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National Mutual Insurance Federation of Agricultural Cooperatives

JA KYOSAI BUILDING 2-7-9 HIRAKAWA-CHO, CHIYODA-KU, TOKYO, JAPAN, M0 102-8630 • 81-3-5215-9227

Q2 2025 · Filed 2025-08-08
Market Value
$12.4B
+11.0%
Holdings
44
-1
New Purchases
1
Added To
3
Closed
1
Reduced
2
Top 10 Concentration
90.9%
Turnover
4.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
QQQ 7.85% 7.41% +0.44% $970M
SPLG 5.61% 5.29% +0.32% $693M
NVDA 0.65% 0.50% +0.16% $81M
MSFT 0.72% 0.60% +0.12% $88M
COST 0.19% 0.11% +0.08% $23M
META 0.55% 0.48% +0.07% $68M
AMAT 0.05% 0.00% +0.05% $6M
ETN 0.24% 0.21% +0.04% $30M
INTU 0.27% 0.24% +0.04% $34M
JPM 0.38% 0.35% +0.02% $47M
DIS 0.19% 0.17% +0.02% $24M
AMZN 0.48% 0.46% +0.02% $59M
EMR 0.18% 0.17% +0.02% $23M
GOOGL 0.51% 0.50% +0.01% $64M
LLY 0.26% 0.26% +0.01% $33M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LQD 3.58% 3.94% -0.36% $443M
QQQM 5.43% 5.66% -0.23% $671M
AAPL 0.53% 0.64% -0.11% $66M
MDT 0.00% 0.10% -0.10% $0
IVV 18.00% 18.08% -0.08% $2.2B
MU 0.16% 0.24% -0.08% $20M
TMO 0.18% 0.25% -0.07% $23M
SPY 13.09% 13.15% -0.07% $1.6B
VOO 13.45% 13.51% -0.06% $1.7B
CVX 0.11% 0.15% -0.03% $14M
XOM 0.15% 0.18% -0.03% $18M
V 0.32% 0.35% -0.03% $39M
AZO 0.20% 0.23% -0.03% $25M
MA 0.31% 0.34% -0.03% $38M
VTI 6.61% 6.63% -0.03% $817M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 93.0%
Technology 2.8%
Communication Services 1.3%
Healthcare 0.7%
Consumer Defensive 0.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 22 $8.0B 64.8%
Large Cap 21 $4.3B 34.8%
Mid Cap 1 $52M 0.4%

Portfolio Analytics

Avg Market Cap
$799.8B
Median Market Cap
$260.9B
Avg P/E
29.5
Median P/E
28.5
Avg Dividend Yield
0.01%
Avg Beta
1.06
# Stocks
33
# ETFs / Funds
11

Top Holdings (44 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IVV 18.00% 3,581,847 $2.2B $620.90 $211M
2 VV 15.11% 6,543,317 $1.9B $285.30 $185M
3 VOO 13.45% 2,925,650 $1.7B $568.03 $158M
4 SPY 13.09% 2,617,832 $1.6B $617.85 $153M
5 QQQ 7.85% 1,759,000 $970M $551.64 $146M
6 VTI 6.61% 2,686,800 $817M $303.93 $78M
7 SPLG 5.61% 9,536,000 $693M $72.69 $104M +583,000 +6.5%
8 QQQM 5.43% 2,955,000 $671M $227.10 $41M -310,000 -9.5%
9 LQD 3.58% 4,040,400 $443M $109.61 $4M
10 IWB 2.17% 791,000 $269M $339.57 $26M
11 MSFT 0.72% 177,900 $88M $497.41 $22M
12 NVDA 0.65% 511,000 $81M $157.99 $25M
13 META 0.55% 92,600 $68M $738.09 $15M
14 AAPL 0.53% 319,400 $66M $205.17 -$5M
15 GOOGL 0.51% 360,500 $64M $176.23 $8M
16 AMZN 0.48% 270,000 $59M $219.39 $8M
17 BBUS 0.42% 463,000 $52M $111.92 $5M
18 JPM 0.38% 160,900 $47M $289.91 $7M
19 ISRG 0.32% 72,200 $39M $543.41 $3M
20 V 0.32% 110,300 $39M $355.05 $506K
21 MA 0.31% 68,100 $38M $561.94 $941K
22 INTU 0.27% 42,900 $34M $787.63 $7M
23 WMT 0.27% 339,100 $33M $97.78 $3M
24 LLY 0.26% 41,800 $33M $779.53 $4M +7,000 +20.1%
25 BLK 0.25% 29,400 $31M $1,049.25 $3M
26 ETN 0.24% 84,300 $30M $356.99 $7M
27 ICE 0.24% 160,000 $29M $183.47 $2M
28 SPGI 0.23% 52,800 $28M $527.29 $1M
29 AZO 0.20% 6,800 $25M $3,712.23 -$684K
30 DIS 0.19% 193,000 $24M $124.01 $5M
31 COST 0.19% 23,700 $23M $989.94 $11M +10,700 +82.3%
32 EMR 0.18% 170,800 $23M $133.33 $4M
33 TMO 0.18% 55,900 $23M $405.46 -$5M
34 KO 0.18% 308,500 $22M $70.75 -$268K
35 ZBRA 0.16% 65,000 $20M $308.36 $2M
36 MU 0.16% 162,000 $20M $123.25 -$7M -150,000 -48.1%
37 XOM 0.15% 166,700 $18M $107.80 -$2M
38 HON 0.13% 71,000 $17M $232.88 $2M
39 CVX 0.11% 99,000 $14M $143.19 -$2M
40 TRV 0.11% 50,000 $13M $267.54 $154K
41 DE 0.08% 20,000 $10M $508.49 $783K
42 NSC 0.07% 32,400 $8M $255.97 $619K
43 AMAT 0.05% 31,500 $6M $183.07 +31,500 NEW
44 MDT —% -$11M -127,000 -100.0% SOLD

New Positions

SymbolValue% Port
AMAT $6M 0.05%

Sold Out Positions

SymbolValue% Port
MDT —%
View SEC EDGAR Filings for National Mutual Insurance Federation of Agricultural Cooperatives →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms