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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 Q3 2025 · Filed November 6, 2025 · Accession 0001140361-25-040748

Total Value
$15.59B
Positions
312
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (312)

#IssuerTicker / CUSIPSharesValue% of Filing
1INVESCO EXCH TRADED FD TR IIIVZ87,333,362$2.39B15.31%
2INVESCO EXCH TRADED FD TR IIIVZ44,931,497$1.36B8.73%
3DBX ETF TR23305122627,941,634$965.9M6.19%
4NVIDIA CORPORATIONNVDA3,969,166$740.6M4.75%
5APPLE INCAAPL2,391,483$608.9M3.90%
6MICROSOFT CORPMSFT1,163,376$602.6M3.86%
7ALPHABET INCGOOG1,610,699$391.6M2.51%
8AMAZON COM INCAMZN1,646,711$361.6M2.32%
9ISHARES TR4642876551,458,061$352.8M2.26%
10BLACKROCK ETF TRUSTBLK4,814,000$349.4M2.24%
11META PLATFORMS INCMETA374,044$274.7M1.76%
12VANGUARD SCOTTSDALE FDS92206C8702,700,000$227.1M1.46%
13BROADCOM INCAVGO621,230$204.9M1.31%
14TESLA INCTSLA392,123$174.4M1.12%
15JPMORGAN CHASE & CO.VYLD452,211$142.6M0.91%
16VANGUARD SCOTTSDALE FDS92206C8131,600,000$124.2M0.80%
17DBX ETF TR2330518793,641,000$120.1M0.77%
18TAIWAN SEMICONDUCTOR MFG LTD874039100364,600$101.8M0.65%
19VISA INCV291,841$99.6M0.64%
20ORACLE CORPORCL-PD351,418$98.8M0.63%
21ELI LILLY & COLLY121,468$92.7M0.59%
22VANGUARD WHITEHALL FDS9219468851,250,000$83.6M0.54%
23MASTERCARD INCORPORATEDMA141,308$80.4M0.52%
24VANECK ETF TRUST92189H3003,100,000$79.1M0.51%
25NETFLIX INCNFLX61,675$73.9M0.47%
26EXXON MOBIL CORPXOM655,303$73.9M0.47%
27WALMART INCWMT711,366$73.3M0.47%
28VANGUARD WORLD FD9219106911,100,000$70.6M0.45%
29JOHNSON & JOHNSONJNJ378,256$70.1M0.45%
30HOME DEPOT INCHD159,695$64.7M0.41%
31BANK AMERICA CORP0605051041,208,924$62.4M0.40%
32ABBVIE INCABBV263,467$61.0M0.39%
33COSTCO WHSL CORP NEW22160K10565,057$60.2M0.39%
34PROCTER AND GAMBLE CO742718109374,055$57.5M0.37%
35PALANTIR TECHNOLOGIES INCPLTR314,000$57.3M0.37%
36ISHARES TR46435G4742,000,000$55.6M0.36%
37CHEVRON CORP NEWCVX342,936$53.3M0.34%
38GE AEROSPACE369604301169,308$50.9M0.33%
39UNITEDHEALTH GROUP INCUNH145,462$50.2M0.32%
40COCA COLA COKO684,076$45.4M0.29%
41WELLS FARGO CO NEW949746101537,859$45.1M0.29%
42CISCO SYS INCCSCO647,947$44.3M0.28%
43GOLDMAN SACHS GROUP INCGSCE54,700$43.6M0.28%
44SALESFORCE INCCRM182,428$43.2M0.28%
45ALPHABET INCGOOG170,814$41.6M0.27%
