# Varma Mutual Pension Insurance Co

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1698484. Source: https://holderbook.com/funds/1698484-varma-mutual-pension-insurance-co/

- Reported value: $18.9B
- Positions: 313
- Weight of the ten largest: 52.4%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INVESCO EXCH TRADED FD TR II | [KLMN](https://holderbook.com/stocks/KLMN/) | $2.5B | 82,227,516 | 13.4% | 7 |
| INVESCO EXCH TRADED FD TR II | [KLMT](https://holderbook.com/stocks/KLMT/) | $1.6B | 44,931,497 | 8.2% | 9 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $1.4B | 15,248,262 | 7.3% | 2 |
| DBX ETF TR | [EMCS](https://holderbook.com/stocks/EMCS/) | $967.3M | 20,621,177 | 5.1% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $784.5M | 3,920,566 | 4.2% | 25 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $719.0M | 2,484,883 | 3.8% | 10 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $568.9M | 2,673,800 | 3.0% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $561.3M | 1,570,599 | 3.0% | 25 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $425.6M | 1,141,076 | 2.3% | 30 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $410.4M | 1,721,811 | 2.2% | 10 |
| BLACKROCK ETF TRUST | [LCTU](https://holderbook.com/stocks/LCTU/) | $385.9M | 4,814,000 | 2.0% | 21 |
| INVESCO QQQ TR | - | $279.8M | 380,000 | 1.5% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $242.5M | 641,830 | 1.3% | 25 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $210.7M | 374,094 | 1.1% | 29 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $178.0M | 372,800 | 0.9% | 14 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $174.0M | 413,723 | 0.9% | 26 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $159.4M | 138,071 | 0.8% | 15 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $151.0M | 461,411 | 0.8% | 25 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $139.0M | 115,868 | 0.7% | 29 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $134.0M | 230,717 | 0.7% | 10 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $103.0M | 300,341 | 0.5% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $98.2M | 386,656 | 0.5% | 8 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $97.2M | 134,482 | 0.5% | 10 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $91.2M | 667,203 | 0.5% | 11 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $91.1M | 652,423 | 0.5% | 13 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $89.1M | 1,804,110 | 0.5% | 5 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $87.1M | 201,030 | 0.5% | 7 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $84.0M | 1,250,000 | 0.4% | 16 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $79.2M | 3,100,000 | 0.4% | 13 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $78.9M | 74,116 | 0.4% | 15 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $77.1M | 680,366 | 0.4% | 11 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $77.0M | 150,008 | 0.4% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $73.5M | 626,147 | 0.4% | 25 |
| VANGUARD WORLD FD | [VCEB](https://holderbook.com/stocks/VCEB/) | $69.0M | 1,100,000 | 0.4% | 7 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $68.9M | 1,209,724 | 0.4% | 10 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $68.0M | 270,367 | 0.4% | 27 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $67.5M | 190,914 | 0.4% | 11 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $67.2M | 222,640 | 0.4% | 8 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $63.6M | 1,196,643 | 0.3% | 2 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $61.1M | 173,295 | 0.3% | 26 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $61.0M | 146,662 | 0.3% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $59.8M | 63,957 | 0.3% | 23 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $57.3M | 153,445 | 0.3% | 13 |
| KRANESHARES TRUST | [KSTR](https://holderbook.com/stocks/KSTR/) | $56.3M | 1,740,631 | 0.3% | 2 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $56.0M | 55,400 | 0.3% | 25 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $54.1M | 368,855 | 0.3% | 11 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $53.8M | 662,576 | 0.3% | 11 |
