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National Mutual Insurance Federation Of Agricultural Cooperatives

13F for the quarter to June 30, 2026, filed August 5, 2026 · SEC CIK 1542927

Reported value
$15.3bn
8% in companies we cover
Positions we cover
27
Largest MU 0.8%
Copy, a year
+16.0%
S&P 500 +14.1%
Copy Sharpe ratio
0.87
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $71.1k$57.0k
CopyS&P 500 $10,000 copying National Mutual Insurance Federation Of Agricultural Cooperatives's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −28.5% (S&P 500 −31.8%); beta 0.99; alpha +1.8% a year (t = 1.78); last 12 months +13.6% against +12.1%.

Reported value by quarter

National Mutual Insurance Federation Of Agricultural Cooperatives: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T Reported value, 2013-06-30: $1.5B Reported value, 2013-09-30: $1.5B Reported value, 2013-12-31: $1.5B Reported value, 2014-03-31: $1.3B Reported value, 2014-06-30: $1.6B Reported value, 2014-09-30: $2B Reported value, 2014-12-31: $2.3B Reported value, 2015-03-31: $2.5B Reported value, 2015-06-30: $2.7B Reported value, 2015-09-30: $2.7B Reported value, 2015-12-31: $2.9B Reported value, 2016-03-31: $2.6B Reported value, 2016-06-30: $3.2B Reported value, 2016-09-30: $4B Reported value, 2016-12-31: $4.3B Reported value, 2017-03-31: $4.8B Reported value, 2017-06-30: $5B Reported value, 2017-09-30: $4.9B Reported value, 2017-12-31: $5.6B Reported value, 2018-03-31: $6B Reported value, 2018-06-30: $8B Reported value, 2018-09-30: $7.8B Reported value, 2018-12-31: $7.4B Reported value, 2019-03-31: $8.2B Reported value, 2019-06-30: $8B Reported value, 2019-09-30: $7.9B Reported value, 2019-12-31: $8.4B Reported value, 2020-03-31: $6.8B Reported value, 2020-06-30: $8.3B Reported value, 2020-09-30: $9.4B Reported value, 2020-12-31: $10.2B Reported value, 2021-03-31: $10.4B Reported value, 2021-06-30: $11.6B Reported value, 2021-09-30: $11.5B Reported value, 2021-12-31: $12.4B Reported value, 2022-03-31: $11.3B Reported value, 2022-06-30: $9.4B Reported value, 2022-09-30: $8.9B Reported value, 2022-12-31: $8.2T Reported value, 2023-03-31: $8.1B Reported value, 2023-06-30: $8.5B Reported value, 2023-09-30: $8.1B Reported value, 2023-12-31: $8.8B Reported value, 2024-03-31: $9.5B Reported value, 2024-06-30: $10B Reported value, 2024-09-30: $11.1B Reported value, 2024-12-31: $11.7B Reported value, 2025-03-31: $11.1B Reported value, 2025-06-30: $12.4B Reported value, 2025-09-30: $13.2B Reported value, 2025-12-31: $13.6B Reported value, 2026-03-31: $13B Reported value, 2026-06-30: $15.3B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $15.3B
View chart data
Period Reported value
2013-06-30 $1.5B
2013-09-30 $1.5B
2013-12-31 $1.5B
2014-03-31 $1.3B
2014-06-30 $1.6B
2014-09-30 $2B
2014-12-31 $2.3B
2015-03-31 $2.5B
2015-06-30 $2.7B
2015-09-30 $2.7B
2015-12-31 $2.9B
2016-03-31 $2.6B
2016-06-30 $3.2B
2016-09-30 $4B
2016-12-31 $4.3B
