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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 Q2 2025 · Filed August 7, 2025 · Accession 0001140361-25-029494

Total Value
$13.57B
Positions
309
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (309)

#IssuerTicker / CUSIPSharesValue% of Filing
1INVESCO EXCH TRADED FD TR IIIVZ101,366,510$2.59B19.09%
2INVESCO EXCH TRADED FD TR IIIVZ44,931,497$1.28B9.42%
3DBX ETF TR23305122624,060,680$751.1M5.53%
4NVIDIA CORPORATIONNVDA3,707,266$585.7M4.32%
5MICROSOFT CORPMSFT1,049,476$522.0M3.85%
6APPLE INCAAPL2,329,683$478.0M3.52%
7AMAZON COM INCAMZN1,513,611$332.1M2.45%
8BLACKROCK ETF TRUSTBLK4,814,000$323.8M2.39%
9ALPHABET INCGOOG1,481,599$261.1M1.92%
10META PLATFORMS INCMETA346,344$255.6M1.88%
11VANGUARD SCOTTSDALE FDS92206C8702,700,000$223.9M1.65%
12BROADCOM INCAVGO582,830$160.7M1.18%
13VANGUARD SCOTTSDALE FDS92206C8131,600,000$121.4M0.89%
14TESLA INCTSLA352,223$111.9M0.82%
15JPMORGAN CHASE & CO.VYLD371,511$107.7M0.79%
16ELI LILLY & COLLY109,268$85.2M0.63%
17VISA INCV239,741$85.1M0.63%
18TAIWAN SEMICONDUCTOR MFG LTD874039100364,600$82.6M0.61%
19VANGUARD WHITEHALL FDS9219468851,250,000$81.7M0.60%
20VANECK ETF TRUST92189H3003,100,000$78.6M0.58%
21NETFLIX INCNFLX56,575$75.8M0.56%
22VANGUARD WORLD FD9219106911,100,000$69.7M0.51%
23MASTERCARD INCORPORATEDMA116,208$65.3M0.48%
24EXXON MOBIL CORPXOM603,403$65.0M0.48%
25WALMART INCWMT618,466$60.5M0.45%
26ISHARES TR46429B5981,051,640$58.6M0.43%
27COSTCO WHSL CORP NEW22160K10557,957$57.4M0.42%
28ISHARES TR46435G4742,000,000$54.3M0.40%
29PROCTER AND GAMBLE CO742718109334,655$53.3M0.39%
30JOHNSON & JOHNSONJNJ347,356$53.1M0.39%
31HOME DEPOT INCHD140,395$51.5M0.38%
32ORACLE CORPORCL-PD227,218$49.7M0.37%
33BANK AMERICA CORP060505104993,324$47.0M0.35%
34KRANESHARES TRUST5007678352,682,129$45.4M0.33%
35ABBVIE INCABBV242,267$45.0M0.33%
36COCA COLA COKO604,576$42.8M0.32%
37CISCO SYS INCCSCO595,947$41.3M0.30%
38PALANTIR TECHNOLOGIES INCPLTR288,800$39.4M0.29%
39UNITEDHEALTH GROUP INCUNH125,662$39.2M0.29%
40SALESFORCE INCCRM142,828$38.9M0.29%
41GE AEROSPACE369604301151,008$38.9M0.29%
42INTERNATIONAL BUSINESS MACHSINTR127,358$37.5M0.28%
43ABBOTT LABSABLZF267,252$36.3M0.27%
44WELLS FARGO CO NEW949746101441,159$35.3M0.26%
45LINDE PLCLIN73,785$34.6M0.26%
46ADVANCED MICRO DEVICES INCAMD238,317$33.8M0.25%
47CHEVRON CORP NEWCVX232,830$33.3M0.25%
48INTUITINTU41,458$32.7M0.24%
49DISNEY WALT CO254687106261,794$32.5M0.24%
50AT&T INCT-PC1,099,260$31.8M0.23%
51GOLDMAN SACHS GROUP INCGSCE44,800$31.7M0.23%
52SERVICENOW INCNOW30,783$31.6M0.23%
53PEPSICO INCPEP236,157$31.2M0.23%
54MCDONALDS CORPMCD106,466$31.1M0.23%
55ISHARES TR464287655141,987$30.6M0.23%
56AMERICAN EXPRESS COAXP93,135$29.7M0.22%
