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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

Q3 2025 · Filed 2025-11-04
Market Value
$13.2B
+6.7%
Holdings
43
-1
New Purchases
0
Added To
1
Closed
1
Reduced
2
Top 10 Concentration
91.0%
Turnover
2.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVV 18.18% 18.00% +0.19% $2.4B
VV 15.28% 15.11% +0.17% $2.0B
QQQ 8.01% 7.85% +0.16% $1.1B
GOOGL 0.66% 0.51% +0.15% $88M
VOO 13.59% 13.45% +0.14% $1.8B
SPY 13.23% 13.09% +0.14% $1.7B
AMAT 0.16% 0.05% +0.12% $21M
AAPL 0.62% 0.53% +0.09% $81M
VTI 6.69% 6.61% +0.08% $882M
NVDA 0.72% 0.65% +0.07% $95M
SPLG 5.67% 5.61% +0.06% $747M
MU 0.21% 0.16% +0.04% $27M
TMO 0.21% 0.18% +0.02% $27M
IWB 2.19% 2.17% +0.02% $289M
AZO 0.22% 0.20% +0.02% $29M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
QQQM 4.70% 5.43% -0.73% $619M
LQD 3.42% 3.58% -0.17% $450M
ISRG 0.24% 0.32% -0.07% $32M
NSC 0.00% 0.07% -0.07% $0
LLY 0.21% 0.26% -0.05% $28M
INTU 0.22% 0.27% -0.05% $29M
META 0.52% 0.55% -0.04% $68M
ICE 0.20% 0.24% -0.03% $27M
V 0.29% 0.32% -0.03% $38M
SPGI 0.19% 0.23% -0.03% $26M
AMZN 0.45% 0.48% -0.03% $59M
DIS 0.17% 0.19% -0.03% $22M
COST 0.17% 0.19% -0.02% $22M
KO 0.16% 0.18% -0.02% $20M
HON 0.11% 0.13% -0.02% $15M

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 $8.7B 65.8%
Large Cap 20 $4.5B 33.8%
Mid Cap 1 $56M 0.4%

Portfolio Analytics

Avg Market Cap
$816.1B
Median Market Cap
$343.0B
Avg P/E
29.8
Median P/E
28.7
Avg Dividend Yield
0.01%
Avg Beta
1.07
# Stocks
32
# ETFs / Funds
11

Top Holdings (43 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IVV 18.18% 3,581,847 $2.4B $669.30 $173M
2 VV 15.28% 6,543,317 $2.0B $307.86 $148M
3 VOO 13.59% 2,925,650 $1.8B $612.38 $130M
4 SPY 13.23% 2,617,832 $1.7B $666.18 $127M
5 QQQ 8.01% 1,759,000 $1.1B $600.37 $86M
6 VTI 6.69% 2,686,800 $882M $328.17 $65M
7 SPLG 5.67% 9,536,000 $747M $78.34 $54M
8 QQQM 4.70% 2,505,000 $619M $247.12 -$52M -450,000 -15.2%
9 LQD 3.42% 4,040,400 $450M $111.47 $8M
10 IWB 2.19% 791,000 $289M $365.48 $20M
11 NVDA 0.72% 511,000 $95M $186.58 $15M
12 MSFT 0.70% 177,900 $92M $517.95 $4M
13 GOOGL 0.66% 360,500 $88M $243.10 $24M
14 AAPL 0.62% 319,400 $81M $254.63 $16M
15 META 0.52% 92,600 $68M $734.38 -$344K
16 AMZN 0.45% 270,000 $59M $219.57 $49K
17 BBUS 0.42% 463,000 $56M $120.66 $4M
18 JPM 0.38% 160,900 $51M $315.43 $4M
19 MA 0.29% 68,100 $39M $568.81 $468K
20 V 0.29% 110,300 $38M $341.38 -$2M
21 WMT 0.27% 339,100 $35M $103.06 $2M
22 BLK 0.26% 29,400 $34M $1,165.87 $3M
23 ISRG 0.24% 72,200 $32M $447.23 -$7M
24 ETN 0.24% 84,300 $32M $374.25 $1M
25 INTU 0.22% 42,900 $29M $682.91 -$4M
26 AZO 0.22% 6,800 $29M $4,290.24 $4M
27 LLY 0.21% 36,300 $28M $763.00 -$5M -5,500 -13.2%
28 TMO 0.21% 55,900 $27M $485.02 $4M
29 MU 0.21% 162,000 $27M $167.32 $7M
30 ICE 0.20% 160,000 $27M $168.48 -$2M
31 SPGI 0.19% 52,800 $26M $486.71 -$2M
32 EMR 0.17% 170,800 $22M $131.18 -$367K
33 DIS 0.17% 193,000 $22M $114.50 -$2M
34 COST 0.17% 23,700 $22M $925.63 -$2M
35 AMAT 0.16% 105,000 $21M $204.74 $16M +73,500 +233.3%
36 KO 0.16% 308,500 $20M $66.32 -$1M
37 ZBRA 0.15% 65,000 $19M $297.16 -$728K
38 XOM 0.14% 166,700 $19M $112.75 $825K
39 CVX 0.12% 99,000 $15M $155.29 $1M
40 HON 0.11% 71,000 $15M $210.50 -$2M
41 TRV 0.11% 50,000 $14M $279.22 $584K
42 DE 0.07% 20,000 $9M $457.26 -$1M
43 NSC —% -$8M -32,400 -100.0% SOLD

Sold Out Positions

SymbolValue% Port
NSC —%
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