2017-03-31 $4.8B
2017-06-30 $5B
2017-09-30 $4.9B
2017-12-31 $5.6B
2018-03-31 $6B
2018-06-30 $8B
2018-09-30 $7.8B
2018-12-31 $7.4B
2019-03-31 $8.2B
2019-06-30 $8B
2019-09-30 $7.9B
2019-12-31 $8.4B
2020-03-31 $6.8B
2020-06-30 $8.3B
2020-09-30 $9.4B
2020-12-31 $10.2B
2021-03-31 $10.4B
2021-06-30 $11.6B
2021-09-30 $11.5B
2021-12-31 $12.4B
2022-03-31 $11.3B
2022-06-30 $9.4B
2022-09-30 $8.9B
2022-12-31 $8.2T
2023-03-31 $8.1B
2023-06-30 $8.5B
2023-09-30 $8.1B
2023-12-31 $8.8B
2024-03-31 $9.5B
2024-06-30 $10B
2024-09-30 $11.1B
2024-12-31 $11.7B
2025-03-31 $11.1B
2025-06-30 $12.4B
2025-09-30 $13.2B
2025-12-31 $13.6B
2026-03-31 $13B
2026-06-30 $15.3B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
MUMicron Technology0.76%$115.4m100.0K−24.2% Reduced
GOOGLAlphabet Inc. (Class A)0.71%$109.0m305.0K−10.3% Reduced
AAPLApple Inc.0.69%$105.4m364.4K+14.1% Added
NVDANVIDIA Corporation0.67%$102.2m511.0K0.0%
MSFTMicrosoft Corporation0.54%$82.0m219.9K+23.6% Added
AMATApplied Materials0.50%$75.9m105.0K0.0%
AMZNAmazon0.42%$64.4m270.0K0.0%
AVGOBroadcom0.39%$58.9m156.0K+57.6% Added
JPMJPMorgan Chase0.34%$52.7m160.9K0.0%
METAMeta Platforms0.34%$52.2m92.6K0.0%
LLYLilly (Eli)0.28%$43.5m36.3K0.0%
WMTWalmart0.25%$38.4m339.1K0.0%
VVisa Inc.0.25%$37.8m110.3K0.0%
ETNEaton Corporation0.23%$35.9m84.3K0.0%
MAMastercard0.23%$35.0m68.1K0.0%
ISRGIntuitive Surgical0.19%$28.7m72.2K0.0%
BLKBlackRock0.18%$28.3m29.4K0.0%
EQIXEquinix0.18%$28.1m27.0KNew
TMOThermo Fisher Scientific0.18%$28.0m55.9K0.0%
KOThe Coca-Cola Company0.16%$25.1m308.5K0.0%
ICEIntercontinental Exchange0.16%$25.0m203.0K0.0%
EMREmerson Electric0.16%$24.5m170.8K0.0%
COSTCostco0.14%$22.2m23.7K0.0%
AZOAutoZone0.14%$21.7m6.8K0.0%
TRVThe Travelers Companies0.11%$16.5m50.0K0.0%
DEDeere & Company0.08%$12.7m20.0K0.0%
AMDAdvanced Micro Devices0.07%$11.0m19.0KNew
CompanyBought (value)Shares
EQIXEquinix$28.1m27.0K
AVGOBroadcom$21.5m57.0K
MSFTMicrosoft Corporation$15.7m42.0K
AAPLApple Inc.$13.0m45.0K
AMDAdvanced Micro Devices$11.0m19.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
MUMicron Technology−$36.9m−32.0K
SPGIS&P Global−$22.5m−52.8K
CVXChevron Corporation−$20.5m−99.0K
DISThe Walt Disney Company−$18.6m−193.0K
INTUIntuit−$18.5m−42.9K
GOOGLAlphabet Inc. (Class A)−$12.5m−35.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
SPGIS&P Global$22.5m52.8K
CVXChevron Corporation$20.5m99.0K
DISThe Walt Disney Company$18.6m193.0K
INTUIntuit$18.5m42.9K
  • Technology43.0%
  • Financials15.2%
  • Communication Services12.6%
  • Health Care7.8%
  • Consumer Discretionary6.7%
  • Consumer Staples6.7%
  • Industrials5.7%
  • Real Estate2.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+16.0%+14.1%0.870.78−28.5%0.99
2018 onwardsJanuary 5, 2018 to November 2, 2026+15.5%+13.9%0.730.66−28.5%0.99
Last three yearsNovember 3, 2023 to November 2, 2026+23.7%+21.8%1.181.16−18.5%1.06
Last yearNovember 7, 2025 to November 2, 2026+14.6%+14.2%0.750.84−11.5%1.13

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.