National Mutual Insurance Federation of Agricultural Cooperatives

CIK 0001542927 · Q2 2026

13F Equity AUM

$15.3B

+17.7% QoQ

Positions

-2 QoQ

AUM Rank

#400

Top 5%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,891 · Top 47%

vs S&P -1.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 66.7%Top 10: 90.2%Top 20: 96.4%

IVV17.6%

VV14.7%

VOO13.1%

SPY12.8%

NDQ8.5%

QQQM6.6%

VTI6.5%

SPYM5.5%

LQD2.9%

IWB2.1%

Others (29)9.8%

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

Sector Allocation

Financial Services92.6%

Technology3.6%

Other3.8%

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

Position Sizing

Positions: 39Median: 0.34%Avg: 2.56%

0–0.5%

23(5.3%)

0.5–1%

5(3.4%)

1–3%

3(6.1%)

3–5%

0(0.0%)

5%+

8(85.2%)

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

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Portfolio Overlap

Shared: 0Unique: 39vs 20 funds

0%Low

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

New2Increased5Decreased2Exited4

New Positions

EQIX0.2%

+27K

AMD0.1%

+19K

Increased

QQQM6.6%

+631K(+23%)

XOM0.3%

+123K(+74%)

AVGO0.4%

+57K(+58%)

AAPL0.7%

+45K(+14%)

MSFT0.5%

+42K(+24%)

Decreased

GOOGL0.7%

-35,000(-10%)

MU0.8%

-32,000(-24%)

Exited

-52,800

-99,000

-193,000

-42,900

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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