The National Pension Service (NPS) revealed a $58.4B portfolio in its Q1 2026 13F filing. The fund increased exposure across NVDA ($8.9B, +2%), AAPL ($7.9B, +3%), and MSFT ($5.5B, +3%), deepening its concentration in big tech, while fully exiting MRSH (approximately $212M).
Top 5 Holdings — Q1 2026
- NVDA: $8.9B (6.8%)
- AAPL: $7.9B (6.0%)
- MSFT: $5.5B (4.2%)
- AMZN: $4.3B (3.2%)
- GOOGL: $3.7B (2.8%)
Q1 2026 Key Portfolio Moves
NPS's Q1 2026 portfolio reflects a clear high-conviction big tech concentration strategy. Top holding NVDA expanded to a 6.8% weighting ($8.9B), up 2 percentage points quarter-over-quarter, while AAPL ($7.9B) and MSFT ($5.5B) each grew by 3 percentage points. The top 10 holdings are heavily skewed toward AI, semiconductors, and platform names — including AMZN ($4.3B), GOOGL ($3.7B), AVGO ($2.9B), and META ($2.7B). The top three positions alone (NVDA, AAPL, MSFT) account for 17% of the total portfolio.
- NVDA: Increased +2% ($8.9B) — Solidified as the top holding, reinforcing NPS's core AI semiconductor conviction
- AAPL: Increased +3% ($7.9B) — Aggressively built up the global consumer platform flagship, retaining the #2 position
- MRSH: Full exit ($212M → $0) — Largest liquidation of the quarter, signaling clear risk management intent
- CYBR: Full exit ($70M → $0) — Complete removal of cybersecurity sector exposure, reinforcing sector concentration
- ROYALTY PHARMA PLC: New position ($36M) — Small-scale entry into the healthcare royalty model as a diversification move
On the buy side, new positions in Royalty Pharma PLC ($36M) and Amcor PLC ($20M) stand out as modest diversification moves into healthcare royalties and packaging materials. On the sell side, the full liquidation of MRSH ($212M) was the most significant action of the quarter, followed by a complete exit from CYBR ($70M). Notable trims include EQH (-96%), BAX (-94%), and GLPI (-93%), all reduced to near-zero levels — further evidence of an accelerating portfolio concentration trend.
Will the Big Tech Concentration Strategy Continue?
NPS maintained its high-conviction AI, semiconductor, and big tech concentration strategy through Q1 2026. With the top three holdings — NVDA, AAPL, and MSFT — now exceeding a combined 17% weighting, the fund has further sharpened its focus by decisively exiting non-core positions such as MRSH and CYBR. Looking ahead, earnings visibility for AI-driven beneficiaries and shifts in the global rate environment will be the key variables shaping the portfolio's next repositioning. It remains to be seen whether small-scale healthcare additions like Royalty Pharma will serve as the foundation for a longer-term sector diversification effort.
