National Mutual Insurance Federation of Agricultural Cooperatives

Insurance

CIK

1542927

Location

TOKYO, JAPAN, M0

Portfolio Value

Mid $4,570,506,019

Diversification

Highly concentrated

Reports for

Zenkyoren Asset Management of America Inc.

Filing Date

Global Rank

#787 / 8,650 ▲ 8

Top Industry

Semiconductors 21.8%

3Y Alpha vs SPY

+2.7%

Period ended 56 days ago

Filed Aug 5, 2026 · 20d

26 quarters · since Mar 2020

Clone Performance

Aug 2023–Aug 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+84.4%

SPY

+73.5%

Annualised alpha

+2.5%

Max drawdown

−20.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

30 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

42.8%

−1.6 pts

Top 5

78.3%

+0.6 pts

Top 10

86.7%

+2.0 pts

HHI

2,675

Highly concentrated−28

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	71.1%	$3,250,246,002	2
Technology	12.1%	$551,026,162	7
Financial Services	4.3%	$195,253,578	6
Communication Services	3.5%	$161,158,504	2
Healthcare	2.2%	$100,277,832	3
Consumer Cyclical	1.9%	$86,084,191	2
Consumer Defensive	1.9%	$85,648,900	3
Industrials	1.6%	$73,058,536	3
Energy	0.9%	$39,607,784	1
Real Estate	0.6%	$28,144,530	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
XOM	ExxonMobil Holdings Corp	+123,000	289,700	$39,607,784
AVGO	Broadcom Inc.	+57,000	156,000	$58,929,000
AAPL	Apple Inc.	+45,000	364,400	$105,442,784
MSFT	Microsoft Corp	+42,000	219,900	$82,027,098
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
GOOGL	Alphabet Inc.	−35,000	305,000	$108,997,850
MU	Micron Technology Inc	−32,000	100,000	$115,429,000
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
EQIX	Equinix Inc	27,000	$28,144,530
AMD	Advanced Micro Devices Inc	19,000	$11,037,290
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
SPGI	S&P Global Inc.	52,800	$22,457,950
CVX	Chevron Corp	99,000	$20,483,100
DIS	Walt Disney Co	193,000	$18,601,340
INTU	Intuit Inc.	42,900	$18,549,102
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

30 tracked positions · $4,570,506,019 total · filing declares 39 positions · $15,287,675,664 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust	Held	2,617,832	0	$1,954,918,402	+14.8%	42.77%
QQQ	Invesco Qqq Trust, Series 1	Held	1,759,000	0	$1,295,327,600	+27.6%	28.34%
MU	Micron Technology Inc Technology	Reduced	100,000	-32,000	$115,429,000	+158.8%	2.53%
GOOGL	Alphabet Inc. Communication Services	Reduced	305,000	-35,000	$108,997,850	+11.5%	2.38%
AAPL	Apple Inc. Technology	Added	364,400	+45,000	$105,442,784	+30.1%	2.31%
NVDA	Nvidia Corp Technology	Held	511,000	0	$102,245,990	+14.7%	2.24%
MSFT	Microsoft Corp Technology	Added	219,900	+42,000	$82,027,098	+24.6%	1.79%
AMAT	Applied Materials Inc /De Technology	Held	105,000	0	$75,915,000	+111.5%	1.66%
AMZN	Amazon Com Inc Consumer Cyclical	Held	270,000	0	$64,351,800	+14.4%	1.41%
AVGO	Broadcom Inc. Technology	Added	156,000	+57,000	$58,929,000	+92.3%	1.29%
JPM	Jpmorgan Chase & Co Financial Services	Held	160,900	0	$52,667,397	+11.3%	1.15%
META	Meta Platforms, Inc. Communication Services	Held	92,600	0	$52,160,654	−1.5%	1.14%
LLY	ELI LILLY & Co Healthcare	Held	36,300	0	$43,539,312	+30.4%	0.95%
XOM	ExxonMobil Holdings Corp Energy	Added	289,700	+123,000	$39,607,784	+40.0%	0.87%
WMT	Walmart Inc. Consumer Defensive	Held	339,100	0	$38,406,466	−8.9%	0.84%
V	Visa Inc. Financial Services	Held	110,300	0	$37,842,827	+13.5%	0.83%
ETN	Eaton Corp plc Industrials	Held	84,300	0	$35,921,916	+19.1%	0.79%
MA	Mastercard Inc Financial Services	Held	68,100	0	$34,976,160	+2.8%	0.77%
ISRG	Intuitive Surgical Inc Healthcare	Held	72,200	0	$28,712,496	−13.7%	0.63%
BLK	BlackRock, Inc. Financial Services	Held	29,400	0	$28,269,864	−0.0%	0.62%
EQIX	Equinix Inc Real Estate	NEW	27,000	NEW	$28,144,530	NEW	0.62%
TMO	Thermo Fisher Scientific Inc. Healthcare	Held	55,900	0	$28,026,024	+2.0%	0.61%
KO	Coca Cola Co Consumer Defensive	Held	308,500	0	$25,071,795	+6.9%	0.55%
ICE	Intercontinental Exchange, Inc. Financial Services	Held	203,000	0	$24,991,330	−21.7%	0.55%
EMR	Emerson Electric Co Industrials	Held	170,800	0	$24,450,020	+9.3%	0.53%
COST	Costco Wholesale Corp /New Consumer Defensive	Held	23,700	0	$22,170,639	−6.1%	0.49%
AZO	Autozone Inc Consumer Cyclical	Held	6,800	0	$21,732,391	−5.4%	0.48%
TRV	Travelers Companies, Inc. Financial Services	Held	50,000	0	$16,506,000	+13.2%	0.36%
DE	Deere & Co Industrials	Held	20,000	0	$12,686,600	+12.6%	0.28%
AMD	Advanced Micro Devices Inc Technology	NEW	19,000	NEW	$11,037,290	NEW	0.24%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.