57ALPHABET INCGOOG165,950$29.4M0.22%
58MERCK & CO INCMRK369,674$29.3M0.22%
59INTUITIVE SURGICAL INCISRG53,453$29.0M0.21%
60BOSTON SCIENTIFIC CORPBSX268,181$28.8M0.21%
61ROYAL BK CDA780087102218,929$28.8M0.21%
62BOOKING HOLDINGS INCBKNG4,924$28.5M0.21%
63ACCENTURE PLC IRELANDACN93,586$28.0M0.21%
64QUALCOMM INCQCOM172,871$27.5M0.20%
65VERIZON COMMUNICATIONS INCVZ633,809$27.4M0.20%
66S&P GLOBAL INCSPGI52,007$27.4M0.20%
67TEXAS INSTRS INC882508104131,741$27.4M0.20%
68CATERPILLAR INCCAT69,356$26.9M0.20%
69APPLIED MATLS INC038222105146,482$26.8M0.20%
70MORGAN STANLEYMS-PQ175,112$24.7M0.18%
71THERMO FISHER SCIENTIFIC INCTMO60,717$24.6M0.18%
72UBER TECHNOLOGIES INCUBER261,792$24.4M0.18%
73ADOBE INCADBE61,826$23.9M0.18%
74EATON CORP PLCETN66,925$23.9M0.18%
75CITIGROUP INCC-PR280,376$23.9M0.18%
76LAM RESEARCH CORPLRCX238,030$23.2M0.17%
77CONOCOPHILLIPSCOP256,352$23.0M0.17%
78AMGEN INCAMGN81,959$22.9M0.17%
79BLACKROCK INCBLK21,312$22.4M0.16%
80SCHWAB CHARLES CORPSCHW-PJ237,581$21.7M0.16%
81NEXTERA ENERGY INCNEE-PW310,593$21.6M0.16%
82CAPITAL ONE FINL CORP14040H105101,282$21.5M0.16%
83PROGRESSIVE CORP74331510380,644$21.5M0.16%
84ANALOG DEVICES INCADI89,659$21.3M0.16%
85FREEPORT-MCMORAN INCFCX491,767$21.3M0.16%
86PFIZER INCPFE878,063$21.3M0.16%
87PALO ALTO NETWORKS INCPANW103,776$21.2M0.16%
88KLA CORPKLAC23,664$21.2M0.16%
89GILEAD SCIENCES INCGILD187,815$20.8M0.15%
90SHOPIFY INCSHOP180,158$20.7M0.15%
91GE VERNOVA INCGEV39,143$20.7M0.15%
92MICRON TECHNOLOGY INCMU165,471$20.4M0.15%
93COMCAST CORP NEWCCZ563,894$20.1M0.15%
94DEERE & CODE39,207$19.9M0.15%
95TORONTO DOMINION BK ONTTORO271,198$19.9M0.15%
96MARSH & MCLENNAN COS INC57174810290,704$19.8M0.15%
97TJX COS INC NEW872540109159,266$19.7M0.14%
98AUTOMATIC DATA PROCESSING INADP63,453$19.6M0.14%
99STRYKER CORPORATIONSYK49,110$19.4M0.14%
100WELLTOWER INCWELL125,976$19.4M0.14%
101AMPHENOL CORP NEW032095101193,139$19.1M0.14%
102CROWDSTRIKE HLDGS INCCRWD36,515$18.6M0.14%
103UNION PAC CORPUNP80,749$18.6M0.14%
104DANAHER CORPORATION23585110293,926$18.6M0.14%
105ISHARES TR464288281200,000$18.5M0.14%
106ENBRIDGE INCENNPF408,961$18.5M0.14%
107MONDELEZ INTL INC609207105271,065$18.3M0.13%
108T-MOBILE US INCTMUSZ76,217$18.2M0.13%
109MEDTRONIC PLCMDT206,051$18.0M0.13%
110AMERICAN TOWER CORP NEW03027X10080,806$17.9M0.13%
111TRANE TECHNOLOGIES PLCTT40,211$17.6M0.13%
112PARKER-HANNIFIN CORPPH24,837$17.3M0.13%
113LOWES COS INC54866110777,963$17.3M0.13%
114PROLOGIS INC.PLDGP164,446$17.3M0.13%
115AGNICO EAGLE MINES LTDAEM145,252$17.3M0.13%
116FISERV INCFISV99,731$17.2M0.13%
117ARISTA NETWORKS INCANET167,700$17.2M0.13%
118WHEATON PRECIOUS METALS CORPWPM191,058$17.1M0.13%
119MERCADOLIBRE INCMELI6,521$17.0M0.13%
