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National Pension Service

National Pension Service Portfolio holdings

AUM $155B
1-Year Est. Return 42.54%
This Fund
S&P 500
This Quarter Est. Return
+4.14%
1 Year Est. Return
+42.54%
3 Year Est. Return
+132.45%
5 Year Est. Return
+174.69%
10 Year Est. Return
+634.7%
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
LMT icon
101
Lockheed Martin
LMT
$138B
$299M 0.22%
618,152
+131,947
+27% +$63.1M
BMY icon
102
Bristol-Myers Squibb
BMY
$132B
$298M 0.22%
5,533,216
+426,697
+8% +$20.5M
WDC icon
103
Western Digital
WDC
$168B
$291M 0.22%
1,691,659
+1,231,477
+268% +$187M
DE icon
104
Deere & Co
DE
$165B
$291M 0.22%
624,690
+22,103
+4% +$10.4M
MDT icon
105
Medtronic
MDT
$116B
$286M 0.21%
2,982,411
+28,269
+1% +$2.75M
PGR icon
106
Progressive
PGR
$121B
$286M 0.21%
1,334,312
-115,045
-8% -$26M
CEG icon
107
Constellation Energy
CEG
$98.8B
$285M 0.21%
808,068
-247,902
-23% -$90.1M
MO icon
108
Altria Group
MO
$109B
$282M 0.21%
4,895,679
+179,420
+4% +$10.8M
HON icon
109
Honeywell
HON
$74.3B
$281M 0.21%
1,438,368
-52,402
-4% -$10.3M
REGN icon
110
Regeneron Pharmaceuticals
REGN
$83.1B
$279M 0.21%
360,988
+82,853
+30% +$56.3M
STX icon
111
Seagate
STX
$208B
$275M 0.2%
997,223
+747,102
+299% +$194M
CMCSA icon
112
Comcast
CMCSA
$93B
$273M 0.2%
9,731,718
+711,757
+8% +$20.3M
HCA icon
113
HCA Healthcare
HCA
$89.1B
$272M 0.2%
583,185
-43,400
-7% -$20.1M
AMT icon
114
American Tower
AMT
$81.5B
$272M 0.2%
1,547,892
+307,622
+25% +$56M
RCL icon
115
Royal Caribbean
RCL
$83B
$269M 0.2%
964,926
+23,126
+2% +$6.53M
TMUS icon
116
T-Mobile US
TMUS
$196B
$269M 0.2%
1,323,952
+118,230
+10% +$25.1M
ETN icon
117
Eaton
ETN
$176B
$267M 0.2%
839,485
+64,463
+8% +$22.8M
BNY
118
Bank of New York Mellon
BNY
$110B
$264M 0.2%
2,276,146
+222,868
+11% +$24.7M
CVS icon
119
CVS Health
CVS
$121B
$264M 0.2%
3,320,859
-678,763
-17% -$53.5M
MCO icon
120
Moody's
MCO
$84.6B
$263M 0.19%
514,377
+143,515
+39% +$70M
CRH icon
121
CRH
CRH
$65.3B
$258M 0.19%
+2,068,686
New +$246M
SO icon
122
Southern Company
SO
$107B
$253M 0.19%
2,900,350
+146,674
+5% +$13.4M
JCI icon
123
Johnson Controls International
JCI
$91.8B
$252M 0.19%
2,106,447
-38,977
-2% -$4.47M
BX icon
124
Blackstone
BX
$112B
$250M 0.18%
1,619,383
+116,937
+8% +$17.8M
SRE icon
125
Sempra
SRE
$56.5B
$250M 0.18%
2,826,999
+2,010,853
+246% +$183M
3 4
5
6 7

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T. Rowe Price Investment Management
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D.E. Shaw & Co
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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.