46INTERNATIONAL BUSINESS MACHSINTR138,458$39.1M0.25%
47LINDE PLCLIN80,085$38.0M0.24%
48AMERICAN EXPRESS COAXP113,635$37.7M0.24%
49ABBOTT LABSABLZF279,852$37.5M0.24%
50CATERPILLAR INCCAT78,556$37.5M0.24%
51SERVICENOW INCNOW39,983$36.8M0.24%
52PEPSICO INCPEP258,857$36.4M0.23%
53MCDONALDS CORPMCD115,866$35.2M0.23%
54ROYAL BK CDA780087102237,929$35.1M0.22%
55CITIGROUP INCC-PR341,876$34.7M0.22%
56LAM RESEARCH CORPLRCX258,830$34.7M0.22%
57MORGAN STANLEYMS-PQ213,512$33.9M0.22%
58MERCK & CO INCMRK402,774$33.8M0.22%
59AT&T INCT-PC1,196,460$33.8M0.22%
60DISNEY WALT CO254687106284,894$32.6M0.21%
61APPLIED MATLS INC038222105159,182$32.6M0.21%
62THERMO FISHER SCIENTIFIC INCTMO65,917$32.0M0.21%
63KRANESHARES TRUST5007678351,520,129$31.8M0.20%
64ISHARES TR46429B598607,910$31.6M0.20%
65QUALCOMM INCQCOM187,971$31.3M0.20%
66S&P GLOBAL INCSPGI63,407$30.9M0.20%
67INTUITINTU45,058$30.8M0.20%
68BLACKROCK INCBLK26,012$30.3M0.19%
69VERIZON COMMUNICATIONS INCVZ689,809$30.3M0.19%
70MICRON TECHNOLOGY INCMU179,971$30.1M0.19%
71ADVANCED MICRO DEVICES INCAMD184,117$29.8M0.19%
72UBER TECHNOLOGIES INCUBER297,892$29.2M0.19%
73SHOPIFY INCSHOP195,858$29.1M0.19%
74BOOKING HOLDINGS INCBKNG5,324$28.7M0.18%
75EATON CORP PLCETN76,325$28.6M0.18%
76GE VERNOVA INCGEV45,743$28.1M0.18%
77KLA CORPKLAC25,764$27.8M0.18%
78SCHWAB CHARLES CORPSCHW-PJ289,681$27.7M0.18%
79ARISTA NETWORKS INCANET182,300$26.6M0.17%
80AGNICO EAGLE MINES LTDAEM157,552$26.5M0.17%
81BOSTON SCIENTIFIC CORPBSX270,881$26.4M0.17%
82TJX COS INC NEW872540109182,966$26.4M0.17%
83CONOCOPHILLIPSCOP278,352$26.3M0.17%
84CAPITAL ONE FINL CORP14040H105123,582$26.3M0.17%
85APPLOVIN CORPAPP36,400$26.2M0.17%
86AMPHENOL CORP NEW032095101209,939$26.0M0.17%
87INTUITIVE SURGICAL INCISRG57,853$25.9M0.17%
88AMGEN INCAMGN89,259$25.2M0.16%
89UNION PAC CORPUNP105,049$24.8M0.16%
90NEXTERA ENERGY INCNEE-PW326,193$24.6M0.16%
91PFIZER INCPFE960,563$24.5M0.16%
92WELLTOWER INCWELL136,776$24.4M0.16%
93PROGRESSIVE CORP74331510398,444$24.3M0.16%
94ANALOG DEVICES INCADI97,459$23.9M0.15%
95BLACKSTONE INCBX138,600$23.7M0.15%
96TORONTO DOMINION BK ONTTORO294,798$23.6M0.15%
97INTEL CORPINTC692,723$23.2M0.15%
98WHEATON PRECIOUS METALS CORPWPM207,358$23.2M0.15%
99PALO ALTO NETWORKS INCPANW112,776$23.0M0.15%
100NEWMONT CORPNEMCL269,756$22.7M0.15%
