PFA Pension, Forsikringsaktieselskab
COPENHAGEN, G7
$39.4bn in 419 US stocks at the end of 30 June 2026. The top 10 are 35.2% of the money. It changed about 16.8% of the portfolio this quarter.
Value
$39.4bn
Stocks
419
Top 10 share
35.2%
Turnover
16.8%
What changed this quarter
New
Bought for the first time this quarter.
- CMS EnergyCMS0.2% of the fund
- US BancorpUSB0.2% of the fund
- Citizens Financial GroupCFG0.2% of the fund
- EntergyETR0.2% of the fund
- Regions FinancialRF0.2% of the fund
- State StreetSTT0.2% of the fund
- NordsonNDSN0.2% of the fund
- DuPont de NemoursDD0.2% of the fund
- Realty IncomeO0.2% of the fund
- Markel GroupMKL0.1% of the fund
- KeycorpKEY0.1% of the fund
- Emerson ElectricEMR0.1% of the fund
- Honeywell InternationalHON0.1% of the fund
- FortiveFTV0.1% of the fund
- Honeywell AerospaceHONA0.1% of the fund
- Teledyne TechnologiesTDY0.1% of the fund
- Gaming & Leisure PropertiesGLPI0.1% of the fund
- Curtiss WrightCW0.1% of the fund
- Bloom EnergyBE0.1% of the fund
- CienaCIEN0.1% of the fund
- Becton DickinsonBDX0.1% of the fund
- NasdaqNDAQ0.1% of the fund
- Truist FinancialTFC0.1% of the fund
- Keysight TechnologiesKEYS0.1% of the fund
- Keurig Dr PepperKDP0.1% of the fund
Added
Bought more of a stock they already held.
- AppleAAPL6.5% of the fund+3%
- MicrosoftMSFT4.1% of the fund+5%
- AlphabetGOOGL3.2% of the fund+2%
- BroadcomAVGO2.7% of the fund+3%
- AlphabetGOOG2.6% of the fund+3%
- Micron TechnologyMU2.0% of the fund+7%
- Meta PlatformsMETA1.9% of the fund+8%
- Advanced Micro DevicesAMD1.5% of the fund+2%
- Eli LillyLLY1.5% of the fund+4%
- JPMorgan ChaseJPM1.3% of the fund+5%
- Applied MaterialsAMAT1.0% of the fund+14%
- Johnson & JohnsonJNJ1.0% of the fund+6%
- VisaV0.9% of the fund+6%
- Cisco SystemsCSCO0.9% of the fund+12%
- WalmartWMT0.8% of the fund+7%
- AbbVieABBV0.8% of the fund+7%
- MastercardMA0.7% of the fund+10%
- Costco WholesaleCOST0.6% of the fund+8%
- UnitedHealth GroupUNH0.5% of the fund+3%
- Goldman Sachs GroupGS0.5% of the fund+2%
- NetflixNFLX0.5% of the fund+9%
- International Business MachinesIBM0.5% of the fund+11%
- Marvell TechnologyMRVL0.4% of the fund+12%
- Texas InstrumentsTXN0.4% of the fund+22%
- Palantir TechnologiesPLTR0.4% of the fund+6%
Cut
Sold some of their stake.
- Lam ResearchLRCX1.0% of the fund-6%
- GE VernovaGEV0.5% of the fund-3%
- LindeLIN0.5% of the fund-12%
- MerckMRK0.4% of the fund-9%
- Western DigitalWDC0.4% of the fund-17%
- CitigroupC0.4% of the fund-14%
- PNC Financial Services GroupPNC0.3% of the fund-3%
- Baker HughesBKR0.3% of the fund-15%
- QualcommQCOM0.3% of the fund-7%
- Dell TechnologiesDELL0.3% of the fund-11%
- Wells Fargo & CompanyWFC0.3% of the fund-24%
- Coca-ColaKO0.3% of the fund-42%
- ExelonEXC0.3% of the fund-13%
- CredicorpBAP0.3% of the fund-11%
- HalliburtonHAL0.3% of the fund-10%
- NextEra EnergyNEE0.3% of the fund-11%
- McDonald'sMCD0.3% of the fund-3%
- Automatic Data ProcessingADP0.2% of the fund-12%
- Procter & GamblePG0.2% of the fund-49%
- Atmos EnergyATO0.2% of the fund-15%
- Union PacificUNP0.2% of the fund-22%
- DeereDE0.2% of the fund-8%
- NisourceNI0.2% of the fund-20%
- EatonETN0.2% of the fund-31%
- Capital One FinancialCOF0.2% of the fund-19%
Sold out
Sold their entire stake.
