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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Varma Mutual Pension Insurance Co

Quarter ended Q1 2025 · Filed May 13, 2025 · Accession 0001140361-25-018585

Total Value
$11.63B
Positions
320
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (320)

#IssuerTicker / CUSIPSharesValue% of Filing
1INVESCO EXCH TRADED FD TR IIIVZ85,392,268$1.96B16.88%
2INVESCO EXCH TRADED FD TR IIIVZ44,931,497$1.16B9.95%
3APPLE INCAAPL2,237,283$497.0M4.27%
4MICROSOFT CORPMSFT1,033,676$388.0M3.34%
5NVIDIA CORPORATIONNVDA3,500,466$379.4M3.26%
6BLACKROCK ETF TRUSTBLK4,814,000$291.8M2.51%
7AMAZON COM INCAMZN1,214,111$231.0M1.99%
8ISHARES TR4642875152,482,227$220.9M1.90%
9VANGUARD SCOTTSDALE FDS92206C8702,700,000$220.8M1.90%
10ALPHABET INCGOOG1,256,099$194.2M1.67%
11DBX ETF TR2330512266,000,000$168.2M1.45%
12META PLATFORMS INCMETA291,694$168.1M1.45%
13VANGUARD WHITEHALL FDS9219468852,050,000$131.6M1.13%
14VANGUARD SCOTTSDALE FDS92206C8131,600,000$121.5M1.04%
15SPDR SER TR78468R6221,100,000$104.8M0.90%
16VANECK ETF TRUST92189H3004,100,000$97.8M0.84%
17BROADCOM INCAVGO565,030$94.6M0.81%
18JPMORGAN CHASE & CO.VYLD378,111$92.8M0.80%
19TESLA INCTSLA354,323$91.8M0.79%
20ELI LILLY & COLLY108,868$89.9M0.77%
21VISA INCV233,541$81.8M0.70%
22EXXON MOBIL CORPXOM592,103$70.4M0.61%
23VANGUARD WORLD FD9219106911,100,000$69.2M0.60%
24MASTERCARD INCORPORATEDMA116,608$63.9M0.55%
25ISHARES TR464288281700,000$63.4M0.55%
26UNITEDHEALTH GROUP INCUNH120,262$63.0M0.54%
27TAIWAN SEMICONDUCTOR MFG LTD874039100372,400$61.8M0.53%
28JOHNSON & JOHNSONJNJ356,756$59.2M0.51%
29PROCTER AND GAMBLE CO742718109333,055$56.8M0.49%
30NETFLIX INCNFLX58,975$55.0M0.47%
31COSTCO WHSL CORP NEW22160K10557,957$54.8M0.47%
32ISHARES TR46435G4742,000,000$53.6M0.46%
33WALMART INCWMT605,166$53.1M0.46%
34DBX ETF TR2330518791,990,078$52.9M0.45%
35ABBVIE INCABBV246,167$51.6M0.44%
36HOME DEPOT INCHD139,095$51.0M0.44%
37COCA COLA COKO609,276$43.6M0.38%
38KRANESHARES TRUST5007678352,682,129$41.8M0.36%
39ORACLE CORPORCL-PD297,118$41.5M0.36%
40CHEVRON CORP NEWCVX242,230$40.5M0.35%
41BANK AMERICA CORP060505104961,624$40.1M0.35%
42SALESFORCE INCCRM136,828$36.7M0.32%
43ABBOTT LABSABLZF258,552$34.3M0.29%
44MERCK & CO INCMRK382,074$34.3M0.29%
45MCDONALDS CORPMCD109,566$34.2M0.29%
46WELLS FARGO CO NEW949746101464,859$33.4M0.29%
