Maj Invest Holding A/S
COPENHAGEN K, G7
$2.2bn in 38 US stocks at the end of 30 June 2026. The top 10 are 65.8% of the money. It changed about 7.0% of the portfolio this quarter.
Value
$2.2bn
Stocks
38
Top 10 share
65.8%
Turnover
7.0%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- Meta PlatformsMETA7.8% of the fund+18%
- American ExpressAXP5.8% of the fund+20%
- Cigna GroupCI5.6% of the fund+14%
- KrogerKR4.5% of the fund+17%
- HCA HealthcareHCA4.1% of the fund+35%
- ModernaMRNA<0.1% of the fund+51%
Cut
Sold some of their stake.
- QualcommQCOM8.8% of the fund-25%
- Berkshire HathawayBRK-B8.3% of the fund-13%
- HPHPQ7.5% of the fund-12%
- Applied MaterialsAMAT5.8% of the fund-58%
- Ameriprise FinancialAMP5.5% of the fund-12%
- CSXCSX5.5% of the fund-30%
- AlphabetGOOGL5.4% of the fund-12%
- United Parcel ServiceUPS4.7% of the fund-12%
- Lowe's CompaniesLOW4.7% of the fund-12%
- Union PacificUNP4.3% of the fund-33%
- Elevance HealthELV4.0% of the fund-12%
- AflacAFL2.7% of the fund-11%
- ZoetisZTS1.9% of the fund-12%
- NewmontNEM1.9% of the fund-7%
- Service Corp InternationalSCI1.1% of the fund-12%
- IntelINTC<0.1% of the fund-43%
- VisaV<0.1% of the fund-40%
- Texas InstrumentsTXN<0.1% of the fund-42%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Sony GroupSONY
- Share
- <0.1%
- Value
- $110,000
- Shares
- 5,500
Held
- BaiduBIDU
- Share
- <0.1%
- Value
- $97,000
- Shares
- 850
Held
- Jinkosolar HldgJKS
- Share
- <0.1%
- Value
- $54,000
- Shares
- 3,200
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| QualcommQCOM | 8.8% | $194m | 1,049,807 | -25% |
| Berkshire HathawayBRK-B | 8.3% | $183m | 364,813 | -13% |
| Meta PlatformsMETA | 7.8% | $171m | 302,931 | +18% |
| HPHPQ | 7.5% | $164m | 7,474,697 | -12% |
| Applied MaterialsAMAT | 5.8% | $128m | 176,751 | -58% |
| American ExpressAXP | 5.8% | $127m | 375,514 | +20% |
| Cigna GroupCI | 5.6% | $122m | 443,993 | +14% |
| Ameriprise FinancialAMP | 5.5% | $121m | 262,966 | -12% |
| CSXCSX | 5.5% | $120m | 2,526,725 | -30% |
| AlphabetGOOGL | 5.4% | $118m | 329,595 | -12% |
| United Parcel ServiceUPS | 4.7% | $104m | 969,545 | -12% |
| Lowe's CompaniesLOW | 4.7% | $103m | 465,406 | -12% |
| KrogerKR | 4.5% | $99m | 1,780,542 | +17% |
| Union PacificUNP | 4.3% | $95m | 349,171 | -33% |
| HCA HealthcareHCA | 4.1% | $91m | 232,486 | +35% |
| Elevance HealthELV | 4.0% | $89m | 229,987 | -12% |
| AflacAFL | 2.7% | $60m | 513,359 | -11% |
| ZoetisZTS | 1.9% | $43m | 596,697 | -12% |
| NewmontNEM | 1.9% | $42m | 447,920 | -7% |
| Service Corp InternationalSCI | 1.1% | $25m | 331,276 | -12% |
| IntelINTC | <0.1% | $161,000 | 1,150 | -43% |
| Lockheed MartinLMT | <0.1% | $160,000 | 315 | Held |
| VisaV | <0.1% | $154,000 | 450 | -40% |
| US BancorpUSB | <0.1% | $151,000 | 2,500 | Held |
| General DynamicsGD | <0.1% | $142,000 | 400 | Held |
| UnitedHealth GroupUNH | <0.1% | $128,000 | 307 | Held |
| Johnson & JohnsonJNJ | <0.1% | $119,000 | 470 | Held |
| Rockwell AutomationROK | <0.1% | $119,000 | 240 | Held |
| Texas InstrumentsTXN | <0.1% | $112,000 | 375 | -42% |
| Moody'sMCO | <0.1% | $111,000 | 245 | Held |
| Sony GroupSONY | <0.1% | $110,000 | 5,500 | Held |
| ModernaMRNA | <0.1% | $104,000 | 1,490 | +51% |
| Goldman Sachs GroupGS | <0.1% | $101,000 | 100 | Held |
| BaiduBIDU | <0.1% | $97,000 | 850 | Held |
| PfizerPFE | <0.1% | $96,000 | 4,000 | Held |
| Northrop GrummanNOC | <0.1% | $92,000 | 180 | Held |
| Thermo Fisher ScientificTMO | <0.1% | $80,000 | 160 | Held |
| Jinkosolar HldgJKS | <0.1% | $54,000 | 3,200 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 23.0% since 30 June 2025.
Where the money is
Financial services22.3%
Technology22.1%
Health care15.7%
Industrials14.5%
Media & telecom13.1%
Retail & consumer5.8%
Everyday goods4.5%
Materials1.9%
Other0.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.