National Mutual Insurance Federation of Agricultural Cooperatives

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CIK 1542927

13F portfolio (2026-Q1)

$13.0B

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

67.5%

Top 10

90.2%

Effective N

9.2

HHI

0.109

This quarter

0 new · 0 exit →

By sector

Unclassified91.4%

Information Technology3.2%

Financials1.5%

Communication Services1.3%

Consumer Discretionary1.1%

Health Care0.5%

Industrials0.5%

Energy0.4%

Consumer Staples0.2%

By market cap

Unknown91.4%

Mega (>$200B)6.7%

Large ($10–200B)2.0%

By region

Other91.4%

North America8.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	91.36%	11
Semiconductors & Semiconductor Equipment	1.54%	4
Software & IT Services	1.16%	2
Specialty Retail	1.12%	4
Technology Hardware & Equipment	0.84%	2
Commercial Services & Supplies	0.69%	3
Software	0.65%	2
Capital Markets	0.46%	2
Oil, Gas & Consumable Fuels	0.38%	2
Banks	0.36%	1
Machinery	0.32%	2
Pharmaceuticals & Biotechnology	0.26%	1
Health Care Equipment & Supplies	0.26%	1
Beverages	0.18%	1
Electrical Equipment & Components	0.17%	1
Entertainment	0.14%	1
Insurance	0.11%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	IVV	ISHARES TR	Unclassified	18.02%
2	VV	VANGUARD INDEX FDS	Unclassified	15.06%
3	VOO	VANGUARD INDEX FDS	Unclassified	13.46%
4	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	13.11%
5	QQQ	INVESCO QQQ TR	Unclassified	7.82%
6	VTI	VANGUARD INDEX FDS	Unclassified	6.64%
7	SPYM	SPDR SERIES TRUST	Unclassified	5.62%
8	QQQM	INVESCO EXCH TRADED FD TR II	Unclassified	4.92%
9	LQD	ISHARES TR	Unclassified	3.39%
10	IWB	ISHARES TR	Unclassified	2.17%

30/41 names classified · sector 8.6% of weight · industry 8.6% · mkt cap 8.6%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

Information TechnologyAAPL, MSFT, TMO, MU, NVDA · other

FinancialsMA, JPM, V, BLK, WFC · other

Consumer DiscretionaryAMZN, AZO, WMT, DG, COST · other

Communication ServicesGOOGL, META, DIS, T, NFLX · other

Health CareISRG, JNJ, BDX, PFE, LLY · other

IndustrialsETN, SPGI, NSC, HON, MMM · other

Consumer StaplesKO, PEP, CVS, GIS, PM · other

EnergyXOM, CVX, SLB

MaterialsNKE, PG, LIN, DD, DOW

Utilities

UnclassifiedIVV, SPY, VOO, LQD, VTI · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 8.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 9% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (30 classified)National Mutual Insurance Federation of Agricultural Cooperatives centroid (Large Growth)

Information TechnologyFinancialsCommunication ServicesConsumer DiscretionaryHealth CareIndustrialsEnergyConsumer Staples

Style box summary for National Mutual Insurance Federation of Agricultural Cooperatives: centroid Large Growth. Heaviest cells: Large Growth 5.6%, Large Core 2.2%, Large Value 0.6%.

