National Pension Service's US Stocks at 201 Trillion Won — 13.7 Trillion Won in Nvidia Alone

The National Pension Service (NPS) allocates three out of ten of its US stocks to the 'Magnificent Seven'. Their combined weight is 29.0%, which is below the S&P 500 index's 32.3%. Quarterly trading was limited to fine-tuning, and all 562 holdings are US or global companies.

The US-listed stocks held by the National Pension Service are worth $131.7 billion, or approximately 201 trillion won. Of this, 29.0% is concentrated in the seven 'Magnificent Seven' stocks, including Nvidia and Apple. This is the result of a comprehensive analysis of the '13F' holdings report that the NPS submits quarterly to the US Securities and Exchange Commission (SEC), based on the end of March.

The concentration is particularly notable in the top three holdings. Nvidia, Apple, and Microsoft alone account for 17.0% of the total, and adding Amazon, Alphabet, Meta, and Tesla to these makes up the Magnificent Seven. On the same day, the weight these seven stocks hold in the S&P 500 index was 32.3%, meaning the NPS's concentration in Big Tech is about 3 percentage points lower than the market.

Magnificent Seven Weight 29.0% — Market is 32.3%

The single largest holding in the NPS's US portfolio is Nvidia. It holds 51.27 million shares, worth $8.94 billion or about 13.7 trillion won, accounting for 6.8% of the total. This is followed by Apple at $7.87 billion and Microsoft at $5.52 billion.

The Magnificent Seven alone account for 29.0% of the total, and broadening this to semiconductors and Big Tech by adding Broadcom, Intel, AMD, and Qualcomm brings it to 32.4%. In effect, the NPS has placed about one-third of its US stocks in Big Tech. However, comparing just the Magnificent Seven, the NPS (29.0%) falls short of the S&P 500 index (32.3%). This weight in the index decreased from about 35% in early 2026 to 32.3% at the end of March, before slightly rebounding to 32.7% in June. As of the end of March, the weight of the top 10 stocks in the index was 36.5%. Even the number one holding, Nvidia, is at 6.8%, which is lower than its weight in the index (7.6%). Therefore, from its largest holding to the entire Magnificent Seven, the NPS is holding slightly less than the market.

All 562 Holdings are US or Global Companies — Korean Stocks are Managed Domestically

All 562 holdings in this disclosure are US or global companies. Companies listed directly on the New York Stock Exchange like Coupang, or American Depositary Receipt (ADR) listed companies like POSCO Holdings and KB Financial Group, are not included in the list, as the NPS's structure involves directly managing Korean corporate stocks within the domestic market. In essence, the roles of the US account and the domestic account are separated. However, since the 13F focuses primarily on holdings directly managed by the NPS, it does not show holdings under the names of external delegated asset managers.

Quarterly Changes are Fine-Tuning — Large Holdings Max ±8%

Changes compared to the previous quarter (December 31, 2025) were not significant. Among large holdings of $500 million or more, Palantir (+8%) and Micron (-6%) had the largest fluctuations in share count, and half of the 355 continuously held stocks worth $50 million or more remained within a fluctuation range of 3.1%.

There were 20 new additions and 19 complete sell-offs. The US insurance brokerage group Marsh & McLennan ($210 million), which was the largest among the complete sell-offs, also accounted for just 0.16% of the total portfolio. There were 7 stocks whose share counts were increased or decreased by more than half, all of which are small holdings under $100 million.

Looking only at the valuation, it appears as though holdings in large tech stocks like Apple and Nvidia have increased, but this is the result of reflecting stock price appreciation. Looking at the share counts, which indicate the actual volume bought and sold, the changes in top holdings were not significant. This quarter, the NPS's US portfolio was closer to fine-tuning rather than a major overhaul of its holdings.

This article was written by News Epoch by analyzing the institutional investor holdings report (Form 13F-HR, based on holdings as of March 31, 2026, and filed on May 12, 2026, which is the most recently published quarterly report) of the National Pension Service submitted to the US Securities and Exchange Commission (SEC).

The 13F report only includes long positions in US-listed stocks (excluding short sales and non-US assets) and is disclosed with a lag of about 45 days from the end of the quarter. The Magnificent Seven weight (32.3% at the end of March) and top 10 stocks weight (36.5%) within the S&P 500 used for comparison are values aggregated from the SEC holdings report (Form N-PORT) of the SPY ETF, which replicates the index, on the same day. The roughly 35% at the beginning of the year and 32.7% in June are based on index inclusion weight aggregations (The Motley Fool, StockAnalysis).