National Mutual Insurance Federation of Agricultural Cooperatives

TOKYO, JAPAN, M0

$15.3bn in 39 US stocks at the end of 30 June 2026. The top 10 are 90.2% of the money. It changed about 3.5% of the portfolio this quarter.

Value

$15.3bn

Stocks

Top 10 share

90.2%

Turnover

3.5%

What changed this quarter

New

Bought for the first time this quarter.

EquinixEQIX
0.2% of the fund
Advanced Micro DevicesAMD
<0.1% of the fund

Added

Bought more of a stock they already held.

Invesco Exch Traded FD TR IIQQQM
6.6% of the fund
+23%
AppleAAPL
0.7% of the fund
+14%
MicrosoftMSFT
0.5% of the fund
+24%
BroadcomAVGO
0.4% of the fund
+58%
ExxonMobil HoldingsXOM
0.3% of the fund
+74%

Cut

Sold some of their stake.

Micron TechnologyMU
0.8% of the fund
-24%
AlphabetGOOGL
0.7% of the fund
-10%

Sold out

Sold their entire stake.

Holdings

Ishares TRIVV
Share
17.5%
Value
$2.7bn
Shares
3,581,847
Held
Vanguard Index FDSVV
Share
14.7%
Value
$2.3bn
Shares
6,543,317
Held
Vanguard Index FDSVOO
Share
13.1%
Value
$2.0bn
Shares
2,925,650
Held
State STR Spdr S&P 500 ETF TSPY
Share
12.8%
Value
$2.0bn
Shares
2,617,832
Held
Invesco QQQ TRQQQ
Share
8.5%
Value
$1.3bn
Shares
1,759,000
Held
Invesco Exch Traded FD TR IIQQQM
Share
6.6%
Value
$1.0bn
Shares
3,322,000
+23%
Vanguard Index FDSVTI
Share
6.5%
Value
$994m
Shares
2,686,800
Held
Spdr Series TrustSPYM
Share
5.5%
Value
$838m
Shares
9,536,000
Held
Ishares TRLQD
Share
2.9%
Value
$441m
Shares
4,040,400
Held
Ishares TRIWB
Share
2.1%
Value
$324m
Shares
791,000
Held
J P Morgan Exchange Traded FBBUS
Share
1.1%
Value
$172m
Shares
1,275,000
Held
Micron TechnologyMU
Share
0.8%
Value
$115m
Shares
100,000
-24%
AlphabetGOOGL
Share
0.7%
Value
$109m
Shares
305,000
-10%
AppleAAPL
Share
0.7%
Value
$105m
Shares
364,400
+14%
NvidiaNVDA
Share
0.7%
Value
$102m
Shares
511,000
Held
MicrosoftMSFT
Share
0.5%
Value
$82m
Shares
219,900
+24%
Applied MaterialsAMAT
Share
0.5%
Value
$76m
Shares
105,000
Held
Amazon.comAMZN
Share
0.4%
Value
$64m
Shares
270,000
Held
BroadcomAVGO
Share
0.4%
Value
$59m
Shares
156,000
+58%
JPMorgan ChaseJPM
Share
0.3%
Value
$53m
Shares
160,900
Held
Meta PlatformsMETA
Share
0.3%
Value
$52m
Shares
92,600
Held
Eli LillyLLY
Share
0.3%
Value
$44m
Shares
36,300
Held
ExxonMobil HoldingsXOM
Share
0.3%
Value
$40m
Shares
289,700
+74%
WalmartWMT
Share
0.3%
Value
$38m
Shares
339,100
Held
VisaV
Share
0.2%
Value
$38m
Shares
110,300
Held
EatonETN
Share
0.2%
Value
$36m
Shares
84,300
Held
MastercardMA
Share
0.2%
Value
$35m
Shares
68,100
Held
Intuitive SurgicalISRG
Share
0.2%
Value
$29m
Shares
72,200
Held
BlackRockBLK
Share
0.2%
Value
$28m
Shares
29,400
Held
EquinixEQIX
Share
0.2%
Value
$28m
Shares
27,000
New
Thermo Fisher ScientificTMO
Share
0.2%
Value
$28m
Shares
55,900
Held
Coca-ColaKO
Share
0.2%
Value
$25m
Shares
308,500
Held
Intercontinental ExchangeICE
Share
0.2%
Value
$25m
Shares
203,000
Held
Emerson ElectricEMR
Share
0.2%
Value
$24m
Shares
170,800
Held
Costco WholesaleCOST
Share
0.1%
Value
$22m
Shares
23,700
Held
AutozoneAZO
Share
0.1%
Value
$22m
Shares
6,800
Held
Travelers CompaniesTRV
Share
0.1%
Value
$17m
Shares
50,000
Held
DeereDE
Share
<0.1%
Value
$13m
Shares
20,000
Held
Advanced Micro DevicesAMD
Share
<0.1%
Value
$11m
Shares
19,000
New

