Employees Provident Fund Board Built a 48.7% Top Ten Around NVIDIA, Microsoft, and Meta
Employees Provident Fund Board ran a Q4 2025 13F with nearly half the top ten concentrated in NVIDIA, Microsoft, Meta, Google, and Broadcom.
Employees Provident Fund Board: $13.6B Tech Core Dominates Q4 2025
The Employees Provident Fund Board (EPF), Malaysia's largest pension fund, maintains a laser-focused technology portfolio with $13.6 billion in assets under management and a 48.6% concentration in its top 10 holdings. The fund's Q4 2025 positioning reveals a deliberate bet on semiconductor and cloud infrastructure leaders, with NVIDIA, Microsoft, and Meta commanding nearly 24% of the portfolio combined.
Portfolio Composition: Tech Dominance at 48.6% Top-Ten
EPF's 73-position portfolio is heavily weighted toward mega-cap technology stocks. The top 10 holdings represent $6.6 billion, anchored by:
- NVIDIA ($1.24B, 9.1%) — Semiconductor leadership; 6.67M shares
- Microsoft ($1.21B, 8.9%) — Cloud and AI infrastructure; 2.50M shares
- Meta ($808M, 5.9%) — AI and advertising platform; 1.22M shares
- Alphabet ($780M, 5.7%) — Search and cloud; 2.49M shares
- Broadcom ($529M, 3.9%) — Semiconductor infrastructure; 1.53M shares
The concentration pattern signals EPF's conviction in AI-driven infrastructure and cloud computing as structural growth drivers for the next decade. Unlike diversified global funds, EPF is willing to accept single-position risk above 9% for conviction bets.
Semiconductor Cluster: 22.8% of Portfolio
Beyond NVIDIA, EPF holds Broadcom ($529M), Micron ($520M), and Synopsys ($303M), creating a semiconductor ecosystem bet worth $3.1 billion. This 22.8% allocation reflects confidence in chip demand from AI training, data centers, and consumer electronics.
Enterprise Software & Cloud: $2.1B Allocation
ServiceNow ($372M), Datadog ($252M), and Palo Alto Networks ($282M) represent EPF's enterprise software thesis. These positions total $906 million and signal focus on cybersecurity and observability as mission-critical infrastructure.
Financial Services & Healthcare Diversification
JPMorgan Chase ($382M, 2.8%) and Eli Lilly ($341M, 2.5%) provide non-tech ballast. Lilly's position reflects conviction in GLP-1 drug demand and biotech innovation, while JPM offers financial system exposure.
Key Metrics & Risk Profile
| Metric | Value |
|---|---|
| Total AUM | $13.6 billion |
| Holdings Count | 73 positions |
| Top-1 Concentration | 9.1% (NVIDIA) |
| Top-5 Concentration | 33.6% |
| Top-10 Concentration | 48.6% |
| Tech Sector Weight | ~72% (estimated) |
| WhaleScore | 78.50 (High conviction) |
What This Means for Investors
EPF's portfolio is a masterclass in concentrated conviction. Rather than chasing diversification, the fund doubles down on secular trends: AI infrastructure (NVIDIA, MSFT, GOOGL), cloud computing (MSFT, GOOGL, AMZN), and enterprise software (NOW, DDOG, PANW). The 48.6% top-ten weight is aggressive for a $13.6B fund, but reflects confidence in mega-cap tech's durability.
For retail investors tracking institutional moves, EPF's positioning suggests that mega-cap semiconductor and cloud leaders remain the consensus "smart money" bet heading into 2026. The fund's willingness to hold 9%+ in NVIDIA signals no near-term rotation away from AI infrastructure plays.
Related Filers
Compare EPF's tech concentration with other mega-cap institutional holders: Berkshire Hathaway, Vanguard Group, and BlackRock.
Stock Deep Dives
Explore EPF's top holdings: NVIDIA, Microsoft, Meta, Alphabet, and Broadcom.
Insider Perspective
Track insider transactions at EPF's portfolio companies via 13F Insight Insider Profiles.
Related Research
Explore all researchVictory Capital kept mega-cap tech on top in Q4 2025, but the sharper signal was in the secondary moves: large increases in Netflix, Constellation Energy, TSMC and new positions like IQVIA. The next filing will show whether that diversification continues.
Apr 17, 2026
Janus Henderson kept Nvidia and Microsoft on top in Q4 2025, but the more interesting signal was underneath: new exposure to Intuitive Surgical, Protagonist Therapeutics and other growth-healthcare names. The next filing will show whether that rotation keeps building.
Apr 17, 2026
CalPERS used Q4 2025 to keep broad-market exposure high through VOO while still adding to Nvidia, Microsoft, Alphabet and Broadcom. The next filing will show whether the pension giant keeps that simple beta-heavy structure or rotates again.
Apr 17, 2026
American Century’s Q4 2025 filing kept Nvidia and Microsoft on top, but the more revealing changes were the big Netflix increase, fresh utility and industrial additions, and a continued AI-heavy core. The next filing will show whether those side bets keep scaling.
Apr 17, 2026
AllianceBernstein kept Nvidia, Microsoft and Amazon on top in Q4 2025, but new exposure to Intuitive Surgical and aggressive increases in Netflix and ServiceNow made the next filing more interesting than another mega-cap recap. Here is what to watch.
Apr 17, 2026