PBU - The Pension Fund of Early Childhood & Youth Educators
COPENHAGEN, G7
$4.4bn in 124 US stocks at the end of 30 June 2026. The top 10 are 39.4% of the money. It changed about 29.4% of the portfolio this quarter.
Value
$4.4bn
Stocks
124
Top 10 share
39.4%
Turnover
29.4%
What changed this quarter
New
Bought for the first time this quarter.
- SandiskSNDK0.7% of the fund
- AutozoneAZO0.4% of the fund
- EquifaxEFX0.3% of the fund
- FedEx Freight Holding CompanyFDXF0.2% of the fund
Added
Bought more of a stock they already held.
- MicrosoftMSFT8.7% of the fund+38%
- AlphabetGOOG5.0% of the fund+95%
- VisaV1.9% of the fund+20%
- General ElectricGE1.9% of the fund+38%
- Charles SchwabSCHW0.9% of the fund+100%
- Ferguson EnterprisesFERG0.8% of the fund+100%
- Dominion EnergyD0.5% of the fund+43%
- Consolidated EdisonED0.5% of the fund+50%
- WEC Energy GroupWEC0.5% of the fund+16%
- Edwards LifesciencesEW0.5% of the fund+374%
- Xcel EnergyXEL0.4% of the fund+4%
- Arthur J. GallagherAJG0.3% of the fund+13%
- AutodeskADSK0.3% of the fund+41%
- General MillsGIS0.3% of the fund+15%
- Regeneron PharmaceuticalsREGN0.2% of the fund+18%
- T-Mobile USTMUS0.2% of the fund+10%
Cut
Sold some of their stake.
- NvidiaNVDA6.2% of the fund-45%
- AppleAAPL5.8% of the fund-39%
- AlphabetGOOGL3.1% of the fund-57%
- BroadcomAVGO2.6% of the fund-35%
- Micron TechnologyMU2.2% of the fund-38%
- Meta PlatformsMETA2.0% of the fund-51%
- MastercardMA1.4% of the fund-22%
- Eli LillyLLY1.4% of the fund-35%
- Lam ResearchLRCX1.3% of the fund-77%
- Applied MaterialsAMAT1.3% of the fund-77%
- IntelINTC1.2% of the fund-18%
- JPMorgan ChaseJPM1.2% of the fund-67%
- Home DepotHD1.0% of the fund-21%
- Cisco SystemsCSCO1.0% of the fund-24%
- Johnson & JohnsonJNJ0.9% of the fund-35%
- CitigroupC0.8% of the fund-27%
- Costco WholesaleCOST0.8% of the fund-64%
- CumminsCMI0.8% of the fund-30%
- EcolabECL0.7% of the fund-26%
- Air Products & ChemicalsAPD0.7% of the fund-4%
- CortevaCTVA0.7% of the fund-3%
- Parker-HannifinPH0.7% of the fund-31%
- Bank of AmericaBAC0.6% of the fund-36%
- Capital One FinancialCOF0.6% of the fund-3%
- MercadoLibreMELI0.6% of the fund-21%
Sold out
Sold their entire stake.
