FACTORY MUTUAL INSURANCE CO

CIK 0000887818 · Q2 2026

13F Equity AUM

$10.6B

+19.7% QoQ

Positions

205

+9 QoQ

AUM Rank

#488

Top 6%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,460 · Top 30%

vs S&P +0.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 22.5%Top 10: 36.4%Top 20: 50.9%

NVDA5.3%

GOOG5.0%

AAPL4.7%

DFCF4.0%

JCPB3.5%

MSFT3.2%

AMZN3.1%

AGG2.7%

AVGO2.6%

XLE2.2%

Others (195)63.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services34.5%

Technology30.1%

Communication Services7.3%

Healthcare7.0%

Consumer Cyclical6.8%

Industrials5.3%

Consumer Defensive3.7%

Other5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 205Median: 0.23%Avg: 0.49%

0–0.5%

155(27.5%)

0.5–1%

26(17.4%)

1–3%

17(26.3%)

3–5%

6(23.5%)

5%+

1(5.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 205vs 20 funds

0%Low

205

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New15Increased31Decreased105Exited6

New Positions

VOO0.9%

+145K

RSP0.9%

+448K

IXUS0.5%

+524K

XLB0.5%

+943K

FXI0.4%

+1.3M

UL0.2%

+375K

SNDK0.2%

+10K

ADI0.1%

+37K

HONEYWELL INTL INC0.1%

+41K

HONEYWELL AEROSPACE …0.1%

+41K

Increased

DFCF4.0%

+5.6M(+122%)

JCPB3.5%

+2.1M(+37%)

XLE2.2%

+1.8M(+66%)

AGG2.7%

+1.1M(+61%)

KLAC1.7%

+530K(+828%)

SYY0.4%

+334K(+147%)

CRBG0.3%

+215K(+23%)

SLB0.3%

+133K(+20%)

BKNG0.2%

+119K(+2400%)

MRVL0.6%

+70K(+56%)

Decreased

DFAE0.3%

-2,162,200(-70%)

XOM0.6%

-192,600(-28%)

CRC0.2%

-162,584(-21%)

CHV0.4%

-124,950(-34%)

XLI0.6%

-110,843(-25%)

NXPI0.1%

-84,450(-75%)

MUFG0.1%

-78,866(-20%)

ACN0.1%

-74,250(-37%)

NVDA5.3%

-69,450(-2%)

CTVA0.3%

-67,150(-18%)

Exited

-1,117,555

-350,000

-82,400

-7,992

-34,468

-1,300

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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