PFA Pension, Forsikringsaktieselskab
Reported US equity positions for Q1 2026 — $33.2B across 381 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $2.5B | 7.5% | 14,225,087 |
| AAPL Apple Inc. | $2.2B | 6.6% | 8,629,711 |
| MSFT Microsoft Corporation | $1.5B | 4.6% | 4,119,349 |
| AMZN Amazon.com, Inc. | $1.1B | 3.4% | 5,374,012 |
| GOOGL Alphabet Inc. | $1.0B | 3.0% | 3,492,060 |
| AVGO Broadcom Inc. | $829.0M | 2.5% | 2,678,289 |
| GOOG Alphabet Inc. - Class C Capital Stock | $794.8M | 2.4% | 2,770,540 |
| META Meta Platforms, Inc. | $698.4M | 2.1% | 1,220,653 |
| TSLA Tesla, Inc. | $611.8M | 1.8% | 1,645,619 |
| JPM JP Morgan Chase & Co. | $431.9M | 1.3% | 1,468,243 |
| LLY Eli Lilly and Company | $425.9M | 1.3% | 463,041 |
| JNJ Johnson & Johnson | $367.5M | 1.1% | 1,503,351 |
| BRK.B Berkshire Hathaway Inc. | $325.8M | 1.0% | 679,966 |
| WMT Walmart Inc. | $311.6M | 0.9% | 2,507,483 |
| V Visa Inc. | $296.2M | 0.9% | 980,129 |
| MA Mastercard Incorporated | $251.1M | 0.8% | 502,535 |
| COST Costco Wholesale Corporation | $242.1M | 0.7% | 242,944 |
| ABBV AbbVie Inc. | $238.1M | 0.7% | 1,094,727 |
| NFLX Netflix, Inc. | $228.7M | 0.7% | 2,378,589 |
| MU Micron Technology, Inc. | $211.1M | 0.6% | 624,979 |
| LRCX Lam Research Corporation | $209.8M | 0.6% | 982,050 |
| CSCO Cisco Systems, Inc. | $206.8M | 0.6% | 2,665,630 |
| AMD Advanced Micro Devices, Inc. | $198.6M | 0.6% | 976,087 |
| G54950103 Linde PLC | $196.7M | 0.6% | 396,863 |
| PG The Procter & Gamble Company | $190.8M | 0.6% | 1,320,983 |
| BAC Bank of America Corporation | $188.8M | 0.6% | 3,872,414 |
| GE GE Aerospace | $184.5M | 0.6% | 650,323 |
| KO The Coca-Cola Company | $180.5M | 0.5% | 2,373,412 |
| PLTR Palantir Technologies Inc. | $179.6M | 0.5% | 1,227,560 |
| MRK Merck & Company, Inc. Common Stock (new) | $176.6M | 0.5% | 1,467,839 |
| AMAT Applied Materials, Inc. | $168.0M | 0.5% | 491,505 |
| HD The Home Depot, Inc. | $163.7M | 0.5% | 497,679 |
| GS The Goldman Sachs Group, Inc. | $160.7M | 0.5% | 189,961 |
| BKR Baker Hughes Company | $157.5M | 0.5% | 2,580,263 |
| T AT&T Inc. | $153.5M | 0.5% | 5,295,587 |
| BAC Bank of America Corporation | $152.4M | 0.5% | 3,034,950 |
| WFC Wells Fargo & Company | $146.5M | 0.4% | 1,840,662 |
| ORCL Oracle Corporation | $144.5M | 0.4% | 982,190 |
| GEV GE Vernova Inc. | $143.8M | 0.4% | 164,704 |
| IBM International Business Machines Corporation | $141.8M | 0.4% | 585,004 |
| KLAC KLA Corporation | $140.6M | 0.4% | 95,458 |
| ED Consolidated Edison, Inc. | $139.9M | 0.4% | 1,235,992 |
| C Citigroup, Inc. | $137.0M | 0.4% | 1,208,040 |
| HAL Halliburton Company | $132.9M | 0.4% | 3,408,103 |
| DIS The Walt Disney Company | $131.8M | 0.4% | 1,367,364 |
| AXP American Express Company | $131.2M | 0.4% | 433,726 |
| PEO Adams Natural Resources Fund, Inc. | $130.5M | 0.4% | 2,662,807 |
| PEP PepsiCo, Inc. | $128.2M | 0.4% | 825,702 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $127.9M | 0.4% | 472,733 |
| ATO Atmos Energy Corporation | $123.4M | 0.4% | 668,040 |
| NEE NextEra Energy, Inc. | $121.3M | 0.4% | 1,305,502 |