120CHUBB LIMITEDCB58,821$17.0M0.13%
121BLACKSTONE INCBX113,600$17.0M0.13%
122TRANSDIGM GROUP INCTDG11,020$16.8M0.12%
123BROOKFIELD CORP11271J107268,113$16.6M0.12%
124WASTE MGMT INC DEL94106L10971,650$16.4M0.12%
125CME GROUP INCCME59,196$16.3M0.12%
126VERTEX PHARMACEUTICALS INCVRTX36,626$16.3M0.12%
127INTERCONTINENTAL EXCHANGE IN45866F10488,401$16.2M0.12%
128EOG RES INCEOG135,192$16.2M0.12%
129MOODYS CORPMCO31,966$16.0M0.12%
130HILTON WORLDWIDE HLDGS INCHLT60,070$16.0M0.12%
131ECOLAB INCECL59,240$16.0M0.12%
132EMERSON ELEC COEMR118,005$15.7M0.12%
133CONSTELLATION ENERGY CORPCEG47,997$15.5M0.11%
134COLGATE PALMOLIVE COCL170,417$15.5M0.11%
135BANK MONTREAL QUE063671101137,229$15.2M0.11%
136SPDR SERIES TRUST78464A391700,000$15.0M0.11%
137CHIPOTLE MEXICAN GRILL INCCMG266,002$14.9M0.11%
138TE CONNECTIVITY PLCTEL87,945$14.8M0.11%
139STARBUCKS CORPSBUX160,242$14.7M0.11%
140NEWMONT CORPNEMCL248,456$14.5M0.11%
141SYNOPSYS INCSNPS28,065$14.4M0.11%
142WILLIAMS COS INC969457100228,800$14.4M0.11%
1433M COMMM93,845$14.3M0.11%
144INTEL CORPINTC637,223$14.3M0.11%
145BANK NOVA SCOTIA HALIFAX064149107257,656$14.2M0.10%
146BRISTOL-MYERS SQUIBB COCELG-RI306,926$14.2M0.10%
147MICROSTRATEGY INCSTRK35,100$14.2M0.10%
148HOWMET AEROSPACE INCHWM76,224$14.2M0.10%
149CSX CORPCSX434,464$14.2M0.10%
150MARRIOTT INTL INC NEW57190320250,736$13.9M0.10%
151EQUINIX INCEQIX17,353$13.8M0.10%
152KKR & CO INCKKRT103,127$13.7M0.10%
153AUTODESK INCADSK44,295$13.7M0.10%
154CADENCE DESIGN SYSTEM INCCDNS44,449$13.7M0.10%
155ELEVANCE HEALTH INCELV35,182$13.7M0.10%
156DIAMONDBACK ENERGY INCFANG99,399$13.7M0.10%
157DOORDASH INCDASH54,600$13.5M0.10%
158AON PLCAON37,700$13.4M0.10%
159JOHNSON CTLS INTL PLCG51502105125,506$13.3M0.10%
160SHERWIN WILLIAMS COSHW38,493$13.2M0.10%
161GALLAGHER ARTHUR J & CO36357610941,250$13.2M0.10%
162ROYAL CARIBBEAN GROUPV7780T10342,154$13.2M0.10%
163CINTAS CORPCTAS58,756$13.1M0.10%
164CANADIAN NATL RY CO136375102125,546$13.1M0.10%
165PPG INDS INC693506107113,486$12.9M0.10%
166AUTOLIV INCALV115,237$12.9M0.10%
167CANADIAN PACIFIC KANSAS CITYCP161,909$12.8M0.09%
168CANADIAN IMPERIAL BK COMMCNDIF180,411$12.8M0.09%
169NXP SEMICONDUCTORS N VNXPI58,444$12.8M0.09%
170DOVER CORPDOV69,306$12.7M0.09%
171NASDAQ INCNDAQ141,776$12.7M0.09%
172MARVELL TECHNOLOGY INCMRVL163,658$12.7M0.09%
173ONEOK INC NEWOKE154,262$12.6M0.09%
174BANK NEW YORK MELLON CORP064058100138,190$12.6M0.09%
175PNC FINL SVCS GROUP INC69347510567,434$12.6M0.09%
176CARRIER GLOBAL CORPORATIONCARR170,009$12.4M0.09%
177MCKESSON CORPMCK16,953$12.4M0.09%
178SEMPRASREA163,300$12.4M0.09%
179THE CIGNA GROUP12552310037,342$12.3M0.09%
180ROPER TECHNOLOGIES INCROP21,734$12.3M0.09%
181SPOTIFY TECHNOLOGY S ASPOT16,000$12.3M0.09%
