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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 Q4 2025 · Filed February 2, 2026 · Accession 0001140361-26-003200

Total Value
$16.54B
Positions
308
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (308)

#IssuerTicker / CUSIPSharesValue% of Filing
1INVESCO EXCH TRADED FD TR IIIVZ95,333,362$2.68B16.18%
2INVESCO EXCH TRADED FD TR IIIVZ44,931,497$1.39B8.41%
3VANGUARD INDEX FDS9229083631,207,700$757.4M4.58%
4NVIDIA CORPORATIONNVDA4,015,866$749.0M4.53%
5APPLE INCAAPL2,495,883$678.5M4.10%
6DBX ETF TR23305122617,660,261$629.3M3.81%
7MICROSOFT CORPMSFT1,139,676$551.2M3.33%
8ALPHABET INCGOOG1,602,199$501.5M3.03%
9AMAZON COM INCAMZN1,632,111$376.7M2.28%
10BLACKROCK ETF TRUSTBLK4,814,000$356.7M2.16%
11INVESCO EXCHANGE TRADED FD TIVZ1,708,000$327.2M1.98%
12META PLATFORMS INCMETA375,244$247.7M1.50%
13VANGUARD SCOTTSDALE FDS92206C8702,700,000$226.1M1.37%
14BROADCOM INCAVGO643,130$222.6M1.35%
15TESLA INCTSLA404,023$181.7M1.10%
16JPMORGAN CHASE & CO.VYLD450,511$145.2M0.88%
17ELI LILLY & COLLY122,868$132.0M0.80%
18VANGUARD SCOTTSDALE FDS92206C8131,600,000$121.4M0.73%
19TAIWAN SEMICONDUCTOR MFG LTD874039100364,600$110.8M0.67%
20VISA INCV291,341$102.2M0.62%
21MASTERCARD INCORPORATEDMA148,208$84.6M0.51%
22VANGUARD WHITEHALL FDS9219468851,250,000$84.3M0.51%
23VANECK ETF TRUST92189H3003,100,000$80.0M0.48%
24EXXON MOBIL CORPXOM662,803$79.8M0.48%
25JOHNSON & JOHNSONJNJ376,356$77.9M0.47%
26WALMART INCWMT667,866$74.4M0.45%
27VANGUARD WORLD FD9219106911,100,000$70.0M0.42%
28BANK AMERICA CORP0605051041,196,424$65.8M0.40%
29ALPHABET INCGOOG190,914$59.9M0.36%
30ABBVIE INCABBV261,667$59.8M0.36%
31NETFLIX INCNFLX632,250$59.3M0.36%
32PALANTIR TECHNOLOGIES INCPLTR333,170$59.2M0.36%
33COSTCO WHSL CORP NEW22160K10565,457$56.4M0.34%
34ISHARES TR46435G4742,000,000$54.6M0.33%
35PROCTER AND GAMBLE CO742718109378,855$54.3M0.33%
36GE AEROSPACE369604301173,745$53.5M0.32%
37HOME DEPOT INCHD155,095$53.4M0.32%
38GOLDMAN SACHS GROUP INCGSCE60,200$52.9M0.32%
39ADVANCED MICRO DEVICES INCAMD242,917$52.0M0.31%
40CISCO SYS INCCSCO656,847$50.6M0.31%
41WELLS FARGO CO NEW949746101538,759$50.2M0.30%
42ORACLE CORPORCL-PD254,518$49.6M0.30%
43COCA COLA COKO707,276$49.4M0.30%
44MICRON TECHNOLOGY INCMU170,071$48.5M0.29%
45CHEVRON CORP NEWCVX308,436$47.0M0.28%
46UNITEDHEALTH GROUP INCUNH133,062$43.9M0.27%
47CATERPILLAR INCCAT76,416$43.8M0.26%
48MERCK & CO INCMRK396,874$41.8M0.25%
49SALESFORCE INCCRM157,228$41.7M0.25%
50INTERNATIONAL BUSINESS MACHSINTR139,408$41.3M0.25%
51ROYAL BK CDA780087102240,529$41.1M0.25%
52AMERICAN EXPRESS COAXP110,935$41.0M0.25%
53CITIGROUP INCC-PR341,876$39.9M0.24%
54LAM RESEARCH CORPLRCX231,730$39.7M0.24%
55MORGAN STANLEYMS-PQ221,412$39.3M0.24%
56APPLIED MATLS INC038222105147,582$37.9M0.23%
57THERMO FISHER SCIENTIFIC INCTMO63,217$36.6M0.22%
58MCDONALDS CORPMCD118,366$36.2M0.22%
59PEPSICO INCPEP246,557$35.4M0.21%
60ABBOTT LABSABLZF281,652$35.3M0.21%
61LINDE PLCLIN79,585$33.9M0.21%
62S&P GLOBAL INCSPGI64,507$33.7M0.20%
63ISHARES TR464288281350,000$33.7M0.20%
