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Varma Mutual Pension Insurance Co

13F for the quarter to June 30, 2026, filed August 12, 2026 · SEC CIK 1698484

Reported value
$18.9bn
54% in companies we cover
Positions we cover
279
Largest NVDA 4.2%
Copy, a year
+19.8%
S&P 500 +14.8%
Copy Sharpe ratio
0.88
S&P 500 0.70

How copying its 13F would have done

$10.0k$20.0k$40.0k 201820192020202120222023202420252026 $47.3k$32.7k
CopyS&P 500 $10,000 copying Varma Mutual Pension Insurance Co's filed holdings in companies we cover from March 29, 2018, 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 −28.2% (S&P 500 −31.8%); beta 1.04; alpha +4.0% a year (t = 2.16); last 12 months +10.9% against +12.1%.

Reported value by quarter

Varma Mutual Pension Insurance Co: 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 $2T $4T $6T $8T Reported value, 2017-12-31: $6.6B Reported value, 2018-03-31: $6.6B Reported value, 2018-06-30: $4.2B Reported value, 2018-09-30: $3.4B Reported value, 2018-12-31: $2.1B Reported value, 2019-03-31: $5.6B Reported value, 2019-06-30: $5B Reported value, 2019-09-30: $6.5B Reported value, 2019-12-31: $5.2B Reported value, 2020-03-31: $3.3B Reported value, 2020-06-30: $4.3B Reported value, 2020-09-30: $3.6B Reported value, 2020-12-31: $5.7B Reported value, 2021-03-31: $6.9B Reported value, 2021-06-30: $6.8B Reported value, 2021-09-30: $6.6B Reported value, 2021-12-31: $6.9B Reported value, 2022-03-31: $8.6B Reported value, 2022-06-30: $6.2B Reported value, 2022-09-30: $5.9B Reported value, 2022-12-31: $7.1T Reported value, 2023-03-31: $8.2B Reported value, 2023-06-30: $8.4B Reported value, 2023-09-30: $8.3B Reported value, 2023-12-31: $8.9B Reported value, 2024-03-31: $11.5B Reported value, 2024-06-30: $12.4B Reported value, 2024-09-30: $12.6B Reported value, 2024-12-31: $13.2B Reported value, 2025-03-31: $11.6B Reported value, 2025-06-30: $13.6B Reported value, 2025-09-30: $15.6B Reported value, 2025-12-31: $16.5B Reported value, 2026-03-31: $17.1B Reported value, 2026-06-30: $18.9B 2017-12-31 2019-09-30 2021-06-30 2023-03-31 2024-12-31 2026-06-30 $18.9B
View chart data
Period Reported value
2017-12-31 $6.6B
2018-03-31 $6.6B
2018-06-30 $4.2B
2018-09-30 $3.4B
2018-12-31 $2.1B
2019-03-31 $5.6B
2019-06-30 $5B
2019-09-30 $6.5B
2019-12-31 $5.2B
2020-03-31 $3.3B
2020-06-30 $4.3B
2020-09-30 $3.6B
2020-12-31 $5.7B
2021-03-31 $6.9B
2021-06-30 $6.8B
2021-09-30 $6.6B
2021-12-31 $6.9B
2022-03-31 $8.6B
2022-06-30 $6.2B
2022-09-30 $5.9B
2022-12-31 $7.1T
2023-03-31 $8.2B
2023-06-30 $8.4B