- KLAKLAC-100%
- EMCOR GroupEME-100%
- Verizon CommunicationsVZ-100%
- Netease.comNTES-100%
- Trane TechnologiesTT-100%
- Toronto Dominion BankTD-100%
- AccentureACN-100%
- EatonETN-100%
- Tractor SupplyTSCO-100%
- Hartford Insurance GroupHIG-100%
- Steel DynamicsSTLD-100%
- Manulife FinancialMFC-100%
- HCA HealthcareHCA-100%
- Canadian Imperial Bank of Commerce /canCM-100%
- Johnson Controls InternationalJCI-100%
- Royal Bank of CanadaRY-100%
- Canadian National RailwayCNI-100%
- BrookfieldBN-100%
- Ameriprise FinancialAMP-100%
- Agnico Eagle MinesAEM-100%
- AdobeADBE-100%
- Bank of Montreal /canBMO-100%
- Intuitive SurgicalISRG-100%
- UBS Group AGUBS-100%
- ChubbCB-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| MicrosoftMSFT | 8.7% | $383m | 1,028,078 | +38% |
| NvidiaNVDA | 6.2% | $273m | 1,365,862 | -45% |
| AppleAAPL | 5.8% | $257m | 888,448 | -39% |
| AlphabetGOOG | 5.0% | $222m | 628,238 | +95% |
| AlphabetGOOGL | 3.1% | $138m | 385,171 | -57% |
| BroadcomAVGO | 2.6% | $116m | 307,830 | -35% |
| Micron TechnologyMU | 2.2% | $98m | 84,727 | -38% |
| Meta PlatformsMETA | 2.0% | $88m | 155,990 | -51% |
| VisaV | 1.9% | $83m | 240,816 | +20% |
| General ElectricGE | 1.9% | $82m | 220,302 | +38% |
| Advanced Micro DevicesAMD | 1.7% | $74m | 126,915 | Held |
| MastercardMA | 1.4% | $63m | 121,692 | -22% |
| Eli LillyLLY | 1.4% | $60m | 49,886 | -35% |
| Lam ResearchLRCX | 1.3% | $57m | 132,667 | -77% |
| Applied MaterialsAMAT | 1.3% | $57m | 79,032 | -77% |
| IntelINTC | 1.2% | $55m | 395,203 | -18% |
| JPMorgan ChaseJPM | 1.2% | $51m | 156,450 | -67% |
| Home DepotHD | 1.0% | $46m | 131,300 | -21% |
| Cisco SystemsCSCO | 1.0% | $42m | 358,197 | -24% |
| Johnson & JohnsonJNJ | 0.9% | $41m | 159,777 | -35% |
| Morgan StanleyMS | 0.9% | $40m | 190,021 | Held |
| GE VernovaGEV | 0.9% | $38m | 32,543 | Held |
| Charles SchwabSCHW | 0.9% | $38m | 411,152 | +100% |
| CorningGLW | 0.8% | $37m | 144,400 | Held |
| Ferguson EnterprisesFERG | 0.8% | $35m | 148,728 | +100% |
| CitigroupC | 0.8% | $35m | 250,506 | -27% |
| Costco WholesaleCOST | 0.8% | $35m | 37,454 | -64% |
| UnitedHealth GroupUNH | 0.8% | $34m | 82,466 | Held |
| CumminsCMI | 0.8% | $34m | 47,465 | -30% |
| Texas InstrumentsTXN | 0.8% | $33m | 111,591 | Held |
| SandiskSNDK | 0.7% | $32m | 14,122 | New |
| Hilton Worldwide HoldingsHLT | 0.7% | $32m | 96,884 | Held |
| EcolabECL | 0.7% | $32m | 113,549 | -26% |
| Air Products & ChemicalsAPD | 0.7% | $30m | 102,859 | -4% |
| Analog DevicesADI | 0.7% | $30m | 75,077 | Held |
| CortevaCTVA | 0.7% | $30m | 349,969 | -3% |
| Sherwin-WilliamsSHW | 0.7% | $29m | 85,591 | Held |
| Parker-HannifinPH | 0.7% | $29m | 30,098 | -31% |
| CrowdStrike HoldingsCRWD | 0.7% | $29m | 37,933 | Held |
| Bank of AmericaBAC | 0.6% | $27m | 481,802 | -36% |
| Capital One FinancialCOF | 0.6% | $27m | 135,276 | -3% |
| Ford MotorF | 0.6% | $27m | 1,949,102 | Held |
| DeereDE | 0.6% | $26m | 41,198 | Held |
| MercadoLibreMELI | 0.6% | $26m | 15,216 | -21% |
| International Business MachinesIBM | 0.6% | $26m | 91,100 | -59% |
| EquinixEQIX | 0.6% | $26m | 24,503 | -14% |