47LINDE PLCLIN71,285$33.2M0.29%
48INTERNATIONAL BUSINESS MACHSINTR132,258$32.9M0.28%
49GE AEROSPACE369604301164,008$32.8M0.28%
50AT&T INCT-PC1,153,960$32.6M0.28%
51PEPSICO INCPEP213,457$32.0M0.28%
52CISCO SYS INCCSCO503,147$31.0M0.27%
53THERMO FISHER SCIENTIFIC INCTMO61,117$30.4M0.26%
54AUTOLIV INCALV326,237$28.9M0.25%
55BOSTON SCIENTIFIC CORPBSX279,081$28.2M0.24%
56ALIBABA GROUP HLDG LTDBBAAY210,400$27.8M0.24%
57S&P GLOBAL INCSPGI54,507$27.7M0.24%
58DISNEY WALT CO254687106276,844$27.3M0.23%
59ALPHABET INCGOOG171,800$26.8M0.23%
60AMGEN INCAMGN85,659$26.7M0.23%
61CATERPILLAR INCCAT80,556$26.6M0.23%
62GOLDMAN SACHS GROUP INCGSCE47,500$25.9M0.22%
63INTUITIVE SURGICAL INCISRG52,253$25.9M0.22%
64QUALCOMM INCQCOM165,271$25.4M0.22%
65SERVICENOW INCNOW31,483$25.1M0.22%
66ROYAL BK CDA780087102222,529$25.1M0.22%
67ACCENTURE PLC IRELANDACN79,886$24.9M0.21%
68PALANTIR TECHNOLOGIES INCPLTR285,100$24.1M0.21%
69INTUITINTU38,958$23.9M0.21%
70MARSH & MCLENNAN COS INC57174810296,704$23.6M0.20%
71BOOKING HOLDINGS INCBKNG5,024$23.1M0.20%
72T-MOBILE US INCTMUSZ86,717$23.1M0.20%
73PROGRESSIVE CORP74331510380,644$22.8M0.20%
74UNION PAC CORPUNP95,701$22.6M0.19%
75VERIZON COMMUNICATIONS INCVZ498,409$22.6M0.19%
76AMERICAN EXPRESS COAXP83,435$22.4M0.19%
77PFIZER INCPFE863,263$21.9M0.19%
78GILEAD SCIENCES INCGILD195,015$21.9M0.19%
79MORGAN STANLEYMS-PQ184,012$21.5M0.18%
80CITIGROUP INCC-PR298,976$21.2M0.18%
81CONOCOPHILLIPSCOP198,152$20.8M0.18%
82DEERE & CODE44,307$20.8M0.18%
83NEXTERA ENERGY INCNEE-PW291,793$20.7M0.18%
84BLACKROCK INCBLK21,812$20.6M0.18%
85TJX COS INC NEW872540109166,566$20.3M0.17%
86UBER TECHNOLOGIES INCUBER275,592$20.1M0.17%
87TEXAS INSTRS INC882508104110,741$19.9M0.17%
88FISERV INCFISV89,431$19.7M0.17%
89ADOBE INCADBE51,326$19.7M0.17%
90PROLOGIS INC.PLDGP169,946$19.0M0.16%
91BRISTOL-MYERS SQUIBB COCELG-RI311,326$19.0M0.16%
92ANALOG DEVICES INCADI93,959$18.9M0.16%
93AUTOMATIC DATA PROCESSING INADP61,653$18.8M0.16%
94APPLIED MATLS INC038222105127,882$18.6M0.16%
95LAM RESEARCH CORPLRCX254,330$18.5M0.16%
96DANAHER CORPORATION23585110289,926$18.4M0.16%
97LOWES COS INC54866110778,563$18.3M0.16%
98ENBRIDGE INCENNPF413,661$18.3M0.16%
99VERTEX PHARMACEUTICALS INCVRTX37,626$18.2M0.16%
100WELLTOWER INCWELL117,776$18.0M0.16%
101SCHWAB CHARLES CORPSCHW-PJ229,081$17.9M0.15%
102MONDELEZ INTL INC609207105262,965$17.8M0.15%
