Employees Provident Fund Board Built a 48.7% Top Ten Around NVIDIA, Microsoft, and Meta

Employees Provident Fund Board held a $13.6 trillion Q4 2025 filing with a top ten that reached 48.65% of assets. That is far more concentrated than a casual “pension-style” label would suggest. NVIDIA, Microsoft, Meta, GOOGL, and Broadcom dominate the top of the book, with Micron extending the semiconductor bet.

TL;DR

• 13F AUM: $13.6T.
• Largest position: NVDA at 9.14%.
• Top-5 concentration: 33.59%.
• Top-10 concentration: 48.65%.
• Main read: This pension-style account is much more concentrated in leadership tech than many investors would assume.
• See also: FMR and our pension and sovereign guide.

Filing Snapshot

This Is Not a Mildly Diversified Institutional Core

The headline lesson is simple: almost half the filing sits in the top ten. That is a real concentration statement. NVIDIA at 9.14% and Microsoft at 8.89% already tell you the account is letting a narrow leadership group drive a large share of returns.

What makes the filing even more interesting is the mix below that. Meta, GOOGL, Broadcom, and Micron extend the same growth and semiconductor posture rather than diluting it.

Why This Matters

Investors often assume pension-style filers will look sleepy, broad, and benchmarked. This filing is the counterexample. It still has institutional scale and breadth, but the top end is concentrated enough that the technology leadership cohort can materially shape the outcome of the whole book.

Questions Investors Search For

Is Employees Provident Fund Board unusually concentrated?

Yes. A 48.65% top ten is meaningfully concentrated for a filing of this type.

Why does NVIDIA at 9.14% stand out?

Because that is a conviction-level weight even before you count the other mega-cap technology positions around it.

What is the main takeaway?

This is a pension-style filing with much more technology concentration than the label suggests.