---
title: "State Farm Mutual Q4 2025: The $127B Value Engine Driven by Eli Lilly and Caterpillar"
type: research
slug: state-farm-q4-2025-lily-caterpillar-conviction
canonical_url: https://13finsight.com/research/state-farm-q4-2025-lily-caterpillar-conviction
published_at: 2026-04-05T12:04:10.336Z
updated_at: 2026-04-05T12:04:14.834Z
author: Marcus Chen
author_title: Senior Market Analyst
author_url: https://13finsight.com/authors/marcus-chen
word_count: 331
locale: en
source: 13F Insight
---

# State Farm Mutual Q4 2025: The $127B Value Engine Driven by Eli Lilly and Caterpillar

> State Farm's highly concentrated Q4 portfolio reveals massive conviction in Eli Lilly (10.5%) and Caterpillar (7.8%), showcasing a unique defensive value strategy.

Institutional Conviction at Scale State Farm Mutual Automobile Insurance Co's Q4 2025 13F filing stands out for its remarkable concentration and unwavering commitment to a select group of blue-chip leaders. Managing a $127.32 billion portfolio with only 114 unique positions, State Farm operates with a level of conviction rarely seen among institutional giants, where portfolios typically span thousands of names. The Eli Lilly and Caterpillar Dominance The headline of the filing is the firm's massive overweight positioning in Eli Lilly (LLY) and Caterpillar (CAT). Combined, these two positions represent over 18% of the total US equity book. With a $13.4 billion stake in LLY and a $10.0 billion stake in CAT, State Farm is signaling profound confidence in the pharmaceutical giant's GLP-1 growth trajectory and the industrial leader's global infrastructure dominance. A Defensive Value Anchor While tech-heavy portfolios have dominated recent headlines, State Farm maintains a robust anchor in traditional value sectors. Top positions in Johnson & Johnson (JNJ), Illinois Tool Works (ITW), and Walmart (WMT) reinforce a defensive posture. Even its technology exposure is focused on established leaders like Apple (AAPL) and Microsoft (MSFT), which together account for roughly 9% of the portfolio. High Concentration, Low Churn The Q4 data reveals a firm that rarely changes its core thesis. With only 3 new entries and 4 total exits, State Farm is the epitome of the "buy-and-hold" institutional investor. The top 10 positions account for 48.9% of the total portfolio, a concentration level that would be considered high even for many active hedge funds. This suggests that for State Farm, the best trading move is often no move at all. Summary for Value Investors State Farm's portfolio serves as a masterclass in long-term capital allocation. By maintaining massive, multi-billion dollar stakes in secular winners like Eli Lilly while anchoring the book with defensive industrials and healthcare, the firm continues to build a resilient, multi-decade value engine. For a complete view of all 114 holdings, explore the State Farm Mutual 13F profile.

## FAQ

### What is State Farm Mutual's largest holding?

Eli Lilly (LLY) is State Farm's largest position, valued at $13.41 billion and representing 10.5% of its total US equity portfolio.

### How many positions does State Farm report in its 13F?

State Farm Mutual manages a $127.32 billion portfolio with only 114 unique positions, reflecting a highly concentrated value-driven approach.

### What are the top two sectors in State Farm's portfolio?

Based on its top holdings, State Farm is heavily focused on Healthcare (via Eli Lilly and JNJ) and Industrials (via Caterpillar and ITW).

---

Source: 13F Insight — https://13finsight.com/research/state-farm-q4-2025-lily-caterpillar-conviction
Author: Marcus Chen — https://13finsight.com/authors/marcus-chen
Last updated: 2026-04-05T12:04:14.834Z