2023-09-30 $8.3B
2023-12-31 $8.9B
2024-03-31 $11.5B
2024-06-30 $12.4B
2024-09-30 $12.6B
2024-12-31 $13.2B
2025-03-31 $11.6B
2025-06-30 $13.6B
2025-09-30 $15.6B
2025-12-31 $16.5B
2026-03-31 $17.1B
2026-06-30 $18.9B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation4.16%$784.5m3.92M+0.3%
AAPLApple Inc.3.81%$719.0m2.48M−1.3% Reduced
GOOGLAlphabet Inc. (Class A)2.98%$561.3m1.57M−2.0% Reduced
MSFTMicrosoft Corporation2.26%$425.6m1.14M−2.3% Reduced
AMZNAmazon2.17%$410.4m1.72M+3.9% Added
AVGOBroadcom1.28%$242.5m641.8K+3.2% Added
METAMeta Platforms1.12%$210.7m374.1K−1.8% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.94%$178.0m372.8K+2.2% Added
TSLATesla, Inc.0.92%$174.0m413.7K−0.1%
MUMicron Technology0.84%$159.4m138.1K−18.8% Reduced
JPMJPMorgan Chase0.80%$151.0m461.4K+2.4% Added
LLYLilly (Eli)0.74%$139.0m115.9K−1.7% Reduced
AMDAdvanced Micro Devices0.71%$134.0m230.7K−5.0% Reduced
VVisa Inc.0.55%$103.0m300.3K+3.1% Added
JNJJohnson & Johnson0.52%$98.2m386.7K+1.4% Added
AMATApplied Materials0.52%$97.2m134.5K−14.1% Reduced
INTCIntel0.48%$91.1m652.4K−5.9% Reduced
LRCXLam Research0.46%$87.1m201.0K−16.8% Reduced
CATCaterpillar Inc.0.42%$78.9m74.1K−3.0% Reduced
WMTWalmart0.41%$77.1m680.4K+2.3% Added
MAMastercard0.41%$77.0m150.0K+1.2% Added
CSCOCisco0.39%$73.5m626.1K+2.3% Added
BACBank of America0.36%$68.9m1.21M+1.1% Added
ABBVAbbVie0.36%$68.0m270.4K+1.4% Added
KLACKLA Corporation0.36%$67.2m222.6K+619.0% Added
HDThe Home Depot0.32%$61.1m173.3K+15.5% Added
UNHUnitedHealth Group0.32%$61.0m146.7K+4.7% Added
COSTCostco0.32%$59.8m64.0K0.0%
GEGE Aerospace0.30%$57.3m153.4K−11.7% Reduced
GSGoldman Sachs0.30%$56.0m55.4K+0.4%
PGProcter & Gamble0.29%$54.1m368.9K−2.6% Reduced
KOThe Coca-Cola Company0.28%$53.8m662.6K−6.3% Reduced
MRKMerck & Co.0.27%$51.3m399.6K−1.8% Reduced
CVXChevron Corporation0.27%$51.3m309.2K+0.3%
RYRoyal Bank Of Canada0.27%$50.8m245.3K+2.0% Added
GEVGE Vernova0.27%$50.6m43.0K−5.3% Reduced
MSMorgan Stanley0.25%$46.7m223.3K+0.9% Added
NFLXNetflix0.24%$45.8m642.0K+3.5% Added
CCitigroup0.24%$45.6m325.6K−4.8% Reduced
TXNTexas Instruments0.24%$44.9m150.7K+16.9% Added
WFCWells Fargo0.24%$44.7m541.1K+0.4%
PMPhilip Morris International0.23%$43.9m242.8KNew
PANWPalo Alto Networks0.21%$40.5m118.6K+3.0% Added
MRVLMarvell Technology0.21%$39.6m133.1K−0.4%
IBMIBM0.20%$38.7m137.5K+3.8% Added
AXPAmerican Express0.20%$37.9m112.0K+1.0% Added
PLTRPalantir Technologies Inc.0.20%$37.6m322.3K−11.9% Reduced
LINLinde plc0.20%$37.5m72.3K−9.2% Reduced
TDToronto Dominion Bank0.19%$36.5m300.0K−0.6% Reduced