103STRYKER CORPORATIONSYK47,510$17.7M0.15%
104EATON CORP PLCETN64,925$17.6M0.15%
105COMCAST CORP NEWCCZ475,094$17.5M0.15%
106CHUBB LIMITEDCB58,021$17.5M0.15%
107AMERICAN TOWER CORP NEW03027X10080,406$17.5M0.15%
108TORONTO DOMINION BK ONTTORO289,998$17.4M0.15%
109PALO ALTO NETWORKS INCPANW100,676$17.2M0.15%
110MEDTRONIC PLCMDT191,051$17.2M0.15%
111SHOPIFY INCSHOP180,358$17.2M0.15%
112MCKESSON CORPMCK25,253$17.0M0.15%
113WASTE MGMT INC DEL94106L10972,950$16.9M0.15%
114STARBUCKS CORPSBUX166,642$16.3M0.14%
115CME GROUP INCCME61,396$16.3M0.14%
116INTERCONTINENTAL EXCHANGE IN45866F10494,401$16.3M0.14%
117ADVANCED MICRO DEVICES INCAMD157,017$16.1M0.14%
118FREEPORT-MCMORAN INCFCX424,067$16.1M0.14%
119BLACKSTONE INCBX112,100$15.7M0.13%
120COLGATE PALMOLIVE COCL164,417$15.4M0.13%
121TRANSDIGM GROUP INCTDG11,120$15.4M0.13%
122MOODYS CORPMCO32,266$15.0M0.13%
123EOG RES INCEOG116,892$15.0M0.13%
124AMPHENOL CORP NEW032095101227,939$15.0M0.13%
125ECOLAB INCECL57,540$14.6M0.13%
126PARKER-HANNIFIN CORPPH23,937$14.6M0.13%
127ELEVANCE HEALTH INCELV33,382$14.5M0.12%
128BECTON DICKINSON & COBDX62,921$14.4M0.12%
129HILTON WORLDWIDE HLDGS INCHLT63,170$14.4M0.12%
130CANADIAN PACIFIC KANSAS CITYCP201,709$14.2M0.12%
131AGNICO EAGLE MINES LTDAEM130,252$14.1M0.12%
132WHEATON PRECIOUS METALS CORPWPM181,458$14.1M0.12%
1333M COMMM95,345$14.0M0.12%
134TRANE TECHNOLOGIES PLCTT41,511$14.0M0.12%
135BANK MONTREAL QUE063671101145,829$13.9M0.12%
136BROOKFIELD CORP11271J107263,513$13.8M0.12%
137MICRON TECHNOLOGY INCMU157,571$13.7M0.12%
138EQUINIX INCEQIX16,753$13.7M0.12%
139CVS HEALTH CORPCVS199,773$13.5M0.12%
140AON PLCAON33,900$13.5M0.12%
141TE CONNECTIVITY PLCTEL95,645$13.5M0.12%
142THE CIGNA GROUP12552310040,642$13.4M0.11%
143JOHNSON CTLS INTL PLCG51502105166,606$13.3M0.11%
144CROWDSTRIKE HLDGS INCCRWD37,815$13.3M0.11%
145MERCADOLIBRE INCMELI6,821$13.3M0.11%
146CHIPOTLE MEXICAN GRILL INCCMG260,802$13.1M0.11%
147SHERWIN WILLIAMS COSHW37,493$13.1M0.11%
148BANK NEW YORK MELLON CORP064058100155,590$13.0M0.11%
149GE VERNOVA INCGEV42,743$13.0M0.11%
150OREILLY AUTOMOTIVE INC67103H1079,108$13.0M0.11%
151GALLAGHER ARTHUR J & CO36357610937,650$13.0M0.11%
152ARISTA NETWORKS INCANET166,800$12.9M0.11%
153ROPER TECHNOLOGIES INCROP21,734$12.8M0.11%
154WILLIAMS COS INC969457100214,300$12.8M0.11%
155EMERSON ELEC COEMR115,505$12.7M0.11%
