National Mutual Insurance Federation of Agricultural Cooperatives
InsuranceCIK
1542927
Location
TOKYO, JAPAN, M0
Portfolio Value
Mid
$3,839,866,222
Diversification
Highly concentrated
Filing Date
Global Rank
#637
/ 8,232
▲ 34
Top Industry
Semiconductors
14.6%
3Y Alpha vs SPY
+1.6%
Period ended 2 months ago
Filed Apr 28, 2026 · 46d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+83.4%
SPY
+76.5%
Annualised alpha
+1.6%
Max drawdown
−20.1%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
32 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
44.3%
+0.4 pts
Top 5
77.8%
−0.1 pts
Top 10
84.7%
−0.6 pts
HHI
2,702
Highly concentrated+20
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 70.8% | $2,717,740,482 |
| Technology | 9.5% | $365,705,591 |
| Financial Services | 5.5% | $211,938,328 |
| Communication Services | 4.4% | $169,350,978 |
| Healthcare | 2.5% | $94,147,656 |
| Consumer Defensive | 2.3% | $89,220,164 |
| Consumer Cyclical | 2.1% | $79,201,804 |
| Industrials | 1.7% | $63,795,797 |
| Energy | 1.3% | $48,765,422 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
1 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | +54,000 | 99,000 | $30,641,490 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
1 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| GOOGL | Alphabet Inc. | −20,500 | 340,000 | $97,770,400 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarterNo qualifying positions this quarter.
Sold Out
Positions the filer fully exited
1 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| HON | Honeywell International Inc | 71,000 | $13,851,390 | |
| No positions match the current search. | ||||
32 positions ·
$3,839,866,222 total
· as of Mar 31, 2026
All sectors
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| SPY |
Spdr S&P 500 ETF Trust
|
Held | 2,617,832 | $1,702,480,862 | 44.34% | |
| QQQ |
Invesco Qqq Trust, Series 1
|
Held | 1,759,000 | $1,015,259,620 | 26.44% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Reduced | 340,000 | $97,770,400 | 2.55% | |
| NVDA |
Nvidia Corp
Technology
|
Held | 511,000 | $89,118,400 | 2.32% | |
| AAPL |
Apple Inc.
Technology
|
Held | 319,400 | $81,060,526 | 2.11% | |
| MSFT |
Microsoft Corp
Technology
|
Held | 177,900 | $65,853,243 | 1.71% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Held | 270,000 | $56,232,900 | 1.46% | |
| META |
Meta Platforms, Inc.
Communication Services
|
Held | 92,600 | $52,979,238 | 1.38% | |
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Held | 160,900 | $47,330,344 | 1.23% | |
| MU |
Micron Technology Inc
Technology
|
Held | 132,000 | $44,594,880 | 1.16% | |
| WMT |
Walmart Inc.
Consumer Defensive
|
Held | 339,100 | $42,143,348 | 1.10% | |
| AMAT |
Applied Materials Inc /De
Technology
|
Held | 105,000 | $35,887,950 | 0.93% | |
| MA |
Mastercard Inc
Financial Services
|
Held | 68,100 | $34,026,846 | 0.89% | |
| LLY |
ELI LILLY & Co
Healthcare
|
Held | 36,300 | $33,387,651 | 0.87% | |
| V |
Visa Inc.
Financial Services
|
Held | 110,300 | $33,337,072 | 0.87% | |
| ISRG |
Intuitive Surgical Inc
Healthcare
|
Held | 72,200 | $33,283,478 | 0.87% | |
| ICE |
Intercontinental Exchange, Inc.
Financial Services
|
Held | 203,000 | $31,927,840 | 0.83% | |
| AVGO |
Broadcom Inc.
Technology
|
Added | 99,000 | $30,641,490 | 0.80% | |
| ETN |
Eaton Corp plc
Industrials
|
Held | 84,300 | $30,151,581 | 0.79% | |
| XOM |
Exxon Mobil Corp
Energy
|
Held | 166,700 | $28,282,322 | 0.74% | |
| BLK |
BlackRock, Inc.
Financial Services
|
Held | 29,400 | $28,274,274 | 0.74% | |
| TMO |
Thermo Fisher Scientific Inc.
Healthcare
|
Held | 55,900 | $27,476,527 | 0.72% | |
| COST |
Costco Wholesale Corp /New
Consumer Defensive
|
Held | 23,700 | $23,615,391 | 0.62% | |
| KO |
Coca Cola Co
Consumer Defensive
|
Held | 308,500 | $23,461,425 | 0.61% | |
| AZO |
Autozone Inc
Consumer Cyclical
|
Held | 6,800 | $22,968,904 | 0.60% | |
| SPGI |
S&P Global Inc.
Financial Services
|
Held | 52,800 | $22,457,952 | 0.58% | |
| EMR |
Emerson Electric Co
Industrials
|
Held | 170,800 | $22,378,216 | 0.58% | |
| CVX |
Chevron Corp
Energy
|
Held | 99,000 | $20,483,100 | 0.53% | |
| DIS |
Walt Disney Co
Communication Services
|
Held | 193,000 | $18,601,340 | 0.48% | |
| INTU |
Intuit Inc.
Technology
|
Held | 42,900 | $18,549,102 | 0.48% | |
| TRV |
Travelers Companies, Inc.
Financial Services
|
Held | 50,000 | $14,584,000 | 0.38% | |
| DE |
Deere & Co
Industrials
|
Held | 20,000 | $11,266,000 | 0.29% |