1y return+17.7%S&P 500 +20.9%
3y return+60.6%S&P 500 +68.5%
5y return+57.0%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2017: $258 against $280 in the S&P 500.2
Varma Mutual Pension Insurance CoS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| KLMNInvesco Exch Traded Fd Tr II | $2.5B | 13.4% | +46.7% |
| KLMTInvesco Exch Traded Fd Tr II | $1.6B | 8.2% | |
| IGVIshares Tr | $1.4B | 7.3% | −25.1% |
| EMCSDbx Etf Tr | $967.3M | 5.1% | |
| NVDANvidia Corporation | $784.5M | 4.2% | |
| AAPLApple Inc | $719.0M | 3.8% | −1.3% |
| RSPInvesco Exchange Traded Fd T | $568.9M | 3.0% | New |
| GOOGLAlphabet Inc | $561.3M | 3.0% | −2.0% |
| MSFTMicrosoft Corp | $425.6M | 2.3% | −2.3% |
| AMZNAmazon Com Inc | $410.4M | 2.2% | +3.9% |
| LCTUBlackrock Etf Trust | $385.9M | 2.0% | |
| Invesco Qqq TrCUSIP 00461E107 | $279.8M | 1.5% | New |
| AVGOBroadcom Inc | $242.5M | 1.3% | +3.2% |
| METAMeta Platforms Inc | $210.7M | 1.1% | −1.8% |
| TSMTaiwan Semiconductor Manufac | $178.0M | 0.9% | +2.2% |
| TSLATesla Inc | $174.0M | 0.9% | |
| MUMicron Technology Inc | $159.4M | 0.8% | −18.8% |
| JPMJpmorgan Chase & Co | $151.0M | 0.8% | +2.4% |
| LLYEli Lilly & Co | $139.0M | 0.7% | −1.7% |
| AMDAdvanced Micro Devices Inc | $134.0M | 0.7% | −5.0% |
| VVisa Inc | $103.0M | 0.5% | +3.1% |
| JNJJohnson & Johnson | $98.2M | 0.5% | +1.4% |
| AMATApplied Matls Inc | $97.2M | 0.5% | −14.1% |
| Exxon Mobil CorpCUSIP 30231G102 | $91.2M | 0.5% | |
| INTCIntel Corp | $91.1M | 0.5% | −5.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $784.5M |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $242.5M |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $139.0M |
| LRCXLam Research Corp | December 31, 2024 | +499.9% | $87.1M |
| TSMTaiwan Semiconductor Manufac | March 31, 2023 | +413.4% | $178.0M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $561.3M |
| CATCaterpillar Inc | December 31, 2022 | +344.5% | $78.9M |
| AMATApplied Matls Inc | March 31, 2024 | +250.6% | $97.2M |
| JPMJpmorgan Chase & Co | June 30, 2020 | +248.0% | $151.0M |
| AMDAdvanced Micro Devices Inc | March 31, 2024 | +221.9% | $134.0M |
Sold off last quarter
- KWEBKraneshares Trust was $252.6M
- QQQInvesco Qqq Tr was $230.9M
- VCITVanguard Scottsdale Fds was $223.4M
- VCLTVanguard Scottsdale Fds was $119.6M
- EWZIshares Inc was $69.1M
- ASHRDbx Etf Tr was $55.5M
- OXYOccidental Pete Corp was $18.5M
- PWRQuanta Svcs Inc was $17.5M
- TRVTravelers Companies Inc was $15.6M
- CTRACoterra Energy Inc was $14.4M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.5% | +14.8% |
| March 31, 2026 | −4.1% | −4.6% |
| December 31, 2025 | +2.3% | +2.4% |
| September 30, 2025 | +7.6% | +7.8% |
| June 30, 2025 | +10.6% | +10.5% |
| March 31, 2025 | −3.5% | −4.6% |
| December 31, 2024 | +1.3% | +2.1% |
| September 30, 2024 | +5.1% | +5.4% |
| June 30, 2024 | +2.9% | +4.0% |
| March 31, 2024 | +8.3% | +10.0% |
| December 31, 2023 | +12.5% | +11.2% |
| September 30, 2023 | −4.2% | −3.6% |
| June 30, 2023 | +7.4% | +8.3% |
| March 31, 2023 | +10.4% | +7.0% |
| December 31, 2022 | +3.7% | +7.1% |
| September 30, 2022 | −5.4% | −5.3% |
| June 30, 2022 | −15.0% | −16.5% |
| March 31, 2022 | −6.3% | −4.9% |
| December 31, 2021 | +6.3% | +10.7% |
| September 30, 2021 | −0.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Varma Mutual Pension Insurance Co Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1698484&type=13F-HR&dateb=&owner=include&count=40CIK 1698484
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1698484/000114036126032435/Filed August 12, 2026 · accession 0001140361-26-032435