101GILEAD SCIENCES INCGILD204,615$22.7M0.15%
102ENBRIDGE INCENNPF443,861$22.4M0.14%
103MARSH & MCLENNAN COS INC571748102110,604$22.3M0.14%
104PARKER-HANNIFIN CORPPH29,037$22.0M0.14%
105ACCENTURE PLC IRELANDACN86,786$21.4M0.14%
106ROBINHOOD MKTS INC770700102149,300$21.4M0.14%
107LOWES COS INC54866110784,763$21.3M0.14%
108TE CONNECTIVITY PLCTEL95,645$21.0M0.13%
109FREEPORT-MCMORAN INCFCX533,667$20.9M0.13%
110PROLOGIS INC.PLDGP178,646$20.5M0.13%
111AUTOMATIC DATA PROCESSING INADP69,053$20.3M0.13%
112DANAHER CORPORATION235851102102,026$20.2M0.13%
113BROOKFIELD CORP11271J107291,413$20.0M0.13%
114T-MOBILE US INCTMUSZ82,917$19.8M0.13%
115DEERE & CODE42,807$19.6M0.13%
116CME GROUP INCCME72,196$19.5M0.13%
117CROWDSTRIKE HLDGS INCCRWD39,715$19.5M0.12%
118BANK MONTREAL QUE063671101149,129$19.4M0.12%
119MEDTRONIC PLCMDT203,451$19.4M0.12%
120COMCAST CORP NEWCCZ613,694$19.3M0.12%
121ISHARES TR464288281200,000$19.0M0.12%
122TEXAS INSTRS INC882508104101,741$18.7M0.12%
123MOODYS CORPMCO38,966$18.6M0.12%
124TRANE TECHNOLOGIES PLCTT43,811$18.5M0.12%
125MONDELEZ INTL INC609207105295,165$18.4M0.12%
126CORNING INCGLW224,732$18.4M0.12%
127BANK NEW YORK MELLON CORP064058100168,590$18.4M0.12%
128INTERCONTINENTAL EXCHANGE IN45866F104107,901$18.2M0.12%
129BANK NOVA SCOTIA HALIFAX064149107280,056$18.1M0.12%
130CHUBB LIMITEDCB64,021$18.1M0.12%
131STRYKER CORPORATIONSYK48,510$17.9M0.11%
132ECOLAB INCECL64,340$17.6M0.11%
133RBB FUND TRUST75526L779355,000$17.5M0.11%
134CSX CORPCSX487,164$17.3M0.11%
135WASTE MGMT INC DEL94106L10977,950$17.2M0.11%
136CUMMINS INCCMI40,720$17.2M0.11%
137CONSTELLATION ENERGY CORPCEG51,997$17.1M0.11%
138CADENCE DESIGN SYSTEM INCCDNS48,249$16.9M0.11%
139HILTON WORLDWIDE HLDGS INCHLT65,270$16.9M0.11%
140AMERICAN TOWER CORP NEW03027X10087,806$16.9M0.11%
141MCKESSON CORPMCK21,853$16.9M0.11%
142NIKE INCNKE241,795$16.9M0.11%
143EMERSON ELEC COEMR128,505$16.9M0.11%
144ADOBE INCADBE47,526$16.8M0.11%
145MERCADOLIBRE INCMELI7,121$16.6M0.11%
146PNC FINL SVCS GROUP INC69347510582,234$16.5M0.11%
147EOG RES INCEOG146,792$16.5M0.11%
148KKR & CO INCKKRT125,727$16.3M0.10%
149HOWMET AEROSPACE INCHWM82,924$16.3M0.10%
150DOORDASH INCDASH59,700$16.2M0.10%
151STARBUCKS CORPSBUX190,842$16.1M0.10%
152CANADIAN PACIFIC KANSAS CITYCP212,709$15.8M0.10%
153TRANSDIGM GROUP INCTDG12,020$15.8M0.10%
