National Pension Service

CIK 0001608046 · Q1 2026

13F Equity AUM

$131.7B

-2.5% QoQ

Positions

562

+3 QoQ

AUM Rank

#118

Top 0.9%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,120 · Top 26%

vs S&P -1.5%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 23.0%Top 10: 33.9%Top 20: 44.3%

NVDA6.8%

AAPL6.0%

MSFT4.2%

AMZN3.2%

GOOGL2.8%

PBUS2.4%

GOOG2.3%

AVGO2.2%

IVV2.0%

META2.0%

Others (552)66.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology31.4%

Financial Services16.9%

Communication Services10.1%

Consumer Cyclical9.2%

Healthcare9.0%

Industrials7.5%

Consumer Defensive4.5%

Energy3.9%

Other7.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 562Median: 0.05%Avg: 0.18%

0–0.5%

526(46.4%)

0.5–1%

22(14.4%)

1–3%

10(19.0%)

3–5%

2(7.4%)

5%+

2(12.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 560Unique: 2vs 20 funds

7.7%Low

562

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

10.6%

BANK OF AMERICA CORP /DE/

11.8%

JPMORGAN CHASE & CO

11.5%

BlackRock, Inc.

14%

STATE STREET CORP

16.3%

GEODE CAPITAL MANAGEMENT, LLC

16.1%

FMR LLC

19%

VANGUARD CAPITAL MANAGEMENT LLC

16.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

19.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New20Increased353Decreased171Exited19

New Positions

RPRX0.0%

+742K

AMCOR PLC0.0%

+499K

COO0.0%

+6K

FTAIN0.0%

+6K

COHR0.0%

+9K

SATS0.0%

+9K

MNDY0.0%

+3K

AFRM0.0%

+33K

SOLV0.0%

+37K

SNAP0.0%

+130K

Increased

PCG0.1%

+1.5M(+41%)

F0.1%

+1.3M(+16%)

NVDA6.8%

+1.2M(+2%)

7HP0.1%

+1.0M(+37%)

PFE0.3%

+910K(+7%)

AAPL6.0%

+824K(+3%)

WBD0.1%

+729K(+12%)

VICI0.1%

+665K(+26%)

CMCSA0.2%

+626K(+6%)

AMZN3.2%

+599K(+3%)

Decreased

TEVA0.1%

-1,206,902(-34%)

GEN0.0%

-862,140(-92%)

EQH0.0%

-533,897(-96%)

BAX0.0%

-502,453(-94%)

T0.4%

-485,938(-3%)

VST0.1%

-367,605(-47%)

NRA0.0%

-300,365(-50%)

GLPI0.0%

-286,869(-93%)

WDC0.3%

-253,697(-15%)

DVN0.0%

-246,074(-18%)

Exited

-1,140,767

-156,630

-696,040

-61,797

-27,648

-18,274

-16,851

-17,397

-1,183

-9,330

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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