Classified: 8.6% of book weight (30/41 names) · unclassified 91.4%: IVV, VV, VOO, SPY, QQQ, VTI, SPYM, QQQM, LQD, IWB +1 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 41 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	IVVISHARES TR	3,581,847	$2.3B	18.0%	HOLD
2	VVVANGUARD INDEX FDS	6,543,317	$2.0B	15.1%	HOLD
3	VOOVANGUARD INDEX FDS	2,925,650	$1.7B	13.5%	HOLD
4	SPYSTATE STR SPDR S&P 500 ETF T	2,617,832	$1.7B	13.1%	HOLD
5	QQQINVESCO QQQ TR	1,759,000	$1.0B	7.8%	HOLD
6	VTIVANGUARD INDEX FDS	2,686,800	$862M	6.6%	HOLD
7	SPYMSPDR SERIES TRUST	9,536,000	$730M	5.6%	HOLD
8	QQQMINVESCO EXCH TRADED FD TR II	2,691,000	$639M	4.9%	ADD 2%
9	LQDISHARES TR	4,040,400	$440M	3.4%	HOLD
10	IWBISHARES TR	791,000	$282M	2.2%	HOLD
11	BBUSJ P MORGAN EXCHANGE TRADED F	1,275,000	$149M	1.2%	HOLD
12	GOOGLALPHABET INC	340,000	$98M	0.8%	TRIM −6%
13	NVDANVIDIA CORPORATION	511,000	$89M	0.7%	HOLD
14	AAPLAPPLE INC	319,400	$81M	0.6%	HOLD
15	MSFTMICROSOFT CORP	177,900	$66M	0.5%	HOLD
16	AMZNAMAZON COM INC	270,000	$56M	0.4%	HOLD
17	METAMETA PLATFORMS INC	92,600	$53M	0.4%	HOLD
18	JPMJPMORGAN CHASE & CO	160,900	$47M	0.4%	HOLD
19	MUMICRON TECHNOLOGY INC	132,000	$45M	0.3%	HOLD
20	WMTWALMART INC	339,100	$42M	0.3%	HOLD
21	AMATAPPLIED MATLS INC	105,000	$36M	0.3%	HOLD
22	MAMASTERCARD INCORPORATED	68,100	$34M	0.3%	HOLD
23	LLYELI LILLY & CO	36,300	$33M	0.3%	HOLD
24	VVISA INC	110,300	$33M	0.3%	HOLD
25	ISRGINTUITIVE SURGICAL INC	72,200	$33M	0.3%	HOLD
26	ICEINTERCONTINENTAL EXCHANGE IN	203,000	$32M	0.2%	HOLD
27	AVGOBROADCOM INC	99,000	$31M	0.2%	ADD 120%
28	ETNEATON CORP PLC	84,300	$30M	0.2%	HOLD
29	XOMEXXON MOBIL CORP	166,700	$28M	0.2%	HOLD
30	BLKBLACKROCK INC	29,400	$28M	0.2%	HOLD
31	TMOTHERMO FISHER SCIENTIFIC INC	55,900	$27M	0.2%	HOLD
32	COSTCOSTCO WHSL CORP NEW	23,700	$24M	0.2%	HOLD
33	KOCOCA COLA CO	308,500	$23M	0.2%	HOLD
34	AZOAUTOZONE INC	6,800	$23M	0.2%	HOLD
35	SPGIS&P GLOBAL INC	52,800	$22M	0.2%	HOLD
36	EMREMERSON ELEC CO	170,800	$22M	0.2%	HOLD
37	CVXCHEVRON CORP NEW	99,000	$20M	0.2%	HOLD
38	DISDISNEY WALT CO	193,000	$19M	0.1%	HOLD
39	INTUINTUIT	42,900	$19M	0.1%	HOLD
40	TRVTRAVELERS COMPANIES INC	50,000	$15M	0.1%	HOLD
41	DEDEERE & CO	20,000	$11M	0.1%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

IVVISHARES TR

3.6M

$2.3B

VVVANGUARD INDEX FDS

6.5M

$2.0B

VOOVANGUARD INDEX FDS

2.9M

$1.7B

SPYSTATE STR SPDR S&P 500 ETF T

2.6M

$1.7B

QQQINVESCO QQQ TR

1.8M

$1.0B

VTIVANGUARD INDEX FDS

2.7M

$862M

SPYMSPDR SERIES TRUST

9.0M

9.5M

$730M

QQQMINVESCO EXCH TRADED FD TR II

3.1M

3.3M

3.0M

2.5M

2.6M

2.7M

$639M

LQDISHARES TR

4.0M

$440M

IWBISHARES TR

791K

$282M

BBUSJ P MORGAN EXCHANGE TRADED F

463K

1.3M

$149M

GOOGLALPHABET INC

361K

340K

$98M

NVDANVIDIA CORPORATION

416K

511K

$89M

AAPLAPPLE INC

319K

$81M

MSFTMICROSOFT CORP

178K

$66M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆National Mutual Insurance Federation of Agricultural Cooperatives