# PFA Pension, Forsikringsaktieselskab

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1730073. Source: https://holderbook.com/funds/1730073-pfa-pension-forsikringsaktieselskab/

- Reported value: $39.4B
- Positions: 419
- Weight of the ten largest: 35.2%
- 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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.8B | 14,230,364 | 7.2% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.6B | 8,905,195 | 6.5% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.6B | 4,320,933 | 4.1% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.3B | 5,373,533 | 3.3% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.3B | 3,565,619 | 3.2% | 3 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $1.0B | 2,764,447 | 2.7% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.0B | 2,860,469 | 2.6% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $774.5M | 671,006 | 2.0% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $741.0M | 1,315,407 | 1.9% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $694.0M | 1,649,953 | 1.8% | 3 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $580.6M | 999,509 | 1.5% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $579.5M | 483,132 | 1.5% | 3 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $506.9M | 1,548,625 | 1.3% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $405.7M | 561,108 | 1.0% | 3 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $403.7M | 1,589,422 | 1.0% | 3 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $401.4M | 926,200 | 1.0% | 3 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $359.7M | 2,576,450 | 0.9% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $356.4M | 1,038,666 | 0.9% | 3 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $350.9M | 2,987,798 | 0.9% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $339.2M | 677,815 | 0.9% | 3 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $303.8M | 2,682,606 | 0.8% | 3 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $296.0M | 1,176,312 | 0.8% | 3 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $284.8M | 943,968 | 0.7% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $284.4M | 553,758 | 0.7% | 3 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $245.6M | 262,499 | 0.6% | 3 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $242.9M | 650,047 | 0.6% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $220.5M | 3,870,171 | 0.6% | 3 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $202.2M | 486,515 | 0.5% | 3 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $196.2M | 194,037 | 0.5% | 3 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $188.0M | 160,026 | 0.5% | 3 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $184.6M | 2,584,761 | 0.5% | 3 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $182.6M | 649,499 | 0.5% | 3 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $181.0M | 348,745 | 0.5% | 3 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $176.5M | 592,359 | 0.4% | 3 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $175.5M | 497,542 | 0.4% | 3 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $174.2M | 584,338 | 0.4% | 3 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $172.4M | 1,341,298 | 0.4% | 3 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $168.7M | 264,071 | 0.4% | 3 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $151.8M | 1,301,018 | 0.4% | 3 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $151.3M | 447,278 | 0.4% | 3 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $148.4M | 153,812 | 0.4% | 3 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $147.2M | 704,213 | 0.4% | 3 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $146.6M | 1,325,484 | 0.4% | 3 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $146.5M | 3,460,311 | 0.4% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $146.4M | 998,810 | 0.4% | 3 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $146.0M | 1,043,363 | 0.4% | 3 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $145.9M | 827,452 | 0.4% | 3 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $138.1M | 405,315 | 0.4% | 3 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $137.8M | 6,658,986 | 0.3% | 3 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $133.4M | 1,386,158 | 0.3% | 3 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $133.3M | 368,066 | 0.3% | 3 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $132.8M | 548,962 | 0.3% | 3 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $129.9M | 527,691 | 0.3% | 3 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $129.7M | 326,563 | 0.3% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $129.0M | 953,082 | 0.3% | 3 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $128.7M | 503,729 | 0.3% | 3 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $127.9M | 1,385,802 | 0.3% | 3 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $121.8M | 2,114,367 | 0.3% | 3 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $121.8M | 2,194,527 | 0.3% | 3 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $121.3M | 714,095 | 0.3% | 3 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $119.8M | 948,298 | 0.3% | 3 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $118.8M | 643,052 | 0.3% | 3 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $118.5M | 425,245 | 0.3% | 3 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $117.6M | 272,473 | 0.3% | 3 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $116.4M | 1,408,144 | 0.3% | 3 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $114.4M | 116,915 | 0.3% | 3 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $112.5M | 340,863 | 0.3% | 3 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $111.6M | 1,373,789 | 0.3% | 3 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $108.4M | 2,324,269 | 0.3% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $107.5M | 686,293 | 0.3% | 3 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $107.4M | 275,797 | 0.3% | 3 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $105.0M | 648,096 | 0.3% | 3 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $104.4M | 3,076,122 | 0.3% | 3 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $103.4M | 135,455 | 0.3% | 3 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $102.5M | 1,168,197 | 0.3% | 3 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $99.3M | 367,327 | 0.3% | 3 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $99.0M | 3,729,214 | 0.3% | 3 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $98.3M | 413,099 | 0.2% | 3 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $98.0M | 448,662 | 0.2% | 3 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $98.0M | 437,471 | 0.2% | 3 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $97.8M | 667,198 | 0.2% | 3 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $97.5M | 565,963 | 0.2% | 3 |
| ROCKWELL AUTOMATION INC | [ROK](https://holderbook.com/stocks/ROK/) | $96.5M | 194,994 | 0.2% | 3 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $95.5M | 353,261 | 0.2% | 3 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $95.4M | 629,581 | 0.2% | 3 |
| CMS ENERGY CORP | [CMS](https://holderbook.com/stocks/CMS/) | $95.0M | 1,241,557 | 0.2% | 1 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $94.4M | 347,033 | 0.2% | 3 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $93.9M | 526,868 | 0.2% | 3 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $93.8M | 147,882 | 0.2% | 3 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $91.7M | 1,928,014 | 0.2% | 3 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $91.1M | 975,308 | 0.2% | 3 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $90.7M | 1,502,308 | 0.2% | 1 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $90.4M | 588,212 | 0.2% | 3 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $90.0M | 211,233 | 0.2% | 3 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $87.8M | 437,502 | 0.2% | 3 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $85.9M | 464,077 | 0.2% | 3 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $85.7M | 120,158 | 0.2% | 3 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $85.2M | 589,392 | 0.2% | 3 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $84.6M | 1,172,023 | 0.2% | 3 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $82.3M | 206,969 | 0.2% | 3 |

## 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 | +15.9% | +14.8% | +1.0% | 100% |
| Q1 2026 | -5.7% | -4.6% | -1.1% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $39.4B | 419 |
| Q1 2026 | $33.2B | 381 |
| Q4 2025 | $35.3B | 373 |