Inside National Pension Service's $135.07B 2025Q4 Portfolio: What the Latest Filing Says

National Pension Service reported $135.07B for 2025Q4, and the cleanest takeaway is that the filing mixes scale with a measured concentration profile. The filing is anchored by NVDA, AAPL, MSFT, with NVDA alone accounting for 6.92% of the book.

TL;DR

• Filing size: $135.07B across 500 reported positions.
• Top holding: NVDA is the largest line at 6.92% of the filing.
• Top-5 concentration: The top five positions add up to 24.48%.
• Quarter-over-quarter move: Reported 13F value changed +4.9% versus the prior quarter.
• Portfolio turnover: 24 new positions and 24 exits versus the previous quarter.
• Interpretation: The cleanest way to read this filing is the filing mixes scale with a measured concentration profile.
• Largest visible increase: MDB share count rose +4804%.
• Largest visible reduction: FTV share count fell -95%.

Filing Snapshot

Why This Filing Stands Out

National Pension Service is not just large. It is readable. The latest filing shows NVDA at 6.92%, top-five concentration at 24.48%, and top-ten concentration at 36.29%. That combination tells investors whether they are looking at a diversified allocator, an ETF wrapper, or a book where a handful of ideas drive most of the exposure.

For readers trying to separate noise from signal, the right question is not simply whether the fund is big. The better question is how much of that scale is concentrated in names such as NVDA, AAPL, MSFT, AMZN, GOOGL, and whether the quarter-over-quarter move reflects deliberate positioning or just market drift.

Top Holdings Driving The Narrative

The top of the filing is where the character of the portfolio becomes obvious. When a name like NVDA sits at 6.92%, it shapes the whole interpretation of the quarter. That is especially true when the next few names absorb most of the remaining risk budget rather than leaving the portfolio evenly spread across hundreds of smaller positions.

What Changed From The Prior Quarter

Compared with the previous filing, National Pension Service recorded 24 new positions and 24 exits. The overall 13F value moved from $128.75B to $135.02B, which translates to +4.9% quarter over quarter.

The biggest visible share-count increase was in MDB, which rose +4804%. The sharpest visible reduction was in FTV, where share count fell -95%. Those moves matter because they tell you whether the quarter was driven by a few aggressive reallocations or by smaller trims inside an otherwise stable core.

How Investors Should Read The Concentration

If you only look at raw AUM, filings like this can appear interchangeable. They are not. A top-five share of 24.48% means portfolio behavior will be driven by a relatively narrow set of exposures compared with a lower-concentration allocator. That distinction matters when investors try to infer conviction, benchmark sensitivity, or how much damage one wrong call can do to the overall book.

In practical terms, this is why investors should read holdings like NVDA, AAPL, MSFT, AMZN together rather than in isolation. The portfolio-level story is not just which names appear, but how heavily they dominate the filing.

AUM History

The AUM history chart is the best way to see whether the latest quarter is part of a smooth trend or a sharp break in pattern. Here, the latest filing sits at $135.07B after a prior-quarter base of $128.75B. That gives investors a better sense of whether the manager is compounding steadily, resetting quickly, or reacting to one unusual reporting period.

FAQ

What did National Pension Service buy in 2025Q4?

The filing was led by NVDA and a top group that together accounted for 24.48% of reported value.

How concentrated is National Pension Service's 13F portfolio?

The largest position was NVDA at 6.92%, while the top five positions added up to 24.48%.

Did the portfolio expand or contract quarter over quarter?

The filing moved from $128.75B to $135.02B and recorded 24 new positions against 24 exits.

What should investors focus on first in this filing?

Start with the top holding, the top-five concentration, and the quarter-over-quarter AUM move. Those three numbers usually tell you more than the raw holdings count.