- Honeywell InternationalHON-100%
- Eastman ChemicalEMN-100%
- Kimberly-ClarkKMB-100%
- Molson Coors BeverageTAP-100%
- SEI InvestmentsSEIC-100%
- Equitable HoldingsEQH-100%
- AssurantAIZ-100%
- Carnival-100%
- DuPont de NemoursDD-100%
- TrimbleTRMB-100%
- Solstice Advanced MaterialsSOLS-100%
- DynatraceDT-100%
- LennarLEN-100%
- DocusignDOCU-100%
- Paycom SoftwarePAYC-100%
- SamsaraIOT-100%
- Affirm HoldingsAFRM-100%
- Grab HoldingsGRAB-100%
- Versant Media GroupVSNT-100%
- Crown CastleCCI-100%
- United Airlines HoldingsUAL-100%
- ChewyCHWY-100%
- UL SolutionsULS-100%
- AngloGold AshantiAU-100%
- AerCap HoldingsAER-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 7.2% | $2.8bn | 14,230,364 | Held |
| AppleAAPL | 6.5% | $2.6bn | 8,905,195 | +3% |
| MicrosoftMSFT | 4.1% | $1.6bn | 4,320,933 | +5% |
| Amazon.comAMZN | 3.3% | $1.3bn | 5,373,533 | Held |
| AlphabetGOOGL | 3.2% | $1.3bn | 3,565,619 | +2% |
| BroadcomAVGO | 2.7% | $1.0bn | 2,764,447 | +3% |
| AlphabetGOOG | 2.6% | $1.0bn | 2,860,469 | +3% |
| Micron TechnologyMU | 2.0% | $775m | 671,006 | +7% |
| Meta PlatformsMETA | 1.9% | $741m | 1,315,407 | +8% |
| TeslaTSLA | 1.8% | $694m | 1,649,953 | Held |
| Advanced Micro DevicesAMD | 1.5% | $581m | 999,509 | +2% |
| Eli LillyLLY | 1.5% | $579m | 483,132 | +4% |
| JPMorgan ChaseJPM | 1.3% | $507m | 1,548,625 | +5% |
| Applied MaterialsAMAT | 1.0% | $406m | 561,108 | +14% |
| Johnson & JohnsonJNJ | 1.0% | $404m | 1,589,422 | +6% |
| Lam ResearchLRCX | 1.0% | $401m | 926,200 | -6% |
| IntelINTC | 0.9% | $360m | 2,576,450 | Held |
| VisaV | 0.9% | $356m | 1,038,666 | +6% |
| Cisco SystemsCSCO | 0.9% | $351m | 2,987,798 | +12% |
| Berkshire HathawayBRK-B | 0.9% | $339m | 677,815 | Held |
| WalmartWMT | 0.8% | $304m | 2,682,606 | +7% |
| AbbVieABBV | 0.8% | $296m | 1,176,312 | +7% |
| KLAKLAC | 0.7% | $285m | 943,968 | Held |
| MastercardMA | 0.7% | $284m | 553,758 | +10% |
| Costco WholesaleCOST | 0.6% | $246m | 262,499 | +8% |
| General ElectricGE | 0.6% | $243m | 650,047 | Held |
| Bank of AmericaBAC | 0.6% | $221m | 3,870,171 | Held |
| UnitedHealth GroupUNH | 0.5% | $202m | 486,515 | +3% |
| Goldman Sachs GroupGS | 0.5% | $196m | 194,037 | +2% |
| GE VernovaGEV | 0.5% | $188m | 160,026 | -3% |
| NetflixNFLX | 0.5% | $185m | 2,584,761 | +9% |
| International Business MachinesIBM | 0.5% | $183m | 649,499 | +11% |
| LindeLIN | 0.5% | $181m | 348,745 | -12% |
| Marvell TechnologyMRVL | 0.4% | $176m | 592,359 | +12% |
| Home DepotHD | 0.4% | $175m | 497,542 | Held |
| Texas InstrumentsTXN | 0.4% | $174m | 584,338 | +22% |
| MerckMRK | 0.4% | $172m | 1,341,298 | -9% |
| Western DigitalWDC | 0.4% | $169m | 264,071 | -17% |
| Palantir TechnologiesPLTR | 0.4% | $152m | 1,301,018 | +6% |
| American ExpressAXP | 0.4% | $151m | 447,278 | +3% |
| Seagate Technology HoldingsSTX | 0.4% | $148m | 153,812 | Held |
| Morgan StanleyMS | 0.4% | $147m | 704,213 | +9% |
| Consolidated EdisonED | 0.4% | $147m | 1,325,484 | +7% |
| Verizon CommunicationsVZ | 0.4% | $147m | 3,460,311 | +14% |
| OracleORCL | 0.4% | $146m | 998,810 | Held |
| CitigroupC | 0.4% | $146m | 1,043,363 | -14% |
| AmphenolAPH | 0.4% | $146m | 827,452 | +5% |
