National Pension Service

South Korea's National Pension Service, one of the world's largest sovereign pension investors, held $131.7B in U.S. equities at quarter-end across a focused 562-name book. The portfolio mirrors the cap-weighted megacap core — NVIDIA (6.8%), Apple (6.0%), Microsoft (4.2%), Amazon and Alphabet — but the Q1 activity shows the fund taking chips off the table in the leaders: Microsoft (-$1.5B), NVIDIA (-$0.4B) and Tesla (-$0.4B) were its largest dollar reductions. Against that, NPS leaned into energy and defense, adding to ExxonMobil (+$489M) and opening new positions in RTX, KLA and Verizon. Total U.S. holdings slipped modestly from $135.1B to $131.7B.