GLWCorning Inc.0.19%$36.0m141.1K−13.1% Reduced
WDCWestern Digital0.19%$35.3m55.3K−27.3% Reduced
ORCLOracle Corporation0.19%$35.1m239.6K+6.7% Added
APHAmphenol0.18%$35.0m198.4K−9.2% Reduced
AMGNAmgen0.18%$33.9m93.7K−1.6% Reduced
ADIAnalog Devices0.17%$32.3m81.4K+0.2%
STXSeagate Technology0.17%$32.1m33.3K−24.5% Reduced
ETNEaton Corporation0.17%$32.0m75.1K−5.5% Reduced
QCOMQualcomm0.17%$31.8m172.0K−4.9% Reduced
ANETArista Networks0.17%$31.8m187.1K−5.8% Reduced
PEPPepsiCo0.17%$31.5m232.5K−5.7% Reduced
TMOThermo Fisher Scientific0.17%$31.2m62.2K−1.6% Reduced
VZVerizon0.16%$31.0m732.0K−1.4% Reduced
CRWDCrowdStrike0.16%$30.7m40.2K+1.5% Added
WELLWelltower0.16%$30.5m134.5K−2.3% Reduced
SCHWCharles Schwab Corporation0.16%$30.2m327.5K+5.6% Added
DISThe Walt Disney Company0.16%$29.7m308.9K+6.3% Added
DELLDell Technologies0.15%$29.1m67.5K+42.1% Added
DEDeere & Company0.15%$28.8m45.4K−2.6% Reduced
ABTAbbott Laboratories0.15%$28.6m315.1K+8.0% Added
BLKBlackRock0.15%$28.2m29.3K+5.0% Added
UNPUnion Pacific Corporation0.15%$27.8m102.0K−2.7% Reduced
SPGIS&P Global0.14%$27.3m67.0K+3.9% Added
MCDMcDonald's0.14%$27.2m100.6K−6.3% Reduced
NEENextEra Energy0.14%$27.0m307.8K−5.6% Reduced
GILDGilead Sciences0.14%$26.3m208.5K+1.3% Added
COPConocoPhillips0.14%$26.0m250.1K−9.4% Reduced
PHParker Hannifin0.14%$26.0m26.6K−18.2% Reduced
TAT&T0.14%$25.5m1.23M−1.4% Reduced
PFEPfizer0.14%$25.4m1.06M+3.3% Added
FCXFreeport-McMoRan0.14%$25.4m404.2K+12.5% Added
BABoeing0.13%$25.3m116.7KNew
BMOBank Of Montreal0.13%$25.2m142.6K−0.5%
PGRProgressive Corporation0.13%$25.1m114.9K+4.5% Added
COFCapital One0.13%$25.0m124.8K−3.5% Reduced
ENBEnbridge Inc0.13%$24.1m444.3K+1.5% Added
PLDPrologis0.13%$24.1m177.6K−1.3% Reduced
UBERUber0.13%$23.9m330.6K+0.1%
CMICummins0.13%$23.8m33.3K−7.7% Reduced
WPMWheaton Precious Metals Corp.0.13%$23.7m211.1K+10.4% Added
BNSBank Of Nova Scotia0.13%$23.6m272.2K+0.9% Added
CBChubb Limited0.12%$23.5m68.9K−2.7% Reduced
ISRGIntuitive Surgical0.12%$23.4m59.0K+3.0% Added
CRMSalesforce0.12%$23.4m149.4K+0.9% Added
TTTrane Technologies0.12%$23.3m47.5K+2.4% Added
BNYBNY Mellon0.12%$23.3m161.3K−9.1% Reduced
MRSHMarsh McLennan0.12%$23.2m138.9K+9.3% Added
BKNGBooking Holdings0.12%$23.0m129.2K+2238.9% Added
CMCanadian Imperial Bank Of Commerce0.12%$22.6m196.4K+1.3% Added
SHOPShopify Inc.0.12%$22.2m193.9K+1.3% Added
CVSCVS Health0.12%$22.1m213.4K+12.9% Added
TJXTJX Companies0.12%$21.8m144.0K−13.8% Reduced
NEMNewmont0.12%$21.8m233.1K+1.1% Added
BMYBristol Myers Squibb0.11%$21.6m374.2K−4.8% Reduced
MOAltria0.11%$21.4m297.7KNew
AEMAgnico Eagle Mines LTD0.11%$21.2m136.7K−3.3% Reduced