| ChubbCB | 0.4% | $138m | 405,315 | +62% |
| AT&TT | 0.3% | $138m | 6,658,986 | +26% |
| Walt DisneyDIS | 0.3% | $133m | 1,386,158 | Held |
| AmgenAMGN | 0.3% | $133m | 368,066 | +9% |
| AmetekAME | 0.3% | $133m | 548,962 | +101% |
| PNC Financial Services GroupPNC | 0.3% | $130m | 527,691 | -3% |
| Analog DevicesADI | 0.3% | $130m | 326,563 | +9% |
| PepsiCoPEP | 0.3% | $129m | 953,082 | +15% |
| CorningGLW | 0.3% | $129m | 503,729 | Held |
| Charles SchwabSCHW | 0.3% | $128m | 1,385,802 | +24% |
| Bristol-Myers SquibbBMY | 0.3% | $122m | 2,114,367 | +32% |
| Baker HughesBKR | 0.3% | $122m | 2,194,527 | -15% |
| Arista NetworksANET | 0.3% | $121m | 714,095 | +10% |
| Gilead SciencesGILD | 0.3% | $120m | 948,298 | +15% |
| QualcommQCOM | 0.3% | $119m | 643,052 | -7% |
| EcolabECL | 0.3% | $118m | 425,245 | Held |
| Dell TechnologiesDELL | 0.3% | $118m | 272,473 | -11% |
| Wells Fargo & CompanyWFC | 0.3% | $116m | 1,408,144 | -24% |
| Parker-HannifinPH | 0.3% | $114m | 116,915 | Held |
| Travelers CompaniesTRV | 0.3% | $113m | 340,863 | +31% |
| Coca-ColaKO | 0.3% | $112m | 1,373,789 | -42% |
| ExelonEXC | 0.3% | $108m | 2,324,269 | -13% |
| SalesforceCRM | 0.3% | $108m | 686,293 | +24% |
| CredicorpBAP | 0.3% | $107m | 275,797 | -11% |
| FlexFLEX | 0.3% | $105m | 648,096 | +46% |
| HalliburtonHAL | 0.3% | $104m | 3,076,122 | -10% |
| CrowdStrike HoldingsCRWD | 0.3% | $103m | 135,455 | Held |
| NextEra EnergyNEE | 0.3% | $103m | 1,168,197 | -11% |
| McDonald'sMCD | 0.3% | $99m | 367,327 | -3% |
| Vici PropertiesVICI | 0.3% | $99m | 3,729,214 | +19% |
| AllstateALL | 0.2% | $98m | 413,099 | +20% |
| ProgressivePGR | 0.2% | $98m | 448,662 | Held |
| Automatic Data ProcessingADP | 0.2% | $98m | 437,471 | -12% |
| Procter & GamblePG | 0.2% | $98m | 667,198 | -49% |
| Atmos EnergyATO | 0.2% | $97m | 565,963 | -15% |
| Rockwell AutomationROK | 0.2% | $97m | 194,994 | +62% |
| Illinois Tool WorksITW | 0.2% | $96m | 353,261 | +1345% |
| TJX CompaniesTJX | 0.2% | $95m | 629,581 | Held |
| CMS EnergyCMS | 0.2% | $95m | 1,241,557 | New |
| Union PacificUNP | 0.2% | $94m | 347,033 | -22% |
| Booking HoldingsBKNG | 0.2% | $94m | 526,868 | +9% |
| DeereDE | 0.2% | $94m | 147,882 | -8% |
| NisourceNI | 0.2% | $92m | 1,928,014 | -20% |
| NewmontNEM | 0.2% | $91m | 975,308 | +4% |
| US BancorpUSB | 0.2% | $91m | 1,502,308 | New |
| FortinetFTNT | 0.2% | $90m | 588,212 | +8% |
| EatonETN | 0.2% | $90m | 211,233 | -31% |
| Capital One FinancialCOF | 0.2% | $88m | 437,502 | -19% |
| Cincinnati FinancialCINF | 0.2% | $86m | 464,077 | +134% |
| CumminsCMI | 0.2% | $86m | 120,158 | -33% |
| Bank of New York MellonBNY | 0.2% | $85m | 589,392 | -27% |
| Uber TechnologiesUBER | 0.2% | $85m | 1,172,023 | Held |
| Intuitive SurgicalISRG | 0.2% | $82m | 206,969 | +7% |
Showing the largest 100 of 419.
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 11.8% since 31 December 2025.
Where the money is
Technology38.9%
Financial services14.4%
Media & telecom10.2%
Industrials9.0%
Health care8.8%
Retail & consumer8.7%
Everyday goods3.4%
Materials2.4%
Utilities2.0%
Real estate1.4%
Energy0.6%
Other0.2%
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.