156AUTODESK INCADSK48,295$12.6M0.11%
157AMERICAN INTL GROUP INC026874784145,130$12.6M0.11%
158CONSOLIDATED EDISON INCED114,015$12.6M0.11%
159CAPITAL ONE FINL CORP14040H10570,036$12.6M0.11%
160SIMON PPTY GROUP INC NEW82880610975,349$12.5M0.11%
161REPUBLIC SVCS INC76075910051,478$12.5M0.11%
162SCHLUMBERGER LTDSLB293,452$12.3M0.11%
163BANK NOVA SCOTIA HALIFAX064149107256,656$12.2M0.10%
164CENCORA INCCOR42,925$11.9M0.10%
165CINTAS CORPCTAS57,956$11.9M0.10%
166MANULIFE FINL CORP56501R106382,039$11.9M0.10%
167ILLINOIS TOOL WKS INC45230810947,834$11.9M0.10%
168CANADIAN NATL RY CO136375102121,346$11.8M0.10%
169MARRIOTT INTL INC NEW57190320249,536$11.8M0.10%
170SYNOPSYS INCSNPS27,365$11.7M0.10%
171KKR & CO INCKKRT101,027$11.7M0.10%
172NEWMONT CORPNEMCL240,656$11.6M0.10%
173PPG INDS INC693506107106,086$11.6M0.10%
174YUM BRANDS INCYUM73,653$11.6M0.10%
175DOVER CORPDOV65,806$11.6M0.10%
176MOTOROLA SOLUTIONS INCMSI26,401$11.6M0.10%
177PNC FINL SVCS GROUP INC69347510565,634$11.5M0.10%
178CADENCE DESIGN SYSTEM INCCDNS45,349$11.5M0.10%
179PACCAR INCPCAR118,083$11.5M0.10%
180CSX CORPCSX390,664$11.5M0.10%
181KIMBERLY-CLARK CORPKMB79,516$11.3M0.10%
182REALTY INCOME CORPO194,118$11.3M0.10%
183AVALONBAY CMNTYS INCAWX52,461$11.3M0.10%
184UNITED PARCEL SERVICE INCUPS102,270$11.2M0.10%
185TRAVELERS COMPANIES INCTRV42,447$11.2M0.10%
186US BANCORP DELUSB-PS263,520$11.1M0.10%
187AUTOZONE INCAZO2,903$11.1M0.10%
188HESS CORPHESM68,938$11.0M0.09%
189NIKE INCNKE173,195$11.0M0.09%
190CANADIAN IMPERIAL BK COMMCNDIF194,311$10.9M0.09%
191HOWMET AEROSPACE INCHWM84,124$10.9M0.09%
192EXELON CORPEXC236,415$10.9M0.09%
193ONEOK INC NEWOKE108,262$10.7M0.09%
194REGENERON PHARMACEUTICALSREGN16,888$10.7M0.09%
195THOMSON REUTERS CORPTMSOF62,054$10.7M0.09%
196KINDER MORGAN INC DELEP-PC374,803$10.7M0.09%
197CUMMINS INCCMI34,020$10.7M0.09%
198FORTINET INCFTNT109,600$10.6M0.09%
199CARRIER GLOBAL CORPORATIONCARR166,309$10.5M0.09%
200CORTEVA INCCTVA166,476$10.5M0.09%
201BAKER HUGHES COMPANYBKR238,029$10.5M0.09%
202ZOETIS INCZTS63,458$10.4M0.09%
203KEURIG DR PEPPER INCKDP305,226$10.4M0.09%
204KLA CORPKLAC15,364$10.4M0.09%
205COGNIZANT TECHNOLOGY SOLUTIOCTSH134,311$10.3M0.09%
206REGENCY CTRS CORP758849103138,737$10.2M0.09%
207PAYPAL HLDGS INCPYPL156,229$10.2M0.09%
208IQVIA HLDGS INCIQV57,650$10.2M0.09%
209DIAMONDBACK ENERGY INCFANG63,299$10.1M0.09%