154OREILLY AUTOMOTIVE INC67103H107146,920$15.8M0.10%
1553M COMMM102,045$15.8M0.10%
156WILLIAMS COS INC969457100248,500$15.7M0.10%
157FISERV INCFISV121,731$15.7M0.10%
158CANADIAN IMPERIAL BANK OF COCNDIF196,111$15.7M0.10%
159GALLAGHER ARTHUR J & CO36357610950,250$15.6M0.10%
160SIMON PPTY GROUP INC NEW82880610982,349$15.5M0.10%
161DIAMONDBACK ENERGY INCFANG107,899$15.4M0.10%
162CVS HEALTH CORPCVS203,173$15.3M0.10%
163NASDAQ INCNDAQ172,876$15.3M0.10%
164AUTODESK INCADSK48,095$15.3M0.10%
165ROGERS COMMUNICATIONS INCRCIAF442,200$15.2M0.10%
166QUANTA SVCS INC74762E10236,640$15.2M0.10%
167SYNOPSYS INCSNPS30,565$15.1M0.10%
168US BANCORP DELUSB-PS311,520$15.1M0.10%
169SPDR SERIES TRUST78464A391700,000$15.0M0.10%
170ROYAL CARIBBEAN GROUPV7780T10345,954$14.9M0.10%
171COLGATE PALMOLIVE COCL185,617$14.8M0.10%
172ELEVANCE HEALTH INC FORMERLYELV45,782$14.8M0.09%
173EQUINIX INCEQIX18,853$14.8M0.09%
174AON PLCAON41,000$14.6M0.09%
175BAKER HUGHES COMPANYBKR297,829$14.5M0.09%
176SHERWIN WILLIAMS COSHW41,793$14.5M0.09%
177NXP SEMICONDUCTORS N VNXPI63,544$14.5M0.09%
178SEMPRASREA160,800$14.5M0.09%
179MARRIOTT INTL INC NEW57190320255,236$14.4M0.09%
180NORFOLK SOUTHN CORP65584410847,410$14.2M0.09%
181CRH PLCCRH117,800$14.1M0.09%
182CARRIER GLOBAL CORPORATIONCARR232,909$13.9M0.09%
183CINTAS CORPCTAS67,556$13.9M0.09%
184BRISTOL-MYERS SQUIBB COCELG-RI305,826$13.8M0.09%
185DOVER CORPDOV82,506$13.8M0.09%
186ILLINOIS TOOL WKS INC45230810952,734$13.8M0.09%
187REALTY INCOME CORPO225,818$13.7M0.09%
188VERTEX PHARMACEUTICALS INCVRTX34,926$13.7M0.09%
189CANADIAN NATL RY CO136375102144,146$13.6M0.09%
190MOTOROLA SOLUTIONS INCMSI29,701$13.6M0.09%
191TRUIST FINL CORP89832Q109295,080$13.5M0.09%
192TRAVELERS COMPANIES INCTRV48,247$13.5M0.09%
193SNOWFLAKE INCSNOW59,546$13.4M0.09%
194SCHLUMBERGER LTDSLB389,252$13.4M0.09%
195CENCORA INCCOR42,125$13.2M0.08%
196PACCAR INCPCAR133,743$13.1M0.08%
197PAYPAL HLDGS INCPYPL195,929$13.1M0.08%
198PPG INDS INC693506107123,186$12.9M0.08%
199MANULIFE FINL CORP56501R106414,539$12.9M0.08%
200HCA HEALTHCARE INCHCA30,263$12.9M0.08%
201AUTOZONE INCAZO3,003$12.9M0.08%
202CLOUDFLARE INCNET59,900$12.9M0.08%
203INGERSOLL RAND INCIR154,664$12.8M0.08%
204GENERAL MTRS CO37045V100209,303$12.8M0.08%
205COINBASE GLOBAL INCCOIN37,800$12.8M0.08%