182SNOWFLAKE INCSNOW54,746$12.3M0.09%
183SIMON PPTY GROUP INC NEW82880610975,849$12.2M0.09%
184OREILLY AUTOMOTIVE INC67103H107135,120$12.2M0.09%
185MANULIFE FINL CORP56501R106381,339$12.2M0.09%
186SCHLUMBERGER LTDSLB358,452$12.1M0.09%
187REPUBLIC SVCS INC76075910049,078$12.1M0.09%
188ROGERS COMMUNICATIONS INCRCIAF406,500$12.0M0.09%
189REALTY INCOME CORPO207,918$12.0M0.09%
190ILLINOIS TOOL WKS INC45230810948,334$12.0M0.09%
191PAYPAL HLDGS INCPYPL160,629$11.9M0.09%
192INGERSOLL RAND INCIR142,164$11.8M0.09%
193CENCORA INCCOR39,425$11.8M0.09%
194THOMSON REUTERS CORPTMSOF58,854$11.8M0.09%
195SPDR S&P 500 ETF TRSPY19,000$11.7M0.09%
196APPLOVIN CORPAPP33,500$11.7M0.09%
197CUMMINS INCCMI35,620$11.7M0.09%
198AVALONBAY CMNTYS INCAWX57,261$11.7M0.09%
199US BANCORP DELUSB-PS255,520$11.6M0.09%
200PACCAR INCPCAR121,283$11.5M0.08%
201MOTOROLA SOLUTIONS INCMSI27,401$11.5M0.08%
202ROBINHOOD MKTS INC770700102122,900$11.5M0.08%
203HESS CORPHESM82,738$11.5M0.08%
204KINDER MORGAN INC DELEP-PC389,403$11.4M0.08%
205CVS HEALTH CORPCVS165,873$11.4M0.08%
206BECTON DICKINSON & COBDX66,421$11.4M0.08%
207CONSOLIDATED EDISON INCED113,215$11.4M0.08%
208NIKE INCNKE159,095$11.3M0.08%
209GENERAL MLS INC370334104217,372$11.3M0.08%
210CORTEVA INCCTVA150,976$11.3M0.08%
211SUN LIFE FINANCIAL INC.SUNFF168,864$11.2M0.08%
212NORFOLK SOUTHN CORP65584410843,610$11.2M0.08%
213KEURIG DR PEPPER INCKDP337,626$11.2M0.08%
214FORTINET INCFTNT105,200$11.1M0.08%
215AXON ENTERPRISE INCAXON13,300$11.0M0.08%
216APOLLO GLOBAL MGMT INC03769M10677,501$11.0M0.08%
217COGNIZANT TECHNOLOGY SOLUTIOCTSH140,611$11.0M0.08%
218CORNING INCGLW206,632$10.9M0.08%
219COINBASE GLOBAL INCCOIN31,000$10.9M0.08%
220CLOUDFLARE INCNET55,100$10.8M0.08%
221DIGITAL RLTY TR INC25386810361,783$10.8M0.08%
222PEMBINA PIPELINE CORPPPLOF285,379$10.7M0.08%
223CHENIERE ENERGY INCLNG43,900$10.7M0.08%
224HCA HEALTHCARE INCHCA27,863$10.7M0.08%
225QUANTA SVCS INC74762E10228,140$10.6M0.08%
226TRAVELERS COMPANIES INCTRV39,647$10.6M0.08%
227DEVON ENERGY CORP NEW25179M103332,870$10.6M0.08%
228EXELON CORPEXC242,515$10.5M0.08%
229BAKER HUGHES COMPANYBKR274,229$10.5M0.08%
230UNITED PARCEL SERVICE INCUPS103,670$10.5M0.08%
231FLUTTER ENTMT PLCG3643J10836,600$10.5M0.08%
232TRUIST FINL CORP89832Q109241,980$10.4M0.08%
233ZOETIS INCZTS66,458$10.4M0.08%
234AIRBNB INCABNB77,305$10.2M0.08%
235TC ENERGY CORPTRPRF209,000$10.2M0.08%
236REGENCY CTRS CORP758849103142,937$10.2M0.08%
237AMERIPRISE FINL INC03076C10618,962$10.1M0.07%
238AMETEK INCAME55,795$10.1M0.07%
239AUTOZONE INCAZO2,703$10.0M0.07%
240EDWARDS LIFESCIENCES CORPEW128,158$10.0M0.07%
241WORKDAY INCWDAY41,569$10.0M0.07%
242CBRE GROUP INCCBRE71,200$10.0M0.07%
243CRH PLCCRH108,500$10.0M0.07%
