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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
DELL icon
201
Dell
DELL
$313B
$101M 0.07%
803,983
+17,762
+2% +$2.5M
CAH icon
202
Cardinal Health
CAH
$54.5B
$99.7M 0.07%
484,996
-15,344
-3% -$2.89M
FTNT icon
203
Fortinet
FTNT
$118B
$96.9M 0.07%
1,220,008
-1,003,190
-45% -$83.2M
NRG icon
204
NRG Energy
NRG
$25.4B
$96.1M 0.07%
603,646
+4,346
+0.7% +$719K
ALL icon
205
Allstate
ALL
$64.7B
$94M 0.07%
451,562
-485,530
-52% -$99.4M
AFL icon
206
Aflac
AFL
$60.5B
$93.7M 0.07%
850,099
-690,125
-45% -$76M
EA
207
DELISTED
Electronic Arts
EA
$93.4M 0.07%
457,333
-12,111
-3% -$2.44M
MSTR icon
208
Strategy Inc
MSTR
$37.3B
$93.4M 0.07%
614,409
+102,769
+20% +$23.7M
HPE icon
209
Hewlett Packard
HPE
$77.8B
$92.8M 0.07%
3,861,635
+74,156
+2% +$1.75M
LHX icon
210
L3Harris
LHX
$54.1B
$92.6M 0.07%
315,521
-10,677
-3% -$3.09M
KR icon
211
Kroger
KR
$34.3B
$91.8M 0.07%
1,469,005
+29,347
+2% +$1.92M
CCL icon
212
Carnival Corporation Ltd
CCL
$37.9B
$91.7M 0.07%
3,001,300
+205,740
+7% +$5.74M
CBRE icon
213
CBRE Group
CBRE
$42.7B
$91.2M 0.07%
567,136
+28,058
+5% +$4.41M
ABNB icon
214
Airbnb
ABNB
$108B
$90.2M 0.07%
664,942
-431,469
-39% -$53.7M
ZTS icon
215
Zoetis
ZTS
$30.4B
$90M 0.07%
715,234
-675,208
-49% -$88.1M
BDX icon
216
Becton Dickinson
BDX
$50B
$89.9M 0.07%
463,040
+18,333
+4% +$3.49M
SE icon
217
Sea Limited
SE
$78.5B
$89.9M 0.07%
704,327
-621,053
-47% -$92M
EBAY icon
218
eBay
EBAY
$45.5B
$87.9M 0.07%
1,009,553
+38,665
+4% +$3.35M
AMRZ
219
Amrize Ltd
AMRZ
$25.4B
$87.8M 0.07%
+1,623,228
New +$82.8M
AER icon
220
AerCap
AER
$23.6B
$87.7M 0.06%
609,915
-15,843
-3% -$2.1M
TGT icon
221
Target
TGT
$69.9B
$86.6M 0.06%
886,438
+50,614
+6% +$4.66M
CMG icon
222
Chipotle Mexican Grill
CMG
$41.3B
$86.5M 0.06%
2,337,852
-1,024,315
-30% -$37.1M
PYPL icon
223
PayPal
PYPL
$50.6B
$85.6M 0.06%
1,465,787
-1,390,110
-49% -$90.3M
MET icon
224
MetLife
MET
$61.4B
$83.1M 0.06%
1,052,735
+57,466
+6% +$4.55M
SLB icon
225
SLB Ltd
SLB
$78.1B
$82.6M 0.06%
2,151,682
+178,164
+9% +$6.46M
7 8
9
10 11

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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.