206UNITED RENTALS INCURI13,305$12.7M0.08%
207DEVON ENERGY CORP NEW25179M103361,470$12.7M0.08%
208APOLLO GLOBAL MGMT INC03769M10694,401$12.6M0.08%
209SPOTIFY TECHNOLOGY S ASPOT18,000$12.6M0.08%
210AFLAC INCAFL112,191$12.5M0.08%
211PEMBINA PIPELINE CORPPPLOF309,779$12.5M0.08%
212CONSOLIDATED EDISON INCED123,215$12.4M0.08%
213TC ENERGY CORPTRPRF226,800$12.3M0.08%
214STRATEGY INCSTRK38,100$12.3M0.08%
215REPUBLIC SVCS INC76075910053,478$12.3M0.08%
216ONEOK INC NEWOKE167,562$12.2M0.08%
217CBRE GROUP INCCBRE77,400$12.2M0.08%
218GENERAL MLS INC370334104238,472$12.0M0.08%
219AVALONBAY CMNTYS INCAWX62,161$12.0M0.08%
220KINDER MORGAN INC DELEP-PC423,003$12.0M0.08%
221AECOMACM91,300$11.9M0.08%
222EXELON CORPEXC264,015$11.9M0.08%
223THE CIGNA GROUP12552310040,942$11.8M0.08%
224ALLSTATE CORPALL-PJ54,700$11.7M0.08%
225DUPONT DE NEMOURS INCDD150,539$11.7M0.08%
226OTIS WORLDWIDE CORPOTIS128,242$11.7M0.08%
227BECTON DICKINSON & COBDX62,321$11.7M0.07%
228SYSCO CORPSYY141,507$11.7M0.07%
229DIGITAL RLTY TR INC25386810367,083$11.6M0.07%
230AMETEK INCAME60,695$11.4M0.07%
231METLIFE INCMET-PF137,956$11.4M0.07%
232AMERIPRISE FINL INC03076C10623,062$11.3M0.07%
233REGENCY CTRS CORP758849103155,237$11.3M0.07%
234FASTENAL COFAST230,600$11.3M0.07%
235PRUDENTIAL FINL INCPUKPF108,839$11.3M0.07%
236CHIPOTLE MEXICAN GRILL INCCMG286,902$11.2M0.07%
237VENTAS INCVTR160,568$11.2M0.07%
238CHENIERE ENERGY INCLNG47,700$11.2M0.07%
239REGENERON PHARMACEUTICALSREGN19,888$11.2M0.07%
240AMERICAN INTL GROUP INC026874784141,330$11.1M0.07%
241CORTEVA INCCTVA163,876$11.1M0.07%
242IQVIA HLDGS INCIQV58,250$11.1M0.07%
243YUM BRANDS INCYUM72,653$11.0M0.07%
244SUN LIFE FINANCIAL INC.SUNFF183,564$11.0M0.07%
245FORD MTR CO345370860921,772$11.0M0.07%
246WILLIS TOWERS WATSON PLC LTDWTW31,600$10.9M0.07%
247WORKDAY INCWDAY45,169$10.9M0.07%
248ROPER TECHNOLOGIES INCROP21,734$10.8M0.07%
249KIMCO RLTY CORP49446R109494,993$10.8M0.07%
250EDWARDS LIFESCIENCES CORPEW138,058$10.7M0.07%
251PUBLIC SVC ENTERPRISE GRP IN744573106128,337$10.7M0.07%
252ARES MANAGEMENT CORPORATIONARES-PB66,900$10.7M0.07%
253BLOCK INCBSQKZ147,625$10.7M0.07%
254JOHNSON CTLS INTL PLCG5150210596,906$10.7M0.07%
255MARVELL TECHNOLOGY INCMRVL126,458$10.6M0.07%
256ZOETIS INCZTS72,358$10.6M0.07%
257EBAY INC.EBAY115,700$10.5M0.07%
