STATE FARM MUTUAL AUTOMOBILE INSURANCE CO

State Farm Mutual Automobile Insurance held $126.9B in just 197 positions, with a top of book that looks nothing like a tech-led index: Caterpillar (8.1%), Eli Lilly (7.8%) and Johnson & Johnson (6.1%) lead, followed by Apple, Illinois Tool Works, ExxonMobil, Walmart and Nucor. Turnover was minimal — zero positions increased and only 12 reduced — underscoring the insurer's classic buy-and-hold posture. The one meaningful move was a $3.5B trim of Eli Lilly, with smaller cuts to Disney and Wells Fargo, a single new position in Corteva, and the exit of Hagerty. Assets were essentially flat at $126.9B versus $127.3B.