ECLEcolab0.11%$21.1m75.7K+9.9% Added
PNCPNC Financial Services0.11%$20.7m84.0K+0.5%
VRTVertiv0.11%$20.7m61.7K−15.4% Reduced
JCIJohnson Controls0.11%$20.6m140.8K−2.2% Reduced
LOWLowe's0.11%$20.4m92.7K+5.1% Added
MDTMedtronic0.11%$20.3m259.3K+8.9% Added
VRTXVertex Pharmaceuticals0.11%$20.3m40.8K−6.4% Reduced
ADPAutomatic Data Processing0.11%$20.2m90.2K+12.2% Added
EOGEOG Resources0.11%$20.0m154.2K+1.2% Added
BXBlackstone Inc.0.10%$19.8m168.2K+15.1% Added
USBU.S. Bancorp0.10%$19.6m324.7K+2.1% Added
DHRDanaher Corporation0.10%$19.6m102.7K+0.5%
NOWServiceNow0.10%$19.5m196.7K+16.1% Added
SBUXStarbucks0.10%$19.4m189.9K−0.5%
EQIXEquinix0.10%$19.2m18.5K−3.1% Reduced
LMTLockheed Martin0.10%$18.6m36.6KNew
DOVDover Corporation0.10%$18.5m82.4K+4.7% Added
CMCSAComcast0.10%$18.5m752.1K−1.9% Reduced
FANGDiamondback Energy0.10%$18.4m104.6K+2.6% Added
CMECME Group0.10%$18.3m82.9K+3.2% Added
CDNSCadence Design Systems Inc0.10%$18.3m48.6K+1.5% Added
TERTeradyne0.10%$18.2m37.7KNew
SPGSimon Property Group0.10%$18.2m81.3K−1.8% Reduced
HWMHowmet Aerospace0.10%$18.2m67.7K−24.0% Reduced
MMM3M0.10%$18.1m112.0K+8.7% Added
MCOMoody's Corporation0.10%$18.0m39.8K−5.0% Reduced
KEYSKeysight Technologies0.09%$17.7m50.7K−12.4% Reduced
TFCTruist Financial0.09%$17.7m355.9K+9.6% Added
MCKMcKesson0.09%$17.7m23.5K+3.1% Added
AONAon plc0.09%$17.7m53.4K+15.8% Added
CSXCSX Corporation0.09%$17.6m369.4K−4.9% Reduced
SLBSchlumberger0.09%$17.5m375.7K−4.1% Reduced
MFCManulife Financial Corp0.09%$17.4m428.6K+7.1% Added
PCARPaccar0.09%$17.4m144.6K−1.5% Reduced
EMREmerson Electric0.09%$17.3m121.2K−4.6% Reduced
AMEAmetek0.09%$17.2m71.3K+0.6% Added
CLColgate-Palmolive0.09%$17.2m187.9K−11.3% Reduced
CPCanadian Pacific Kansas City LTD0.09%$17.0m196.0K−6.2% Reduced
AMTAmerican Tower0.09%$16.5m101.0K−0.9% Reduced
SHWSherwin-Williams0.09%$16.5m47.9K+9.6% Added
ELVElevance Health0.09%$16.5m42.6K+4.2% Added
SYKStryker Corporation0.09%$16.4m52.0K−3.0% Reduced
PPGPPG Industries0.09%$16.4m134.9K+0.4%
TMUST-Mobile US0.09%$16.3m97.0K+4.7% Added
WMBWilliams Companies0.09%$16.3m218.7K−10.4% Reduced
CompanyBought (value)Shares
KLACKLA Corporation$57.8m191.7K
PMPhilip Morris International$43.9m242.8K
BABoeing$25.3m116.7K
BKNGBooking Holdings$22.0m123.7K
MOAltria$21.4m297.7K
LMTLockheed Martin$18.6m36.6K
TERTeradyne$18.2m37.7K
COHRCoherent Corp.$15.7m39.9K
FIXComfort Systems USA$15.5m7.8K
AMZNAmazon$15.4m64.7K
GDGeneral Dynamics$15.2m42.9K
FLEXFlex Ltd.$15.1m92.9K
LITELumentum$14.7m17.1K
LHXL3Harris$14.2m48.9K
ALABAstera Labs, Inc.$14.1m29.2K