| AMGN Amgen Inc. | $118.3M | 0.4% | 336,213 |
| MCD McDonald's Corporation | $117.6M | 0.4% | 378,296 |
| GILD Gilead Sciences, Inc. | $114.9M | 0.3% | 824,573 |
| ECL Ecolab Inc. | $114.0M | 0.3% | 428,530 |
| PNC The PNC Financial Services Group, Inc. | $113.5M | 0.3% | 545,268 |
| INTC Intel Corporation | $112.9M | 0.3% | 2,557,485 |
| NI NiSource Inc | $112.0M | 0.3% | 2,400,019 |
| G29183103 Eaton Corp PLC | $109.2M | 0.3% | 305,393 |
| TMO Thermo Fisher Scientific Inc | $108.5M | 0.3% | 220,719 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Add | $2.5B | $2.6B | +1% |
| AVGO Broadcom Inc. | Add | $829.0M | $924.9M | +1% |
| JNJ Johnson & Johnson | Add | $367.5M | $307.9M | +1% |
| BRK.B Berkshire Hathaway Inc. | Trim | $325.8M | $353.6M | -3% |
| COST Costco Wholesale Corporation | Trim | $242.1M | $213.4M | -1% |
| ABBV AbbVie Inc. | Add | $238.1M | $242.0M | +4% |
| LRCX Lam Research Corporation | Trim | $209.8M | $172.7M | -1% |
| CSCO Cisco Systems, Inc. | Trim | $206.8M | $220.3M | -6% |
| AMD Advanced Micro Devices, Inc. | Trim | $198.6M | $215.9M | -3% |
| PG The Procter & Gamble Company | Trim | $190.8M | $202.8M | -6% |
| KO The Coca-Cola Company | Trim | $180.5M | $179.2M | -7% |
| MRK Merck & Company, Inc. Common Stock (new) | Trim | $176.6M | $161.3M | -3% |
| AMAT Applied Materials, Inc. | Add | $168.0M | $121.0M | +6% |
| T AT&T Inc. | Add | $153.5M | $126.0M | +4% |
| BAC Bank of America Corporation | Add | $152.4M | $118.2M | +5% |
| ORCL Oracle Corporation | Add | $144.5M | $182.4M | +6% |
| GEV GE Vernova Inc. | Add | $143.8M | $97.0M | +12% |
| ED Consolidated Edison, Inc. | Add | $139.9M | $114.0M | +8% |
| AXP American Express Company | Trim | $131.2M | $166.8M | -3% |
| PEO Adams Natural Resources Fund, Inc. | Trim | $130.5M | $119.7M | -2% |
| ATO Atmos Energy Corporation | Add | $123.4M | $107.7M | +5% |
| AMGN Amgen Inc. | Trim | $118.3M | $112.6M | -2% |
| MCD McDonald's Corporation | Trim | $117.6M | $138.6M | -16% |
| PNC The PNC Financial Services Group, Inc. | Trim | $113.5M | $123.9M | -7% |
| UNP Union Pacific Corporation | Trim | $108.3M | $107.1M | -3% |
| ADP Automatic Data Processing, Inc. | Trim | $101.5M | $139.6M | -7% |
| NEM Newmont Corporation | Trim | $101.1M | $98.2M | -3% |
| TJX The TJX Companies, Inc. | Trim | $100.7M | $104.5M | -6% |
| APH Amphenol Corporation | Add | $99.9M | $89.8M | +20% |
| BMY Bristol-Myers Squibb Company | Add | $96.8M | $83.9M | +3% |
| CMI Cummins Inc. | Trim | $96.6M | $96.5M | -4% |
| HLT Hilton Worldwide Holdings Inc. | Trim | $91.1M | $110.7M | -21% |
| QCOM QUALCOMM Incorporated | Trim | $89.1M | $124.3M | -3% |
| SPGI S&P Global Inc. | Trim | $89.0M | $127.3M | -13% |
| PGR The Progressive Corporation | Trim | $87.8M | $103.3M | -1% |
| H1467J104 Chubb LTD Switz | Add | $81.5M | $70.8M | +11% |
| ANET Arista Networks, Inc. | Add | $79.4M | $81.4M | +5% |
| MCO Moody's Corporation | Add | $76.1M | $86.9M | +3% |
| TMUS T-Mobile US, Inc. | Trim | $71.8M | $74.2M | -6% |
| G8994E103 Trane Technologies PLC | Trim | $71.8M | $68.5M | -2% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.