2.6 Trillion Won from Google Alone in Just Three Months
Nvidia, Apple, and Google Lead Overall Portfolio Weights
Selective Expansion into Consumer Stocks such as Estee Lauder
On February 11, it was revealed that the National Pension Service recorded valuation gains of 43 trillion won in the U.S. stock market in 2025. The fund continued to invest in big tech companies even as doubts about technology stocks grew alongside the debate over an artificial intelligence (AI) bubble.
According to the 13F report (a disclosure of stock holdings by institutional investors) that the National Pension Service submitted to the U.S. Securities and Exchange Commission (SEC) on the 10th (local time), the fund was invested in 561 listed U.S. stocks as of December 31, 2025.
The total market value of its U.S. stock holdings was 135.07 billion dollars (approximately 196.4 trillion won), up 6.29 billion dollars (4.89%, or about 9.2 trillion won) from the previous quarter.
The single largest holding in its U.S. stock portfolio was Nvidia, accounting for 6.9% or 9.34 billion dollars. It was followed by Apple (6.1%, 8.21 billion dollars), Alphabet (combined A and C shares, 5.3%, 7.16 billion dollars), and Amazon (3.4%, 4.58 billion dollars).
Analysts say this shows that the National Pension Service is continuing its big-tech-focused strategy centered on AI semiconductors, cloud, and platforms as key growth drivers.
The biggest gainer was 'Google'...up 33% in three months
The stock that saw the largest increase in market value in the fourth quarter of last year was Alphabet, Google’s parent company, which rose by 33.03% (about 2.6 trillion won).
As of the end of September of the same year, the National Pension Service’s Alphabet holdings, combining A and C shares, were valued at 5.39 billion dollars (about 7.8 trillion won), but within three months the valuation climbed to 7.16 billion dollars (about 10.4 trillion won).
Apple was the next major source of profit. The market value of its Apple holdings increased 8.45%, from 7.57 billion dollars (about 11 trillion won) to 8.21 billion dollars (about 11.9 trillion won).
Eli Lilly also saw its valuation surge 42.9%, from 1.21 billion dollars to 1.74 billion dollars. Micron jumped 84.9%, from 470 million dollars (about 685 billion won) to 870 million dollars (about 1.27 trillion won).
Partial profit-taking in tech stocks...Intel holdings down 2.3%
Trend of the market value of U.S. stocks held by the National Pension Service. Screenshot from the 13F.info homepage.
Some technology holdings were trimmed. The number of Tesla shares held decreased from 5.68 million to 5.67 million, a 0.2% reduction. Intel shares were also partially sold, with the holding reduced from 9.95 million to 9.71 million shares, down 2.3%.
In addition, the fund cut its positions in game developer Roblox (down 46.6%), semiconductor equipment maker Applied Materials (down 14.3%), mobile advertising platform company AppLovin (down 15.5%), Nike (down 9.9%), Booking Holdings, the parent company of Booking.com (down 9.7%), and Walt Disney (down 6.9%).
In the fourth quarter, expanded diversification into consumer goods and beauty...also factoring in geopolitical and security issues
There were also stocks for which the fund sharply increased its holdings in the fourth quarter.
The National Pension Service boosted its position in Estée Lauder from just 4,826 shares to 403,817 shares.
The number of shares held in Reddit, an online community platform company; Dollar Tree, an online shopping mall; Ulta Beauty, the largest beauty retail chain in the United States; and Natera, a biotechnology company, also increased by as much as several dozen times.
This is seen as a portfolio diversification strategy toward themes of consumer spending recovery and long-term growth in healthcare.
New investments initiated in the fourth quarter included Spotify and space company Rocket Lab.
As of the end of September of the same year, the National Pension Service held zero Spotify shares, but by the end of the fourth quarter it owned 544,640 shares, with a market value of around 320 million dollars. It also newly purchased 643,174 shares of Rocket Lab, worth about 45 million dollars.
Among U.S. defense contractors, the number of shares held in Lockheed Martin and General Dynamics (GD) rose to 618,000 and 739,000 shares, up 27.1% and 25.5%, respectively. In contrast, holdings in RTX, Northrop Grumman, and L3Harris declined by roughly 1.1% to 3.3%.
The fund also increased its stakes in major U.S. oil companies Chevron and ExxonMobil by 10.6% and 1.2%, respectively, compared with the end of the previous quarter. This is interpreted as macro-hedge positioning that takes into account geopolitical tensions and energy security issues.
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