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
OXYOccidental Petroleum−$18.5m−284.8K
LRCXLam Research−$17.6m−40.7K
PWRQuanta Services−$17.5m−31.9K
AMATApplied Materials−$16.0m−22.1K
TRVThe Travelers Companies−$15.6m−53.4K
KMIKinder Morgan−$14.3m−427.1K
CORCencora−$14.0m−44.4K
RSGRepublic Services−$13.8m−63.2K
TRPTC Energy Corp−$13.4m−215.1K
WDCWestern Digital−$13.3m−20.8K
TGTTarget Corporation−$12.2m−100.5K
UPSUnited Parcel Service−$11.8m−120.0K
CRHCRH plc−$11.7m−110.9K
FTNTFortinet−$11.5m−140.7K

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

CompanyValue last quarterShares
OXYOccidental Petroleum$18.5m284.8K
PWRQuanta Services$17.5m31.9K
TRVThe Travelers Companies$15.6m53.4K
KMIKinder Morgan$14.3m427.1K
CORCencora$14.0m44.4K
RSGRepublic Services$13.8m63.2K
TRPTC Energy Corp$13.4m215.1K
TGTTarget Corporation$12.2m100.5K
UPSUnited Parcel Service$11.8m120.0K
CRHCRH plc$11.7m110.9K
FTNTFortinet$11.5m140.7K
DOCHealthpeak Properties$9.6m585.7K
KMBKimberly-Clark$9.6m99.5K
OMCOmnicom Group$9.4m125.3K
EWEdwards Lifesciences$9.3m115.9K
CTSHCognizant$9.3m151.0K
PTCPTC Inc.$8.7m61.4K
JJacobs Solutions$8.5m66.8K
STNStantec Inc$8.5m98.3K
GEHCGE HealthCare$8.0m112.5K
HEIHeico Corp$7.8m28.4K
ACMAecom$7.5m88.7K
AXONAxon Enterprise$7.5m17.6K
ALNYAlnylam Pharmaceuticals, Inc.$7.0m21.1K
CCEPCoca-cola Europacific Partners plc$6.8m75.2K
RBLXRoblox Corp$6.2m109.0K
VEEVVeeva Systems Inc$6.0m34.2K
FLUTFlutter Entertainment plc$5.6m55.0K
ONONOn Holding AG$5.4m160.0K
MSTRStrategy Inc$5.4m42.9K
  • Technology39.3%
  • Financials12.7%
  • Consumer Discretionary9.5%
  • Communication Services9.4%
  • Industrials8.8%
  • Health Care8.1%
  • Consumer Staples4.5%
  • Energy2.5%
  • Materials2.4%
  • Real Estate1.9%
  • Utilities0.8%

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

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestMarch 29, 2018 to November 2, 2026+19.8%+14.8%0.880.70−28.2%1.04
Last three yearsNovember 3, 2023 to November 2, 2026+23.5%+21.8%1.191.16−17.3%1.06
Last yearNovember 7, 2025 to November 2, 2026+13.1%+14.2%0.720.84−9.1%1.06

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.