NPS Q1 2026 US Portfolio Full Breakdown — NVIDIA 6.8% Top Hold, $38B in Big Tech

562 positions, $131.6 billion total — a full breakdown of NPS's US equity portfolio as of Q1 2026.

South Korea's National Pension Service (NPS) holds $131.6 billion across 562 US stocks as of Q1 2026, according to its latest SEC 13F filing. NVIDIA (NVDA) tops the portfolio at 6.79% weight, while the combined Big Tech eight — NVDA, AAPL, MSFT, AMZN, GOOGL, GOOG, META, and TSLA — account for 29% of total assets.

NVIDIA at 6.8% — $8.94 Billion Top Position

NPS holds 51.27 million shares of NVIDIA valued at $8.94 billion, making it by far the largest single position. Apple (AAPL) ranks second at $7.87 billion (5.98%). The gap between NVIDIA and Apple underscores how decisively NPS has bet on the AI semiconductor theme as its core conviction trade.

• NVDA NVIDIA — $8.94B (6.79%)
• AAPL Apple — $7.87B (5.98%)
• MSFT Microsoft — $5.52B (4.19%)
• AMZN Amazon — $4.26B (3.23%)
• GOOGL+GOOG Alphabet — $6.72B (5.10% combined)
• AVGO Broadcom — $2.90B (2.21%)
• META Meta Platforms — $2.69B (2.04%)
• TSLA Tesla — $2.19B (1.66%)

29% Concentrated in Big Tech Eight

The eight mega-cap tech names together total approximately $38.2 billion, or 29% of the portfolio. Alphabet deserves special attention: by holding both Class A (GOOGL) and Class C (GOOG) shares, NPS has built a combined $6.72 billion Alphabet position — effectively third-largest when treated as a single issuer, ahead of Amazon.

NPS's top eight Big Tech positions account for roughly 29% of its US equity portfolio. The fund combines broad diversification across 562 names with concentrated bets on core AI platform companies.

InteliView Analysis

Full AI Semiconductor Value Chain — From Chips to Equipment

NPS's AI exposure extends well beyond NVIDIA. Broadcom (AVGO) at $2.90B, Palantir (PLTR) at $758M, AMD at $723M, Lam Research (LRCX) at $719M, Applied Materials (AMAT) at $667M, and KLA Corp (KLAC) at $536M together show the fund has built positions across chip design, fab equipment, and AI software. Combined, AI-related semiconductor and data infrastructure holdings reach approximately $14.5 billion.

• AVGO Broadcom — $2.90B (AI networking & custom ASICs)
• PLTR Palantir — $758M (AI data analytics platform)
• AMD — $723M (CPU/GPU second player)
• LRCX Lam Research — $719M (etch equipment)
• AMAT Applied Materials — $667M (deposition & CMP)
• KLAC KLA Corp — $536M (process control equipment)
• ORCL Oracle — $555M (cloud AI infrastructure)
• IBM — $554M (enterprise AI & quantum)

Passive ETF Sleeve — $3B+ in Index Products

Alongside individual stocks, NPS maintains a passive ETF sleeve. Invesco's PBUS ETF accounts for $3.09B (2.35%) and iShares' IVV S&P 500 ETF for $2.69B (2.04%), ranking 5th and 9th respectively. Additional ETF/fund positions including T. Rowe Price ETF (TGRW), Harbor ETF (INFO), and Advisors Inner Circle (LSVD) bring the total passive sleeve to approximately 7% of portfolio assets.

Balanced Diversification: Financials, Healthcare, Consumer Staples

Beyond tech, NPS maintains well-distributed exposure across defensive sectors. Financials include JPMorgan Chase ($1.62B), Bank of America ($755M), Wells Fargo ($583M), and Goldman Sachs ($571M). Healthcare features Eli Lilly ($1.53B), Johnson & Johnson ($1.26B), AbbVie ($859M), and Merck ($693M). Consumer staples are anchored by Walmart ($1.24B), Costco ($930M), P&G ($790M), and Coca-Cola ($706M) — all serving as ballast against the concentrated tech bets.

NPS's Q1 2026 US portfolio reflects a dual strategy: aggressive AI growth exposure and broad defensive diversification. NVIDIA's 6.8% single-stock weight is unusually high for a sovereign pension fund — comparable to Buffett's Apple concentration at Berkshire — and positions NPS among the most bullish institutional investors on AI semiconductors globally.