NPS vs Global Pension Funds
Comparing Korea's NPS with CalPERS, CPPIB, ABP, and Norges Bank. All data from SEC 13F filings (period ending 2025-12-31).
Note: Japan's GPIF does not file 13F with the SEC and is not included.
🇰🇷NPS
$135.1B
561 holdings
National Pension Service
🇺🇸CalPERS
$174.9B
1,086 holdings
California Public Employees' Retirement System
🇨🇦CPPIB
$149.5B
1,971 holdings
Canada Pension Plan Investment Board
🇳🇱ABP
$12.8B
57 holdings
Stichting Pensioenfonds ABP (via APG)
🇳🇴Norges Bank
$934.8B
1,577 holdings
Norges Bank Investment Management
Portfolio Overlap
22
Held by all 5
495
Held by 4+
904
Held by 3+
1440
Held by 2+
Out of 2,391 total unique stocks across all 5 funds.
Consensus Holdings
Stocks appearing in the top 50 of 4 or more funds (23 holdings)
| # | Ticker | Name | Funds | 🇰🇷 NPS | 🇺🇸 CalPERS | 🇨🇦 CPPIB | 🇳🇱 ABP | 🇳🇴 Norges |
|---|---|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION | 4/5 | #1 | #2 | #1 | - | #1 |
| 2 | AAPL | APPLE INC | 4/5 | #2 | #4 | #2 | - | #2 |
| 3 | MSFT | MICROSOFT CORP | 4/5 | #3 | #3 | #3 | - | #3 |
| 4 | AMZN | AMAZON COM INC | 4/5 | #4 | #7 | #4 | - | #4 |
| 5 | GOOGL | ALPHABET INC | 4/5 | #5 | #5 | #6 | - | #5 |
| 6 | AVGO | BROADCOM INC | 4/5 | #8 | #6 | #5 | - | #6 |
| 7 | GOOG | ALPHABET INC | 4/5 | #6 | #8 | #8 | - | #8 |
| 8 | META | META PLATFORMS INC | 4/5 | #9 | #9 | #7 | - | #7 |
| 9 | TSLA | TESLA INC | 4/5 | #11 | #10 | #10 | - | #9 |
| 10 | JPM | JPMORGAN CHASE & CO. | 4/5 | #12 | #11 | #12 | - | #11 |
| 11 | LLY | ELI LILLY & CO | 4/5 | #13 | #13 | #17 | - | #10 |
| 12 | MA | MASTERCARD INCORPORATED | 4/5 | #19 | #18 | #11 | - | #15 |
| 13 | BRK/B | BERKSHIRE HATHAWAY INC DEL | 4/5 | #14 | #14 | #15 | - | #34 |
| 14 | XOM | EXXON MOBIL CORP | 4/5 | #16 | #22 | #32 | - | #13 |
| 15 | JNJ | JOHNSON & JOHNSON | 4/5 | #18 | #15 | #41 | - | #14 |
| 16 | WMT | WALMART INC | 4/5 | #17 | #20 | #40 | - | #16 |
| 17 | COST | COSTCO WHSL CORP NEW | 4/5 | #25 | #21 | #33 | - | #22 |
| 18 | BAC | BANK AMERICA CORP | 4/5 | #24 | #17 | #35 | - | #27 |
| 19 | PLTR | PALANTIR TECHNOLOGIES INC | 4/5 | #23 | #33 | #26 | - | #23 |
| 20 | ABBV | ABBVIE INC | 4/5 | #20 | #19 | #48 | - | #19 |
| 21 | NFLX | NETFLIX INC | 4/5 | #21 | #28 | #44 | - | #20 |
| 22 | AMD | ADVANCED MICRO DEVICES INC | 4/5 | #28 | #42 | #29 | - | #24 |
| 23 | GE | GE AEROSPACE | 4/5 | #30 | #41 | #28 | - | #31 |
NPS Unique Picks
In NPS top 50 but not in any other fund's top 50 (8 holdings)
PBUS#7
INVESCO EXCH TRADED FD TR II PURBTA MSCI US
$3.2B
IVV#10
ISHARES TR
$2.8B
TGRW#31
T ROWE PRICE ETF INC
$727.7M
INFO#39
HARBOR ETF TRUST
$602.1M
4I1#41
PHILIP MORRIS INTL INC
$575.4M
CAT#43
CATERPILLAR INC
$560.8M
LSVD#45
ADVISORS INNER CIRCLE FD
$540.5M
DWD#49
MORGAN STANLEY
$502.3M
Top 10 Holdings — Side by Side
| # | 🇰🇷 NPS | 🇺🇸 CalPERS | 🇨🇦 CPPIB | 🇳🇱 ABP | 🇳🇴 Norges Bank |
|---|---|---|---|---|---|
| 1 | NVDA6.9% $9.3B | VANGUARD11.3% $19.8B | NVDA5.6% $8.4B | PLD19.7% $2.5B | NVDA6.7% $62.2B |
| 2 | AAPL6.1% $8.2B | NVDA8.1% $14.2B | AAPL4.4% $6.6B | FQI10.4% $1.3B | AAPL5.6% $52.3B |
| 3 | MSFT5.2% $7.0B | MSFT5.8% $10.2B | MSFT4.1% $6.1B | EQIX7.2% $922.0M | MSFT5.4% $50.7B |
| 4 | AMZN3.4% $4.6B | AAPL5.7% $9.9B | AMZN2.8% $4.1B | VEN7.1% $909.9M | AMZN3.5% $32.9B |
| 5 | GOOGL2.9% $3.9B | GOOGL2.8% $4.8B | AVGO2.7% $4.0B | EQR5.6% $715.3M | GOOGL3.3% $30.5B |
| 6 | GOOG2.4% $3.3B | AVGO2.7% $4.7B | GOOGL2.3% $3.4B | PSA4.5% $572.9M | AVGO2.6% $24.3B |
| 7 | PBUS2.4% $3.2B | AMZN2.6% $4.6B | META1.8% $2.6B | BXP3.9% $499.5M | META2.4% $22.2B |
| 8 | AVGO2.3% $3.2B | GOOG2.2% $3.9B | GOOG1.6% $2.4B | O3.9% $498.8M | GOOG1.9% $18.1B |
| 9 | META2.3% $3.0B | META2.2% $3.8B | BG1.6% $2.3B | INVH3.6% $461.1M | TSLA1.8% $17.1B |
| 10 | IVV2.1% $2.8B | TSLA1.3% $2.4B | TSLA1.5% $2.3B | ISHARES 3.6% $454.1M | LLY1.4% $13.0B |
Data Source: SEC EDGAR 13F (period ending 2025-12-31). 13F filings only cover US-listed securities. ABP (Netherlands) files through APG with a REIT-focused portfolio. Japan's GPIF is not included.