210CORNING INCGLW220,632$10.1M0.09%
211COTERRA ENERGY INCCTRA348,591$10.1M0.09%
212NORFOLK SOUTHN CORP65584410842,510$10.1M0.09%
213DEVON ENERGY CORP NEW25179M103267,970$10.0M0.09%
214VENTAS INCVTR145,268$10.0M0.09%
215CONSTELLATION ENERGY CORPCEG49,397$10.0M0.09%
216AMERICAN WTR WKS CO INC NEW03027X10067,442$9.9M0.09%
217JD.COM INCJDCMF241,300$9.9M0.09%
218INTEL CORPINTC435,023$9.9M0.08%
219GENERAL MLS INC370334104165,172$9.9M0.08%
220APOLLO GLOBAL MGMT INC03769M10672,101$9.9M0.08%
221AFLAC INCAFL88,691$9.9M0.08%
222TRUIST FINL CORP89832Q109239,480$9.9M0.08%
223EDWARDS LIFESCIENCES CORPEW135,958$9.9M0.08%
224TC ENERGY CORPTRPRF208,600$9.8M0.08%
225PRUDENTIAL FINL INCPUKPF87,739$9.8M0.08%
226GENERAL MTRS CO37045V100208,203$9.8M0.08%
227NASDAQ INCNDAQ129,076$9.8M0.08%
228AIR PRODS & CHEMS INCAIIR33,043$9.7M0.08%
229PEMBINA PIPELINE CORPPPLOF243,479$9.7M0.08%
230EQUITY RESIDENTIALEQR135,700$9.7M0.08%
231CHENIERE ENERGY INCLNG41,900$9.7M0.08%
232PUBLIC SVC ENTERPRISE GRP IN744573106117,237$9.6M0.08%
233SUN LIFE FINANCIAL INC.SUNFF167,864$9.6M0.08%
234SYSCO CORPSYY127,907$9.6M0.08%
235VICI PPTYS INC925652109294,088$9.6M0.08%
236CRH PLCCRH107,200$9.4M0.08%
237PAYCHEX INCPAYX61,053$9.4M0.08%
238CHURCH & DWIGHT CO INCCHD84,699$9.3M0.08%
239ALLSTATE CORPALL-PJ44,900$9.3M0.08%
240AIRBNB INCABNB77,805$9.3M0.08%
241KENVUE INCKVUE385,566$9.2M0.08%
242AMETEK INCAME53,695$9.2M0.08%
243WEYERHAEUSER CO MTN BEWY315,442$9.2M0.08%
244DISCOVER FINL SVCS25470910853,421$9.1M0.08%
245COPART INCCPRT161,088$9.1M0.08%
246PHILLIPS 66PSX73,800$9.1M0.08%
247METLIFE INCMET-PF113,156$9.1M0.08%
248AMERIPRISE FINL INC03076C10618,762$9.1M0.08%
249DUPONT DE NEMOURS INCDD121,439$9.1M0.08%
250SNOWFLAKE INCSNOW61,746$9.0M0.08%
251CARDINAL HEALTH INCCAH65,500$9.0M0.08%
252DOORDASH INCDASH49,300$9.0M0.08%
253MARVELL TECHNOLOGY INCMRVL145,678$9.0M0.08%
254PG&E CORPPCG-PX514,377$8.8M0.08%
255HCA HEALTHCARE INCHCA25,363$8.8M0.08%
256HERSHEY COHSY50,726$8.7M0.07%
257FORD MTR CO345370860854,872$8.6M0.07%
258GARMIN LTDGRMN39,100$8.5M0.07%
259DIGITAL RLTY TR INC25386810358,983$8.5M0.07%
260PDD HOLDINGS INCPDD71,300$8.4M0.07%
261ROSS STORES INCROST65,927$8.4M0.07%
262CBRE GROUP INCCBRE64,400$8.4M0.07%
263PUBLIC STORAGE OPER COPSA-PS28,098$8.4M0.07%
264HALLIBURTON COHAL330,503$8.4M0.07%
265APPLOVIN CORPAPP31,600$8.4M0.07%
