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Livermore
Livermore
ZHEN

National Pension Service

SEC CIK
0001608046
Latest filing
Aug 13, 2026

The latest 13F from National Pension Service covers Q2 2026 (filed Aug 13, 2026): 552 long positions worth $155.1B. The top 10 holdings make up 33.5% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 6.6%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
17
Est. +$1.29B
Added
371
Est. +$3.52B
Reduced
154
Est. −$1.58B
Sold out
27
Est. −$381.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    6.6%$10.2BHistory
  2. AAPLApple Inc.
    5.9%$9.12BHistory
  3. MSFTMicrosoft Corp
    3.7%$5.68BHistory
  4. AMZNAmazon Com Inc
    3.2%$5.00BHistory
  5. GOOGLAlphabet Inc.
    3.0%$4.68BHistory

Share of portfolio

Top 5 holdings and the other 547 positions, by share of portfolio value

  1. NVDA6.6%
  2. AAPL5.9%
  3. MSFT3.7%
  4. AMZN3.2%
  5. GOOGL3.0%
  6. Other 547 positions77.7%

Biggest buys

New and added positions, by estimated amount bought

  1. SPCXSpace Exploration Technologies Corp
    +$598.0MNewHistory
  2. MRSHMarsh & McLennan Companies, Inc.
    +$188.1MNewHistory
  3. HONHoneywell International Inc
    +$168.1MNewHistory
  4. HONAHoneywell Aerospace Inc.
    +$165.9MNewHistory
  5. AAPLApple Inc.
    +$144.2MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MUMicron Technology Inc
    +1.41 pp0.7% → 2.1%History
  2. AMDAdvanced Micro Devices Inc
    +0.80 pp0.5% → 1.3%History
  3. AMATApplied Materials Inc
    +0.41 pp0.5% → 0.9%History
  4. SPCXSpace Exploration Technologies Corp
    +0.39 pp0.0% → 0.4%History
  5. STXSeagate Technology Holdings plc
    +0.27 pp0.2% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$329.8MSold outHistory
  2. NVDANVIDIA Corp
    −$88.0MReducedHistory
  3. PANWPalo Alto Networks Inc
    −$66.6MReducedHistory
  4. PEverpure, Inc.
    −$43.6MReducedHistory
  5. VMRKVivmark Residential
    −$41.2MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. HONHoneywell International Inc
    −0.25 pp0.3% → 0.0%History
  2. NVDANVIDIA Corp
    −0.23 pp6.8% → 6.6%History
  3. CRMSalesforce, Inc.
    −0.10 pp0.3% → 0.2%History
  4. UBERUber Technologies, Inc
    −0.04 pp0.2% → 0.2%History
  5. ROSTRoss Stores, Inc.
    −0.04 pp0.2% → 0.2%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$155.1B
+$23.4B (+17.8%) vs. prior quarter
Positions
552
−10 vs. prior quarter
Top 10 concentration
33.5%
Top 10 as share of value
Turnover
1.4%
Q2 2026, one quarter
Average holding period
20.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $155.1B (Q2 2026)

Q1 2021: $47.8BQ2 2021: $52.6BQ3 2021: $52.5BQ4 2021: $57.3BQ1 2022: $54.8BQ2 2022: $48.5BQ3 2022: $47.9BQ4 2022: $50.8BQ1 2023: $54.9BQ2 2023: $62.0BQ3 2023: $62.5BQ4 2023: $71.8BQ1 2024: $83.3BQ2 2024: $87.0BQ3 2024: $103.7BQ4 2024: $105.7BQ1 2025: $104.0BQ2 2025: $115.8BQ3 2025: $128.8BQ4 2025: $135.0BQ1 2026: $131.7BQ2 2026: $155.1B
Q1 2021Q2 2026
13F filings of National Pension Service by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026552$155.1BNVDAAAPLMSFTvs. Q1 2026SEC
Q1 2026May 12, 2026562$131.7BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Feb 10, 2026561$135.0BNVDAAAPLMSFTvs. Q3 2025SEC
Q3 2025Nov 4, 2025552$128.8BNVDAAAPLMSFTvs. Q2 2025SEC
Q2 2025Aug 8, 2025534$115.8BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025May 13, 2025540$104.0BAAPLNVDAMSFTvs. Q4 2024SEC
Q4 2024Feb 5, 2025550$105.7BAAPLNVDAMSFTvs. Q3 2024SEC
Q3 2024Oct 30, 2024511$103.7BAAPLNVDAMSFTvs. Q2 2024SEC
Q2 2024Aug 13, 2024546$87.0BAAPLMSFTNVDAvs. Q1 2024SEC
Q1 2024May 14, 2024539$83.3BMSFTAAPLInvesco Exch Traded FD Tr IIvs. Q4 2023SEC
Q4 2023Feb 7, 2024513$71.8BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q3 2023SEC
Q3 2023Nov 15, 2023514$62.5BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q2 2023SEC
Q2 2023Aug 16, 2023506$62.0BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q1 2023SEC
Q1 2023May 12, 2023514$54.9BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q4 2022SEC
Q4 2022Feb 24, 2023Amended526$50.8BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q3 2022SEC
Q3 2022Feb 24, 2023Amended532$47.9BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q2 2022SEC
Q2 2022Aug 17, 2022529$48.5BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q1 2022SEC
Q1 2022May 13, 2022529$54.8BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q4 2021SEC
Q4 2021Feb 15, 2022524$57.3BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q3 2021SEC
Q3 2021Nov 18, 2021504$52.5BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q2 2021SEC
Q2 2021Aug 17, 2021504$52.6BAAPLMSFTInvesco Exch Traded FD Tr IIvs. Q1 2021SEC
Q1 2021May 14, 2021505$47.8BAAPLMSFTInvesco Exch Traded FD Tr II–SEC