DG icon
335
Dollar General
DG
$26.4B
$48.8M 0.04%
367,320
+346,024
+1,625% +$38.6M
XYL icon
336
Xylem
XYL
$28.5B
$48.5M 0.04%
356,433
-7,626
-2% -$1.1M
NTRS icon
337
Northern Trust
NTRS
$35B
$48.4M 0.04%
354,318
-6,209
-2% -$815K
ARES icon
338
Ares Management
ARES
$32.1B
$48.3M 0.04%
299,123
+34,266
+13% +$5.34M
HBAN icon
339
Huntington Bancshares
HBAN
$36.1B
$48.3M 0.04%
2,783,961
+207,798
+8% +$3.41M
ULTA icon
340
Ulta Beauty
ULTA
$22.9B
$48.1M 0.04%
79,465
+76,631
+2,704% +$42.1M
EQT icon
341
EQT Corp
EQT
$33.8B
$47.7M 0.04%
889,889
+100,203
+13% +$5.63M
TER icon
342
Teradyne
TER
$63B
$47.3M 0.04%
+244,400
New +$41.9M
RJF icon
343
Raymond James Financial
RJF
$34.9B
$47.2M 0.04%
294,078
+13,273
+5% +$2.14M
EQR icon
344
Equity Residential
EQR
$24.2B
$47.2M 0.03%
748,756
+143,262
+24% +$8.79M
GIS icon
345
General Mills
GIS
$20.4B
$47.2M 0.03%
1,014,740
+98,018
+11% +$4.66M
TSCO icon
346
Tractor Supply
TSCO
$19B
$47M 0.03%
939,521
+90,113
+11% +$4.85M
TROW icon
347
T. Rowe Price
TROW
$23.8B
$46.4M 0.03%
453,005
+29,678
+7% +$3.06M
ODFL icon
348
Old Dominion Freight Line
ODFL
$44.1B
$46.4M 0.03%
295,637
+19,028
+7% +$2.73M
CSGP icon
349
CoStar Group
CSGP
$12.4B
$45.9M 0.03%
682,119
+128,520
+23% +$9.1M
LEN icon
350
Lennar Class A
LEN
$20.5B
$45.8M 0.03%
445,407
+19,878
+5% +$2.4M
12 13
14
15 16

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Primecap Management
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VAM
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National Pension Service's Q4 2025 Portfolio in Review

As of Q4 2025, National Pension Service held 577 positions worth $135B, up 4.9% from $129B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

National Pension Service's Q4 2025 filing shows 25 new, 383 increased, 145 reduced and 16 closed positions. Its largest new stake was Spotify: 544,640 shares worth $316M. The largest sale was Allstate, an estimated $99.4M.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 33% a quarter earlier, followed by Financials and Communication Services.

  • National Pension Service's largest Q4 2025 buy was Spotify: 544,640 shares worth $316M.
  • National Pension Service added most to Amazon in Q4 2025, an estimated $207M increase.
  • National Pension Service's biggest Q4 2025 reduction was Allstate, cutting an estimated $99.4M.
  • National Pension Service fully exited Kellanova in Q4 2025, selling an estimated $41.6M.
  • National Pension Service's ten largest holdings make up 36% of its $135B portfolio in Q4 2025.
  • National Pension Service opened 25 new positions and closed 16 in Q4 2025.
  • National Pension Service's portfolio value rose 4.9% quarter-over-quarter to $135B.

Based on National Pension Service's 13F filing for Q4 2025, filed 10 Feb 2026.