PSP Investments Q1: $32.12B Public Equity Book

TL;DR: PSP Investments' 2026Q1 13F shows a $32.12B U.S. public equity book where NVDA, MSFT, and AAPL form the visible core, but the top ten still leave most of the portfolio in a diversified tail.

PUBLIC SECTOR PENSION INVESTMENT BOARD, better known as PSP Investments, reported $32.12B in 13F value for 2026Q1, with 1325 holdings and a WhaleScore of 65.00. The SEC anchor is its Form 13F-HR for reportDate 2026-03-31, filed 2026-05-13 under accession 0001396318-26-000022.

The strongest read is not simply that PSP owns mega-cap technology. It is that a Canadian public-sector pension investor with a broad total-fund mandate is letting its listed-equity sleeve express a clear public-market growth core: NVDA at $1.61B, MSFT at $1.55B, and AAPL at $1.17B.

Why the $32.12B book matters

PSP Investments is a long-horizon Canadian pension manager, with public equities sitting alongside private equity, infrastructure, real estate, natural resources, credit, and other capital-markets activity. Its own public materials emphasize a total-fund approach, global diversification, active management, and the ability to work across asset classes. The 13F filing captures only the U.S.-listed public equity sleeve, not the full pension platform.

That caveat is important. The 13F is not the whole PSP portfolio, but it is the transparent part that retail investors can inspect every quarter. In this filing, the public book is large enough to matter on its own and concentrated enough at the top to reveal the themes PSP is willing to show in listed markets.

Top holdings: AI platforms lead the visible sleeve

The top holdings table starts with NVDA at $1.61B and 5.79%, followed by MSFT at $1.55B and 5.58%. AAPL follows at $1.17B and 4.21%, while GOOGL and AMZN round out the top five at $881.7M and $847.5M.

The pattern is straightforward but still useful: PSP's U.S. public equity disclosure is anchored by AI infrastructure, enterprise software, consumer hardware, cloud, digital advertising, and e-commerce. AVGO at $683.5M extends the semiconductor exposure beyond NVDA, while TSAT at $659.2M prevents the top group from being a plain mega-cap index clone.

Concentration: meaningful tilt, not a one-stock bet

The top-ten concentration view shows why this filing reads as a tilt rather than an all-in bet. NVDA is the largest position at 5.79%, MSFT is close behind at 5.58%, and the diversified tail still accounts for 68.15% of the public equity book.

That balance matters for interpreting PSP's strategy. A casual scan might stop at NVDA, but the pie chart says the portfolio is still built as a broad institutional sleeve. The top holdings carry the narrative, while the remaining positions keep the 13F from becoming a single-theme portfolio.

Financial exposure rounds out the technology core

CM is the eighth-largest reported holding at $591.7M and 2.12%, while JPM appears in the top ten at $428.8M and 1.54%. That financial exposure changes the read from pure technology chase to a more institutional public-equity sleeve.

The better interpretation is a barbell inside the listed sleeve: technology and AI-platform exposure at the top, financial exposure beneath it, and a long tail that keeps the portfolio diversified. For readers using 13F Insight to track institutional signals, this is the difference between noticing a large NVDA stake and understanding the portfolio construction around it.

AUM history: the public book keeps expanding

The 13F history shows a public equity book that moved from $15.99B in 2024Q2 to $32.12B in 2026Q1. The latest quarter added another +7.8% after $29.78B in 2025Q4, while holdings count moved from 1345 to 1325.

The expansion is the part of the story that a static top-holdings summary misses. PSP's listed book has grown across the displayed period, and the latest quarter kept that trend intact even as the position count narrowed. That makes the 2026Q1 filing a useful window into how a pension-scale investor is translating a total-fund strategy into public-market exposure.

What investors should watch next

The next useful checkpoint is whether NVDA and MSFT remain the leading pair, whether AAPL stays above the rest of the top five, and whether the diversified tail continues to absorb most of the book. A top-heavy shift would make the AI-platform thesis more aggressive; a broader tail would suggest PSP is using public equities as a diversified liquidity sleeve.

For now, the filing shows a pension manager whose public equity disclosure is large, growing, and visibly tilted toward the same AI infrastructure and platform companies shaping other institutional portfolios. Compare the primary filer page for PSP Investments' latest filings with stock-level pages such as Alphabet holders and Amazon institutional ownership to see how this position set compares across the market.

FAQ

What does PSP Investments hold in Q1 2026?

PSP Investments' 2026Q1 13F lists 1325 holdings and $32.12B in reported value. The largest positions are NVDA at $1.61B, MSFT at $1.55B, and AAPL at $1.17B.

How concentrated is PSP Investments' 2026Q1 13F portfolio?

The top position, NVDA, is 5.79% of the public equity book. The top ten are meaningful, but the diversified tail still represents 68.15% of the portfolio.

Why is PSP Investments' 13F different from its total pension portfolio?

The 13F captures U.S.-listed public equities, not the full PSP platform. PSP also invests across private equity, infrastructure, real estate, natural resources, credit, and other capital-markets activity.

Which stocks led PSP Investments' Q1 2026 public equity book?

NVDA, MSFT, and AAPL led the 2026Q1 filing. GOOGL, AMZN, AVGO, TSAT, CM, META, and JPM completed the top ten positions in the article's source brief.