Skip to main content
Livermore
Livermore
ZHEN

Varma Mutual Pension Insurance Co

SEC CIK
0001698484
Latest filing
Aug 12, 2026

The latest 13F from Varma Mutual Pension Insurance Co covers Q2 2026 (filed Aug 12, 2026): 313 long positions worth $18.9B. The top 10 holdings make up 52.4% of the portfolio, and the largest is Invesco Exch Traded FD Tr II at 13.4%. Livermore has 23 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
39
Est. +$1.40B
Added
122
Est. +$1.07B
Reduced
129
Est. −$1.54B
Sold out
45
Est. −$1.31B

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exch Traded FD Tr II46138G417
    13.4%$2.53B
  2. Invesco Exch Traded FD Tr II46138G433
    8.2%$1.55B
  3. iShares Tr464287515
    7.3%$1.38B
  4. DBX ETF Tr233051226
    5.1%$967.3M
  5. NVDANVIDIA Corp
    4.2%$784.5MHistory

Share of portfolio

Top 5 holdings and the other 308 positions, by share of portfolio value

  1. Invesco Exch Traded FD Tr II13.4%
  2. Invesco Exch Traded FD Tr II8.2%
  3. iShares Tr7.3%
  4. DBX ETF Tr5.1%
  5. NVDA4.2%
  6. Other 308 positions61.8%

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Exch Traded FD Tr II46138G417
    +$804.3MAdded
  2. Invesco Exchange Traded FD T46137V357
    +$568.9MNew
  3. Invesco QQQ Tr00461E107
    +$279.8MNew
  4. iShares MSCI India ETF46429B598
    +$59.1MAdded
  5. PMPhilip Morris International Inc.
    +$43.9MNewHistory

Largest weight increases

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

  1. Invesco Exch Traded FD Tr II46138G417
    +4.61 pp8.8% → 13.4%
  2. Invesco Exchange Traded FD T46137V357
    +3.01 pp0.0% → 3.0%
  3. Invesco QQQ Tr00461E107
    +1.48 pp0.0% → 1.5%
  4. iShares MSCI India ETF46429B598
    +0.31 pp0.2% → 0.5%
  5. PMPhilip Morris International Inc.
    +0.23 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street Energy Select Sector SPDR ETF81369Y506
    −$683.6MReduced
  2. iShares Tr464287515
    −$463.0MReduced
  3. Kraneshares Trust500767306
    −$252.6MSold out
  4. Invesco QQQ Trust Series I46090E103
    −$230.9MSold out
  5. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    −$223.4MSold out

Largest weight decreases

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

  1. State Street Energy Select Sector SPDR ETF81369Y506
    −4.72 pp5.1% → 0.3%
  2. iShares Tr464287515
    −2.23 pp9.6% → 7.3%
  3. Kraneshares Trust500767306
    −1.48 pp1.5% → 0.0%
  4. Invesco QQQ Trust Series I46090E103
    −1.35 pp1.4% → 0.0%
  5. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    −1.31 pp1.3% → 0.0%

Metrics

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

Portfolio value
$18.9B
+$1.82B (+10.6%) vs. prior quarter
Positions
313
−6 vs. prior quarter
Top 10 concentration
52.4%
Top 10 as share of value
Turnover
13.8%
Q2 2026, one quarter
Average holding period
10.9 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 $18.9B (Q2 2026)

Q1 2021: $6.91BQ2 2021: $6.76BQ3 2021: $6.55BQ4 2021: $6.88BQ1 2022: $8.65BQ2 2022: $6.23BQ3 2022: $5.87BQ4 2022: $7.10BQ1 2023: $8.20BQ2 2023: $8.36BQ3 2023: $8.27BQ4 2023: $8.91BQ1 2024: $11.5BQ2 2024: $12.4BQ3 2024: $12.6BQ4 2024: $13.2BQ1 2025: $11.6BQ2 2025: $13.6BQ3 2025: $15.6BQ4 2025: $16.5BQ1 2026: $17.1BQ2 2026: $18.9B
Q1 2021Q2 2026
13F filings of Varma Mutual Pension Insurance Co by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 2026313$18.9BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIiShares Trvs. Q1 2026SEC
Q1 2026Aug 13, 2026Amended319$17.1BiShares TrInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIvs. Q4 2025SEC
Q4 2025Feb 2, 2026308$16.5BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIVanguard S&P 500 ETFvs. Q3 2025SEC
Q3 2025Nov 6, 2025312$15.6BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIDBX ETF Trvs. Q2 2025SEC
Q2 2025Aug 7, 2025309$13.6BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIDBX ETF Trvs. Q1 2025SEC
Q1 2025May 13, 2025318$11.6BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIAAPLvs. Q4 2024SEC
Q4 2024Feb 7, 2025320$13.2BInvesco Exch Traded FD Tr IIInvesco Exch Traded FD Tr IIAAPLvs. Q3 2024SEC
Q3 2024Nov 12, 2024316$12.6BInvesco Exch Traded FD Tr IIiShares TrNVDAvs. Q2 2024SEC
Q2 2024Aug 6, 2024344$12.4BInvesco Exch Traded FD Tr IINVDAiShares Trvs. Q1 2024SEC
Q1 2024May 13, 2024354$11.5BMSFTDBX ETF TrAAPLvs. Q4 2023SEC
Q4 2023Feb 13, 2024278$8.91BiShares TrDBX ETF TrVanguard Financials ETFvs. Q3 2023SEC
Q3 2023Nov 9, 2023207$8.27BiShares TrVanguard Financials ETFDBX ETF Trvs. Q2 2023SEC
Q2 2023Aug 11, 2023214$8.36BiShares Russell 2000 ETFDBX ETF TrInvesco Exchange Traded FD Tvs. Q1 2023SEC
Q1 2023May 11, 2023214$8.20BVanguard Information Technology ETFDBX ETF TrState Street Financial Select Sector SPDR ETFvs. Q4 2022SEC
Q4 2022Feb 13, 2023230$7.10BiShares Core MSCI Emerging Markets ETFDBX ETF TrVanguard Information Technology ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022205$5.87BDBX ETF TrMSFTAAPLvs. Q2 2022SEC
Q2 2022Aug 12, 2022188$6.23BVanguard Information Technology ETFDBX ETF TrVanguard S&P 500 ETFvs. Q1 2022SEC
Q1 2022May 16, 2022205$8.65BVanguard S&P 500 ETFDBX ETF TrSPDR Series Trustvs. Q4 2021SEC
Q4 2021Feb 11, 2022217$6.88BiShares Core S&P 500 ETFVanguard S&P 500 ETFVanguard Information Technology ETFvs. Q3 2021SEC
Q3 2021Nov 12, 2021224$6.55BInvesco Exch Traded FD Tr IIDBX ETF TrState Street SPDR S&P Regional Banking ETFvs. Q2 2021SEC
Q2 2021Aug 11, 2021228$6.76BInvesco QQQ Trust Series IVanguard Information Technology ETFiShares Incvs. Q1 2021SEC
Q1 2021May 11, 2021234$6.91BVanguard S&P 500 ETFiShares Russell 2000 ETFInvesco Exch Traded FD Tr II–SEC