Style
IndexTurnover
Orientation
Index / PassiveThe National Pension Service’s investment style reflects a large-cap, growth-oriented core equity philosophy, with technology as the dominant conviction representing 30.6% of the portfolio. Its top three holdings—NVIDIA at 6.8%, Apple at 6.0%, and Microsoft at 4.2%—signal a strong bet on AI and mega-cap innovation, while the inclusion of ETFs like PBUS (2.3%) and IVV (2.0%) demonstrates a complementary index-based approach for broad market exposure. The concentrated top 15 holdings, accounting for over 40% of assets, and the expansion of AUM from $103.7B to $131.7B since Q3 2024, underscore a long-term, high-conviction strategy focused on scaling into dominant secular growth themes.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Nvidia Corporation(NVDA) | 50,834,621 | $10.2B | 6.56% |
| 2 | Apple Inc(AAPL) | 31,517,924 | $9.1B | 5.88% |
| 3 | Microsoft Corp(MSFT) | 15,239,745 | $5.7B | 3.67% |
| 4 | Amazon COM Inc(AMZN) | 20,970,745 | $5.0B | 3.22% |
Latest filing, equity positions only
| 5 |
| Alphabet Inc(GOOGL) |
| 13,098,297 |
| $4.7B |
| 3.02% |
| 6 | Alphabet Inc(GOOG) | 10,550,690 | $3.7B | 2.40% |
| 7 | Broadcom Inc(AVGO) | 9,612,865 | $3.6B | 2.34% |
| 8 | Invesco Exch Traded FD TR II(PBUS) | 47,382,366 | $3.5B | 2.29% |
| 9 | Micron Technology Inc(MU) | 2,886,160 | $3.3B | 2.15% |
| 10 | Ishares TR(IVV) | 4,119,355 | $3.1B | 1.99% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 30.82% | 35.12% | +4.3% |
| Energy | 3.85% | 2.83% | -1.02% |
| Consumer Defensive | 4.93% | 4.22% | -0.71% |
| Unclassified | 9% | 9.7% | +0.7% |
| Communication Services | 9.97% | 9.29% | -0.68% |
| Healthcare | 8.89% | 8.28% | -0.61% |
| Financial Services | 10.81% | 10.28% | -0.53% |
| Consumer Cyclical | 9.11% | 8.61% | -0.5% |
| Utilities | 2.19% | 1.86% | -0.33% |
| Industrials | 7.29% | 7.01% | -0.28% |
| Real Estate | 1.77% | 1.59% | -0.18% |
| Basic Materials | 1.37% | 1.21% | -0.16% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Mega Cap | 54.92% | 56.12% | +1.2% |
| Large Cap | 36.07% | 34.17% | -1.9% |
| Unclassified | 9% | 9.7% | +0.7% |
| Mid Cap | 0.01% | 0.01% | 0% |
Quarter-over-quarter position changes