Company	Share of fund	Value	Shares	Change
Ishares TRIVV	17.5%	$2.7bn	3,581,847	Held
Vanguard Index FDSVV	14.7%	$2.3bn	6,543,317	Held
Vanguard Index FDSVOO	13.1%	$2.0bn	2,925,650	Held
State STR Spdr S&P 500 ETF TSPY	12.8%	$2.0bn	2,617,832	Held
Invesco QQQ TRQQQ	8.5%	$1.3bn	1,759,000	Held
Invesco Exch Traded FD TR IIQQQM	6.6%	$1.0bn	3,322,000	+23%
Vanguard Index FDSVTI	6.5%	$994m	2,686,800	Held
Spdr Series TrustSPYM	5.5%	$838m	9,536,000	Held
Ishares TRLQD	2.9%	$441m	4,040,400	Held
Ishares TRIWB	2.1%	$324m	791,000	Held
J P Morgan Exchange Traded FBBUS	1.1%	$172m	1,275,000	Held
Micron TechnologyMU	0.8%	$115m	100,000	-24%
AlphabetGOOGL	0.7%	$109m	305,000	-10%
AppleAAPL	0.7%	$105m	364,400	+14%
NvidiaNVDA	0.7%	$102m	511,000	Held
MicrosoftMSFT	0.5%	$82m	219,900	+24%
Applied MaterialsAMAT	0.5%	$76m	105,000	Held
Amazon.comAMZN	0.4%	$64m	270,000	Held
BroadcomAVGO	0.4%	$59m	156,000	+58%
JPMorgan ChaseJPM	0.3%	$53m	160,900	Held
Meta PlatformsMETA	0.3%	$52m	92,600	Held
Eli LillyLLY	0.3%	$44m	36,300	Held
ExxonMobil HoldingsXOM	0.3%	$40m	289,700	+74%
WalmartWMT	0.3%	$38m	339,100	Held
VisaV	0.2%	$38m	110,300	Held
EatonETN	0.2%	$36m	84,300	Held
MastercardMA	0.2%	$35m	68,100	Held
Intuitive SurgicalISRG	0.2%	$29m	72,200	Held
BlackRockBLK	0.2%	$28m	29,400	Held
EquinixEQIX	0.2%	$28m	27,000	New
Thermo Fisher ScientificTMO	0.2%	$28m	55,900	Held
Coca-ColaKO	0.2%	$25m	308,500	Held
Intercontinental ExchangeICE	0.2%	$25m	203,000	Held
Emerson ElectricEMR	0.2%	$24m	170,800	Held
Costco WholesaleCOST	0.1%	$22m	23,700	Held
AutozoneAZO	0.1%	$22m	6,800	Held
Travelers CompaniesTRV	0.1%	$17m	50,000	Held
DeereDE	<0.1%	$13m	20,000	Held
Advanced Micro DevicesAMD	<0.1%	$11m	19,000	New

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 23.7% since 30 June 2025.

Where the money is

Technology3.6%

Financial services1.3%

Media & telecom1.1%

Health care0.7%

Retail & consumer0.6%

Everyday goods0.6%

Industrials0.5%

Energy0.3%

Real estate0.2%

Other91.4%

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.