State Farm Mutual Automobile Insurance Co

State Farm’s equity portfolio reflects a large-cap, value-oriented strategy with a focus on high-conviction, concentrated positions, as evidenced by top holdings like Caterpillar (8.1%) and Eli Lilly (7.8%) representing over 15% of assets. The portfolio is heavily weighted toward Healthcare (22.3%) and Industrials (19.1%), with notable exposure to cyclical and defensive sectors including Basic Materials (9.9%) and Consumer Defensive (11.5%), while Technology is underweight at 14.8% relative to broad indices. With a stable AUM around $126.9B and roughly 200 positions, the manager demonstrates disciplined patience, favoring established industrial and healthcare leaders while maintaining minimal exposure to Consumer Cyclical (0.5%), underscoring a preference for stability and predictable cash flows over speculative growth.