Varma Mutual Pension Insurance Co

New 13F: Q3 2026

Varma Mutual Pension Insurance Co filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $6.0B in AI and semiconductor stocks; $181.4M bought and $51.3M sold against its previous quarter, at the quarter's prices.

• added to Microsoft (MSFT): +$19.7M at the quarter's price
• opened a position in Fortinet (FTNT): +$19.1M at the quarter's price
• opened a position in Quanta Services (PWR): +$17.2M at the quarter's price
• added to Apple (AAPL): +$14.8M at the quarter's price
• added to ServiceNow (NOW): +$14.5M at the quarter's price
• added to Meta Platforms (META): +$12.3M at the quarter's price
• added to Salesforce (CRM): +$11.3M at the quarter's price
• added to Alphabet (GOOGL): +$10.1M at the quarter's price
• trimmed Applied Materials (AMAT): -$9.6M at the quarter's price
• trimmed Lam Research (LRCX): -$8.7M at the quarter's price

Varma Mutual Pension Insurance Co declares $5.6B in 73 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 29.7% of its $18.9B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Apple (0.02% of the company). Over time: $5.6B in 73 of these companies for Q2 2026, against $380.4M in 11 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $222.0M and sold $255.8M of these stocks, at the quarter's prices: a net sale of $33.8M; 11 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio Varma Mutual Pension Insurance Co declared for Q2 2026 (Form 13F), held unchanged, returned +5.3% in Q3 2026 (SMH -7.1%), ranked 541 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.0% (SMH +87.2%), ranked 570 of 1,360 active managers. Over three years, quarter after quarter: +171.6% (SMH +325.8%), ranked 175 of 784 active managers. Over five years, quarter after quarter: +192.6% (SMH +389.8%), ranked 99 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $784.5M, 3.9M shares, 0.02% of the company, 4.2% of its portfolio (added this quarter); held since Q2 2020
2. Apple (AAPL): $719.0M, 2.5M shares, 0.02% of the company, 3.8% of its portfolio (trimmed this quarter); held since Q1 2024
3. Alphabet (GOOGL): $628.7M, 1.8M shares, 0.01% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $425.6M, 1.1M shares, 0.02% of the company, 2.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $410.4M, 1.7M shares, 0.02% of the company, 2.2% of its portfolio (added this quarter); held since Q1 2024
6. Broadcom (AVGO): $242.5M, 641,830 shares, 0.01% of the company, 1.3% of its portfolio (added this quarter); held since Q2 2020
7. Meta Platforms (META): $210.7M, 374,094 shares, 0.01% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. TSMC (TSM): $178.0M, 372,800 shares, 0.01% of the company, 0.94% of its portfolio (added this quarter); held since Q1 2023
9. Micron (MU): $159.4M, 138,071 shares, 0.01% of the company, 0.84% of its portfolio (trimmed this quarter); held since Q4 2022
10. AMD (AMD): $134.0M, 230,717 shares, 0.01% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q1 2024
11. Applied Materials (AMAT): $97.2M, 134,482 shares, 0.02% of the company, 0.52% of its portfolio (trimmed this quarter); held since Q1 2024
12. Intel (INTC): $91.1M, 652,423 shares, 0.01% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q2 2023
13. Lam Research (LRCX): $87.1M, 201,030 shares, 0.02% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2024
14. Caterpillar (CAT): $78.9M, 74,116 shares, 0.02% of the company, 0.42% of its portfolio (trimmed this quarter); held since Q4 2022
15. Cisco (CSCO): $73.5M, 626,147 shares, 0.02% of the company, 0.39% of its portfolio (added this quarter); held since Q2 2020

By sector

• Cloud & AI giants: $2.4B, 43% of its AI holdings, 6 companies
• Chips & compute: $1.6B, 29% of its AI holdings, 11 companies
• Power, electrical & cooling: $348.9M, 6% of its AI holdings, 13 companies
• AI software: $315.1M, 6% of its AI holdings, 15 companies
• Equipment & test: $287.5M, 5% of its AI holdings, 5 companies
• Memory & storage: $226.8M, 4% of its AI holdings, 3 companies
• Interconnect: $169.4M, 3% of its AI holdings, 5 companies
• Servers & systems: $114.5M, 2% of its AI holdings, 6 companies
• Optics: $78.8M, 1% of its AI holdings, 4 companies
• Neoclouds & data centers: $62.7M, 1% of its AI holdings, 5 companies

Biggest changes this quarter

• trimmed Micron (MU): -$36.9M at the quarter's price
• trimmed KLA (KLAC): -$26.2M at the quarter's price
• opened a position in Teradyne (TER): +$18.2M at the quarter's price
• trimmed Lam Research (LRCX): -$17.6M at the quarter's price
• sold out of Quanta Services (PWR): -$17.5M at the quarter's price
• trimmed Applied Materials (AMAT): -$16.0M at the quarter's price
• opened a position in Coherent (COHR): +$15.7M at the quarter's price
• opened a position in Comfort Systems USA (FIX): +$15.5M at the quarter's price
• added to Amazon (AMZN): +$15.4M at the quarter's price
• opened a position in Flex (FLEX): +$15.1M at the quarter's price

Other holders of this size

• Sustainable Growth Advisers, LP: $5.6B in 14 of these companies
• OFI INVEST ASSET MANAGEMENT: $5.6B in 75 of these companies
• GATEWAY INVESTMENT ADVISERS LLC: $5.5B in 117 of these companies
• LBP AM SA: $5.6B in 84 of these companies
• Magnetar Financial LLC: $5.5B in 62 of these companies
• Mediolanum International Funds Ltd: $5.6B in 84 of these companies
• Alpha Wave Global, LP: $5.5B in 2 of these companies
• Fuller & Thaler Asset Management, Inc.: $5.7B in 54 of these companies

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