National Mutual Insurance Federation of Agricultural Cooperatives

CIK 0001542927 · Q1 2026

13F Equity AUM

$13.0B

-4.8% QoQ

Positions

-1 QoQ

AUM Rank

#556

Top 5%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,377 · Top 41%

vs S&P -3.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 67.5%Top 10: 90.2%Top 20: 95.8%

IVV18.0%

VV15.1%

VOO13.5%

SPY13.1%

NDQ7.8%

VTI6.6%

SPYM5.6%

QQQM4.9%

LQD3.4%

IWB2.2%

Others (31)9.8%

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

Sector Allocation

Financial Services93.0%

Technology2.8%

Other4.2%

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

Position Sizing

Positions: 41Median: 0.28%Avg: 2.44%

0–0.5%

26(6.1%)

0.5–1%

4(2.6%)

1–3%

2(3.3%)

3–5%

2(8.3%)

5%+

7(79.7%)

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

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Portfolio Overlap

Shared: 41Unique: 0vs 20 funds

0.6%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

FMR LLC

1.4%

MORGAN STANLEY

0.8%

JPMORGAN CHASE & CO

0.8%

BANK OF AMERICA CORP /DE/

0.9%

BlackRock, Inc.

STATE STREET CORP

GEODE CAPITAL MANAGEMENT, LLC

0.9%

VANGUARD CAPITAL MANAGEMENT LLC

0.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased2Decreased1Exited1

Increased

QQQM4.9%

+57K(+2%)

AVGO0.2%

+54K(+120%)

Decreased

GOOGL0.8%

-20,500(-6%)

Exited

HON

-71,000

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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