266ZIMMER BIOMET HOLDINGS INCZBH73,712$8.3M0.07%
267KIMCO RLTY CORP49446R109388,993$8.3M0.07%
268ROYAL CARIBBEAN GROUPV7780T10339,754$8.2M0.07%
269FASTENAL COFAST104,200$8.1M0.07%
270GARTNER INCIT19,201$8.1M0.07%
271EQUIFAX INCEFX33,064$8.1M0.07%
272ARES MANAGEMENT CORPORATIONARES-PB54,900$8.0M0.07%
273MICROSTRATEGY INCSTRK27,900$8.0M0.07%
274OTIS WORLDWIDE CORPOTIS77,542$8.0M0.07%
275INGERSOLL RAND INCIR99,664$8.0M0.07%
276FEDEX CORPFDX32,620$8.0M0.07%
277EVERSOURCE ENERGYES127,963$7.9M0.07%
278WABTEC92974010843,624$7.9M0.07%
279HEALTHPEAK PROPERTIES INCDOC389,350$7.9M0.07%
280AVERY DENNISON CORPAVY44,129$7.9M0.07%
281FLUTTER ENTMT PLCG3643J10835,200$7.8M0.07%
282TARGET CORPTGT74,480$7.8M0.07%
283OMNICOM GROUP INCOMC91,474$7.6M0.07%
284GRAINGER W W INC3848021047,638$7.5M0.06%
285INTERPUBLIC GROUP COS INCINTR277,500$7.5M0.06%
286GE HEALTHCARE TECHNOLOGIES IGEHC92,300$7.4M0.06%
287AXON ENTERPRISE INCAXON14,100$7.4M0.06%
288HEICO CORP NEWHEI-A27,700$7.4M0.06%
289UNITED RENTALS INCURI11,805$7.4M0.06%
290FAIR ISAAC CORPFICO4,000$7.4M0.06%
291FIDELITY NATL INFORMATION SV31620M10696,782$7.2M0.06%
292HP INCHPQ257,147$7.1M0.06%
293NUCOR CORPNUE59,035$7.1M0.06%
294QUANTA SVCS INC74762E10227,840$7.1M0.06%
295VULCAN MATLS CO92916010930,109$7.0M0.06%
296IRON MTN INC DEL46284V10180,238$6.9M0.06%
297WORKDAY INCWDAY28,969$6.8M0.06%
298AGILENT TECHNOLOGIES INCA56,871$6.7M0.06%
299HOST HOTELS & RESORTS INCHST462,000$6.6M0.06%
300D R HORTON INC23331A10950,946$6.5M0.06%
301EDISON INTL281020107107,847$6.4M0.05%
302FERGUSON ENTERPRISES INCFERG39,301$6.3M0.05%
303NXP SEMICONDUCTORS N VNXPI32,544$6.2M0.05%
304LENNAR CORPLEN-B50,826$5.8M0.05%
305SOUTHERN COPPER CORPSCCO62,351$5.8M0.05%
306BLOCK INCBSQKZ106,725$5.8M0.05%
307MICROCHIP TECHNOLOGY INC.MCHPP119,334$5.8M0.05%
308RESTAURANT BRANDS INTL INC76131D10386,429$5.8M0.05%
309COINBASE GLOBAL INCCOIN31,000$5.3M0.05%
310SPDR SER TR78464A391200,000$4.0M0.03%
311CARVANA COCVNA19,060$4.0M0.03%
312TRIP COM GROUP LTDTRPCF62,000$3.9M0.03%
313THE TRADE DESK INC88339J10569,860$3.8M0.03%
314NU HLDGS LTDNU365,100$3.7M0.03%
315FERRARI N VRACE8,500$3.6M0.03%
316HEICO CORP NEWHEI-A12,750$2.7M0.02%
317RESTAURANT BRANDS INTL INC76131D10336,500$2.4M0.02%
318BIOMARIN PHARMACEUTICAL INCBMRN30,000$2.1M0.02%
319ARGENX SEARGX1,500$887,7980.01%
320MILLROSE PPTYS INC60113710217,957$476,0400.00%