| ISHARES INC | [ECH](https://holderbook.com/stocks/ECH/) | $51.4M | 1,294,477 | 0.3% | 2 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $51.3M | 399,574 | 0.3% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $51.3M | 309,236 | 0.3% | 11 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $50.8M | 245,329 | 0.3% | 8 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $50.6M | 43,043 | 0.3% | 9 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $46.7M | 223,312 | 0.2% | 24 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $45.8M | 641,950 | 0.2% | 25 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $45.6M | 325,576 | 0.2% | 11 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $44.9M | 150,741 | 0.2% | 24 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $44.7M | 541,059 | 0.2% | 11 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $43.9M | 242,800 | 0.2% | 1 |
| RTX CORPORATION | - | $40.8M | 214,800 | 0.2% | 1 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $40.5M | 118,624 | 0.2% | 16 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $39.6M | 133,058 | 0.2% | 17 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $38.7M | 137,458 | 0.2% | 8 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $37.9M | 112,035 | 0.2% | 10 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $37.6M | 322,300 | 0.2% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $37.5M | 72,285 | 0.2% | 14 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $36.5M | 299,998 | 0.2% | 8 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $36.0M | 141,132 | 0.2% | 11 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $35.3M | 55,300 | 0.2% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $35.1M | 239,618 | 0.2% | 15 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $35.0M | 198,389 | 0.2% | 10 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $34.2M | 169,474 | 0.2% | 2 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $33.9M | 93,659 | 0.2% | 10 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $33.8M | 350,000 | 0.2% | 23 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $32.3M | 81,359 | 0.2% | 10 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $32.1M | 33,300 | 0.2% | 3 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $32.0M | 75,075 | 0.2% | 17 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $31.8M | 171,971 | 0.2% | 24 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $31.8M | 187,050 | 0.2% | 7 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $31.5M | 232,457 | 0.2% | 11 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $31.2M | 62,217 | 0.2% | 26 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $31.0M | 732,023 | 0.2% | 11 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $30.7M | 40,215 | 0.2% | 11 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $30.5M | 134,476 | 0.2% | 11 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $30.2M | 327,481 | 0.2% | 11 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $29.7M | 308,894 | 0.2% | 25 |
| SPDR SERIES TRUST | [EBND](https://holderbook.com/stocks/EBND/) | $29.3M | 1,400,000 | 0.2% | 10 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $29.1M | 67,500 | 0.2% | 3 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $28.8M | 45,367 | 0.2% | 22 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $28.6M | 315,052 | 0.2% | 10 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $28.2M | 29,312 | 0.1% | 7 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $27.8M | 102,049 | 0.1% | 26 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $27.3M | 67,007 | 0.1% | 11 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $27.2M | 100,566 | 0.1% | 8 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $27.0M | 307,793 | 0.1% | 23 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $26.3M | 208,515 | 0.1% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $26.0M | 250,052 | 0.1% | 11 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $26.0M | 26,575 | 0.1% | 22 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $25.5M | 1,230,860 | 0.1% | 11 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $25.4M | 1,055,663 | 0.1% | 30 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $25.4M | 404,167 | 0.1% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.1% | +14.8% | -1.7% | 92% |
| Q1 2026 | -4.1% | -4.6% | +0.6% | 100% |
| Q4 2025 | +2.3% | +2.4% | -0.1% | 100% |
| Q3 2025 | +7.6% | +7.8% | -0.2% | 100% |
| Q2 2025 | +10.5% | +10.5% | +0.0% | 83% |
| Q1 2025 | -3.7% | -4.6% | +0.9% | 70% |
| Q4 2024 | +1.8% | +2.1% | -0.4% | 87% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 87% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $18.9B | 313 |
| Q1 2026 | $34.0B | 319 |
| Q4 2025 | $16.5B | 308 |
| Q3 2025 | $15.6B | 312 |
| Q2 2025 | $13.6B | 309 |
| Q1 2025 | $11.6B | 318 |
| Q4 2024 | $13.2B | 320 |
| Q3 2024 | $12.6B | 316 |
| Q2 2024 | $12.4B | 344 |
| Q1 2024 | $11.5B | 354 |
| Q4 2023 | $8.9B | 278 |
| Q3 2023 | $8.3B | 207 |