| StarbucksSBUX | 0.6% | $25m | 249,314 | Held |
| NetflixNFLX | 0.6% | $25m | 356,739 | -26% |
| General MotorsGM | 0.6% | $25m | 329,764 | Held |
| American ExpressAXP | 0.6% | $25m | 74,950 | -41% |
| Lowe's CompaniesLOW | 0.6% | $25m | 114,882 | Held |
| BlackRockBLK | 0.6% | $25m | 26,321 | Held |
| Arista NetworksANET | 0.6% | $25m | 148,632 | -73% |
| Illinois Tool WorksITW | 0.6% | $25m | 92,566 | -31% |
| PNC Financial Services GroupPNC | 0.6% | $24m | 98,970 | -35% |
| MerckMRK | 0.5% | $24m | 187,589 | -75% |
| Walt DisneyDIS | 0.5% | $24m | 250,158 | -33% |
| PaccarPCAR | 0.5% | $24m | 199,415 | Held |
| OracleORCL | 0.5% | $24m | 163,247 | -19% |
| Dominion EnergyD | 0.5% | $24m | 345,110 | +43% |
| TJX CompaniesTJX | 0.5% | $23m | 154,809 | -66% |
| eBayEBAY | 0.5% | $23m | 207,588 | -73% |
| Ross StoresROST | 0.5% | $23m | 107,394 | -33% |
| 3MMMM | 0.5% | $23m | 141,109 | Held |
| QualcommQCOM | 0.5% | $23m | 122,458 | -51% |
| Consolidated EdisonED | 0.5% | $23m | 204,295 | +50% |
| ServiceNowNOW | 0.5% | $23m | 227,099 | -20% |
| WEC Energy GroupWEC | 0.5% | $23m | 193,082 | +16% |
| Norfolk SouthernNSC | 0.5% | $22m | 70,155 | Held |
| M&T BankMTB | 0.5% | $22m | 91,394 | -3% |
| SalesforceCRM | 0.5% | $22m | 138,850 | -24% |
| Edwards LifesciencesEW | 0.5% | $21m | 229,478 | +374% |
| AbbVieABBV | 0.5% | $21m | 82,209 | -79% |
| Uber TechnologiesUBER | 0.5% | $20m | 281,476 | Held |
| ExelonEXC | 0.5% | $20m | 433,163 | -25% |
| Union PacificUNP | 0.4% | $19m | 71,261 | -46% |
| McDonald'sMCD | 0.4% | $19m | 70,924 | Held |
| PfizerPFE | 0.4% | $19m | 785,368 | Held |
| FedExFDX | 0.4% | $18m | 56,920 | -29% |
| Wells Fargo & CompanyWFC | 0.4% | $18m | 212,497 | -54% |
| Automatic Data ProcessingADP | 0.4% | $18m | 78,324 | -34% |
| S&P GlobalSPGI | 0.4% | $17m | 42,229 | Held |
| Waste ManagementWM | 0.4% | $17m | 76,717 | -10% |
| SyscoSYY | 0.4% | $17m | 200,280 | -38% |
| Xcel EnergyXEL | 0.4% | $17m | 207,134 | +4% |
| Edison InternationalEIX | 0.4% | $16m | 212,014 | -39% |
| AutozoneAZO | 0.4% | $16m | 4,867 | New |
| NewmontNEM | 0.3% | $15m | 161,013 | -78% |
| Coca-ColaKO | 0.3% | $15m | 183,144 | -78% |
| YUM BrandsYUM | 0.3% | $15m | 90,735 | Held |
| ProgressivePGR | 0.3% | $14m | 65,150 | -74% |
| DoorDashDASH | 0.3% | $14m | 76,452 | Held |
| Thermo Fisher ScientificTMO | 0.3% | $14m | 27,686 | -42% |
| AppLovinAPP | 0.3% | $14m | 26,640 | -35% |
| NextEra EnergyNEE | 0.3% | $13m | 152,759 | Held |
| WatersWAT | 0.3% | $13m | 35,492 | -37% |
| AT&TT | 0.3% | $13m | 636,914 | -33% |
| Bristol-Myers SquibbBMY | 0.3% | $13m | 219,692 | -49% |
| EquifaxEFX | 0.3% | $12m | 78,291 | New |
| Arthur J. GallagherAJG | 0.3% | $12m | 53,857 | +13% |
Showing the largest 100 of 124.
Over time and by industry
Value over time
Dec '25
Jun '26
Value is down 35.9% since 31 December 2025.
Where the money is
Technology39.9%
Financial services12.3%
Media & telecom12.1%
Industrials10.2%
Health care7.9%
Retail & consumer7.4%
Utilities3.3%
Materials3.1%
Everyday goods3.1%
Real estate0.8%
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.