244PUBLIC SVC ENTERPRISE GRP IN744573106118,037$9.9M0.07%
245YUM BRANDS INCYUM67,053$9.9M0.07%
246AMERICAN INTL GROUP INC026874784115,930$9.9M0.07%
247SYSCO CORPSYY130,007$9.8M0.07%
248AVERY DENNISON CORPAVY55,329$9.7M0.07%
249AFLAC INCAFL91,991$9.7M0.07%
250KIMBERLY-CLARK CORPKMB75,216$9.7M0.07%
251PRUDENTIAL FINL INCPUKPF89,239$9.6M0.07%
252KIMCO RLTY CORP49446R109455,593$9.6M0.07%
253EQUITY RESIDENTIALEQR141,700$9.6M0.07%
254REGENERON PHARMACEUTICALSREGN18,188$9.5M0.07%
255COTERRA ENERGY INCCTRA374,691$9.5M0.07%
256DUPONT DE NEMOURS INCDD138,639$9.5M0.07%
257ARES MANAGEMENT CORPORATIONARES-PB54,900$9.5M0.07%
258GENERAL MTRS CO37045V100193,003$9.5M0.07%
259AECOMACM83,900$9.5M0.07%
260VICI PPTYS INC925652109288,788$9.4M0.07%
261VENTAS INCVTR147,768$9.3M0.07%
262FTAI AVIATION LTDFTAIN81,000$9.3M0.07%
263FORD MTR CO345370860847,972$9.2M0.07%
264WABTEC92974010843,924$9.2M0.07%
265UNITED RENTALS INCURI12,205$9.2M0.07%
266PAYCHEX INCPAYX62,853$9.1M0.07%
267METLIFE INCMET-PF113,156$9.1M0.07%
268CROWN CASTLE INCCCI88,500$9.1M0.07%
269ALLSTATE CORPALL-PJ44,800$9.0M0.07%
270AMERICAN WTR WKS CO INC NEW03042010364,742$9.0M0.07%
271PUBLIC STORAGE OPER COPSA-PS30,498$8.9M0.07%
272WILLIS TOWERS WATSON PLC LTDWTW29,000$8.9M0.07%
273CHURCH & DWIGHT CO INCCHD92,199$8.9M0.07%
274CARDINAL HEALTH INCCAH52,200$8.8M0.06%
275GARTNER INCIT21,501$8.7M0.06%
276FASTENAL COFAST206,500$8.7M0.06%
277GRAINGER W W INC3848021048,138$8.5M0.06%
278AIR PRODS & CHEMS INCAIIR29,943$8.4M0.06%
279CONAGRA BRANDS INCCAG408,300$8.4M0.06%
280IQVIA HLDGS INCIQV52,750$8.3M0.06%
281TARGET CORPTGT83,780$8.3M0.06%
282AGILENT TECHNOLOGIES INCA69,971$8.3M0.06%
283BLOCK INCBSQKZ121,025$8.2M0.06%
284KENVUE INCKVUE388,966$8.1M0.06%
285WEYERHAEUSER CO MTN BEWY313,542$8.1M0.06%
286OTIS WORLDWIDE CORPOTIS80,942$8.0M0.06%
287DEUTSCHE BANK A GD18190898269,900$8.0M0.06%
288EQUIFAX INCEFX30,564$7.9M0.06%
289COPART INCCPRT160,388$7.9M0.06%
290HP INCHPQ316,647$7.7M0.06%
291IRON MTN INC DEL46284V10174,538$7.6M0.06%
292ROSS STORES INCROST59,627$7.6M0.06%
293HEICO CORP NEWHEI-A23,000$7.5M0.06%
294FIDELITY NATL INFORMATION SV31620M10692,282$7.5M0.06%
295GE HEALTHCARE TECHNOLOGIES IGEHC101,300$7.5M0.06%
296FAIR ISAAC CORPFICO4,100$7.5M0.06%
297SOUTHERN COPPER CORPSCCO73,368$7.4M0.05%
298FEDEX CORPFDX32,120$7.3M0.05%
299COCA-COLA EUROPACIFIC PARTNECCEP75,200$7.0M0.05%
300SEA LTDSE42,200$6.7M0.05%
301CARVANA COCVNA19,360$6.5M0.05%
302EBAY INC.EBAY85,900$6.4M0.05%
303NU HLDGS LTDNU383,900$5.3M0.04%
304FERRARI N VRACE7,900$3.9M0.03%
305PDD HOLDINGS INCPDD34,000$3.6M0.03%
306HEICO CORP NEWHEI-A12,750$3.3M0.02%
307ARGENX SEARGX3,000$1.7M0.01%
308DEXCOM INCDXCM10,000$872,9000.01%
309MILLROSE PPTYS INC6011371027,957$226,8540.00%