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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

Q4 2025 · Filed 2026-02-04
Market Value
$13.6B
+3.4%
Holdings
43
New Purchases
1
Added To
3
Closed
1
Reduced
1
Top 10 Concentration
90.1%
Turnover
4.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BBUS 1.15% 0.42% +0.73% $157M
QQQM 4.89% 4.70% +0.19% $666M
GOOGL 0.83% 0.66% +0.16% $113M
AVGO 0.11% 0.00% +0.11% $16M
LLY 0.29% 0.21% +0.08% $39M
MU 0.28% 0.21% +0.07% $38M
ISRG 0.30% 0.24% +0.05% $41M
ICE 0.24% 0.20% +0.04% $33M
AMAT 0.20% 0.16% +0.03% $27M
TMO 0.24% 0.21% +0.03% $32M
AAPL 0.64% 0.62% +0.02% $87M
WMT 0.28% 0.27% +0.01% $38M
SPGI 0.20% 0.19% +0.01% $28M
AMZN 0.46% 0.45% +0.01% $62M
XOM 0.15% 0.14% +0.00% $20M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVV 17.99% 18.18% -0.19% $2.5B
VV 15.10% 15.28% -0.18% $2.1B
LQD 3.26% 3.42% -0.15% $445M
ZBRA 0.00% 0.15% -0.15% $0
SPY 13.09% 13.23% -0.14% $1.8B
VOO 13.45% 13.59% -0.14% $1.8B
QQQ 7.92% 8.01% -0.09% $1.1B
VTI 6.61% 6.69% -0.08% $901M
MSFT 0.63% 0.70% -0.07% $86M
META 0.45% 0.52% -0.07% $61M
SPLG 5.61% 5.67% -0.06% $765M
AZO 0.17% 0.22% -0.05% $23M
ETN 0.20% 0.24% -0.04% $27M
BLK 0.23% 0.26% -0.03% $31M
IWB 2.17% 2.19% -0.03% $295M

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 23 $8.9B 65.4%
Large Cap 19 $4.6B 33.4%
Mid Cap 1 $157M 1.2%

Portfolio Analytics

Avg Market Cap
$860.0B
Median Market Cap
$350.6B
Avg P/E
31.4
Median P/E
29.4
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 17.99% 3,581,847 $2.5B $684.94 $56M
2 VV 15.10% 6,543,317 $2.1B $314.80 $45M
3 VOO 13.45% 2,925,650 $1.8B $627.13 $43M
4 SPY 13.09% 2,617,832 $1.8B $681.92 $41M
5 QQQ 7.92% 1,759,000 $1.1B $614.31 $25M
6 VTI 6.61% 2,686,800 $901M $335.27 $19M
7 SPLG 5.61% 9,536,000 $765M $80.22 $18M
8 QQQM 4.89% 2,634,000 $666M $252.92 $47M +129,000 +5.2%
9 LQD 3.26% 4,040,400 $445M $110.19 -$5M
10 IWB 2.17% 791,000 $295M $373.44 $6M
11 BBUS 1.15% 1,275,000 $157M $123.31 $101M +812,000 +175.4%
12 GOOGL 0.83% 360,500 $113M $313.00 $25M
13 NVDA 0.70% 511,000 $95M $186.50 -$41K
14 AAPL 0.64% 319,400 $87M $271.86 $6M
15 MSFT 0.63% 177,900 $86M $483.62 -$6M
16 AMZN 0.46% 270,000 $62M $230.82 $3M
17 META 0.45% 92,600 $61M $660.09 -$7M
18 JPM 0.38% 160,900 $52M $322.22 $1M
19 ISRG 0.30% 72,200 $41M $566.36 $9M
20 LLY 0.29% 36,300 $39M $1,074.68 $11M
21 MA 0.29% 68,100 $39M $570.88 $141K
22 V 0.28% 110,300 $39M $350.71 $1M
23 WMT 0.28% 339,100 $38M $111.41 $3M
24 MU 0.28% 132,000 $38M $285.41 $11M -30,000 -18.5%
25 ICE 0.24% 203,000 $33M $161.96 $6M +43,000 +26.9%
26 TMO 0.24% 55,900 $32M $579.45 $5M
27 BLK 0.23% 29,400 $31M $1,070.34 -$3M
28 INTU 0.21% 42,900 $28M $662.42 -$879K
29 SPGI 0.20% 52,800 $28M $522.59 $2M
30 AMAT 0.20% 105,000 $27M $256.99 $5M
31 ETN 0.20% 84,300 $27M $318.51 -$5M
32 AZO 0.17% 6,800 $23M $3,391.50 -$6M
33 EMR 0.17% 170,800 $23M $132.72 $263K
34 DIS 0.16% 193,000 $22M $113.77 -$141K
35 KO 0.16% 308,500 $22M $69.91 $1M
36 COST 0.15% 23,700 $20M $862.34 -$1M
37 XOM 0.15% 166,700 $20M $120.34 $1M
38 AVGO 0.11% 45,000 $16M $346.10 +45,000 NEW
39 CVX 0.11% 99,000 $15M $152.41 -$285K
40 TRV 0.11% 50,000 $15M $290.06 $542K
41 HON 0.10% 71,000 $14M $195.09 -$1M
42 DE 0.07% 20,000 $9M $465.57 $166K
43 ZBRA —% -$19M -65,000 -100.0% SOLD

New Positions

SymbolValue% Port
AVGO $16M 0.11%

Sold Out Positions

SymbolValue% Port
ZBRA —%
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