258AXON ENTERPRISE INCAXON14,500$10.4M0.07%
259COGNIZANT TECHNOLOGY SOLUTIOCTSH152,911$10.3M0.07%
260VICI PPTYS INC925652109313,688$10.2M0.07%
261AIRBNB INCABNB84,005$10.2M0.07%
262FLUTTER ENTMT PLCG3643J10840,000$10.2M0.07%
263KIMBERLY-CLARK CORPKMB81,616$10.1M0.07%
264EQUITY RESIDENTIALEQR153,900$10.0M0.06%
265THOMSON REUTERS CORPTMSOF63,954$9.9M0.06%
266ROSS STORES INCROST64,627$9.8M0.06%
267CARDINAL HEALTH INCCAH62,600$9.8M0.06%
268AMERICAN WTR WKS CO INC NEW03042010370,542$9.8M0.06%
269AVERY DENNISON CORPAVY60,029$9.7M0.06%
270COTERRA ENERGY INCCTRA406,991$9.6M0.06%
271FORTINET INCFTNT114,400$9.6M0.06%
272WABTEC92974010847,924$9.6M0.06%
273PUBLIC STORAGE OPER COPSA-PS33,098$9.6M0.06%
274DEUTSCHE BANK A GD18190898269,900$9.5M0.06%
275UNITED PARCEL SERVICE INCUPS112,970$9.4M0.06%
276KEURIG DR PEPPER INCKDP368,626$9.4M0.06%
277HP INCHPQ343,947$9.4M0.06%
278CROWN CASTLE INCCCI96,200$9.3M0.06%
279SOUTHERN COPPER CORPSCCO74,109$9.0M0.06%
280AIR PRODS & CHEMS INCAIIR32,543$8.9M0.06%
281CHURCH & DWIGHT CO INCCHD100,599$8.8M0.06%
282PAYCHEX INCPAYX68,453$8.7M0.06%
283AGILENT TECHNOLOGIES INCA66,471$8.5M0.05%
284EQUIFAX INCEFX33,164$8.5M0.05%
285WEYERHAEUSER CO MTN BEWY340,542$8.4M0.05%
286GRAINGER W W INC3848021048,838$8.4M0.05%
287HEICO CORP NEWHEI-A25,900$8.4M0.05%
288GE HEALTHCARE TECHNOLOGIES IGEHC110,400$8.3M0.05%
289IRON MTN INC DEL46284V10180,938$8.3M0.05%
290FEDEX CORPFDX34,920$8.2M0.05%
291TARGET CORPTGT91,480$8.2M0.05%
292CARVANA COCVNA21,060$7.9M0.05%
293COPART INCCPRT174,688$7.9M0.05%
294FIDELITY NATL INFORMATION SV31620M106112,582$7.4M0.05%
295SEA LTDSE41,000$7.3M0.05%
296KENVUE INCKVUE423,166$6.9M0.04%
297COCA-COLA EUROPACIFIC PARTNECCEP75,200$6.8M0.04%
298FAIR ISAAC CORPFICO4,500$6.7M0.04%
299WERIDE INCWRDIF680,000$6.7M0.04%
300GARTNER INCIT23,401$6.2M0.04%
301NU HLDGS LTDNU383,900$6.1M0.04%
302CONAGRA BRANDS INCCAG325,200$6.0M0.04%
303AURORA INNOVATION INCAUROW870,000$4.7M0.03%
304PDD HOLDINGS INCPDD34,000$4.5M0.03%
305FERRARI N VRACE7,900$3.8M0.02%
306BURLINGTON STORES INCBURL15,000$3.8M0.02%
307HEICO CORP NEWHEI-A12,750$3.2M0.02%
308ARGENX SEARGX4,000$3.0M0.02%
309ON HLDG AGH5919C10465,000$2.8M0.02%
310STONECO LTDSTNE120,000$2.3M0.01%
311DEXCOM INCDXCM10,000$672,9000.00%
312MILLROSE PPTYS INC6011371027,957$267,4350.00%