64DISNEY WALT CO254687106290,594$33.1M0.20%
65ISHARES TR46429B598607,910$32.9M0.20%
66INTUITIVE SURGICAL INCISRG57,253$32.4M0.20%
67CAPITAL ONE FINL CORP14040H105129,282$31.3M0.19%
68AT&T INCT-PC1,248,460$31.0M0.19%
69SCHWAB CHARLES CORPSCHW-PJ310,181$31.0M0.19%
70QUALCOMM INCQCOM180,771$30.9M0.19%
71SHOPIFY INCSHOP191,408$30.9M0.19%
72VERIZON COMMUNICATIONS INCVZ742,109$30.2M0.18%
73BLACKROCK INCBLK27,912$29.9M0.18%
74KLA CORPKLAC24,564$29.8M0.18%
75BOOKING HOLDINGS INCBKNG5,524$29.6M0.18%
76AMPHENOL CORP NEW032095101218,589$29.5M0.18%
77INTUITINTU44,158$29.3M0.18%
78AMGEN INCAMGN88,159$28.9M0.17%
79GE VERNOVA INCGEV43,943$28.7M0.17%
80PARKER-HANNIFIN CORPPH32,475$28.5M0.17%
81TORONTO DOMINION BK ONTTORO301,698$28.5M0.17%
82TJX COS INC NEW872540109184,966$28.4M0.17%
83ACCENTURE PLC IRELANDACN105,386$28.3M0.17%
84SERVICENOW INCNOW175,415$26.9M0.16%
85BOSTON SCIENTIFIC CORPBSX280,181$26.7M0.16%
86NEXTERA ENERGY INCNEE-PW330,893$26.6M0.16%
87ARISTA NETWORKS INCANET198,550$26.0M0.16%
88KRANESHARES TRUST5007678351,520,129$25.9M0.16%
89CONOCOPHILLIPSCOP275,852$25.8M0.16%
90UBER TECHNOLOGIES INCUBER315,317$25.8M0.16%
91WELLTOWER INCWELL137,676$25.6M0.15%
92INTEL CORPINTC688,623$25.4M0.15%
93EATON CORP PLCETN79,475$25.3M0.15%
94PROGRESSIVE CORP743315103110,044$25.1M0.15%
95TEXAS INSTRS INC882508104143,941$25.0M0.15%
96ANALOG DEVICES INCADI91,159$24.7M0.15%
97ADOBE INCADBE69,326$24.3M0.15%
98GILEAD SCIENCES INCGILD195,915$24.0M0.15%
99APPLOVIN CORPAPP35,600$24.0M0.15%
100AGNICO EAGLE MINES LTDAEM141,252$24.0M0.15%
101PFIZER INCPFE962,063$24.0M0.14%
102MARSH & MCLENNAN COS INC571748102127,104$23.6M0.14%
103DANAHER CORPORATION235851102102,226$23.4M0.14%
104NEWMONT CORPNEMCL230,556$23.0M0.14%
105PROLOGIS INC.PLDGP179,946$23.0M0.14%
106COMCAST CORP NEWCCZ766,294$22.9M0.14%
107BLACKSTONE INCBX146,100$22.5M0.14%
108WHEATON PRECIOUS METALS CORPWPM191,258$22.5M0.14%
109CHUBB LIMITEDCB70,821$22.1M0.13%
110CME GROUP INCCME80,296$21.9M0.13%
111DEERE & CODE46,567$21.7M0.13%
112MOODYS CORPMCO41,866$21.4M0.13%
113LOWES COS INC54866110788,163$21.3M0.13%
114PALO ALTO NETWORKS INCPANW115,176$21.2M0.13%
115ENBRIDGE INCENNPF437,561$21.0M0.13%
116MEDTRONIC PLCMDT218,151$21.0M0.13%
117BROOKFIELD CORP11271J107451,819$20.8M0.13%
118AUTOMATIC DATA PROCESSING INADP80,423$20.7M0.13%
119BANK NEW YORK MELLON CORP064058100177,490$20.6M0.12%
120BANK NOVA SCOTIA HALIFAX064149107269,856$19.9M0.12%
121INTERCONTINENTAL EXCHANGE IN45866F104122,001$19.8M0.12%
122BRISTOL-MYERS SQUIBB COCELG-RI353,026$19.0M0.12%
123TRANSDIGM GROUP INCTDG14,260$19.0M0.11%
124TE CONNECTIVITY PLCTEL83,135$18.9M0.11%
125WASTE MGMT INC DEL94106L10985,830$18.9M0.11%
126STRYKER CORPORATIONSYK53,610$18.8M0.11%
127T-MOBILE US INCTMUSZ92,617$18.8M0.11%
128BANK MONTREAL QUE063671101143,329$18.6M0.11%
129CROWDSTRIKE HLDGS INCCRWD39,635$18.6M0.11%
130CUMMINS INCCMI36,130$18.4M0.11%
131VERTEX PHARMACEUTICALS INCVRTX40,626$18.4M0.11%
132JOHNSON CTLS INTL PLCG51502105153,506$18.4M0.11%
133CONSTELLATION ENERGY CORPCEG51,797$18.3M0.11%
134FREEPORT-MCMORAN INCFCX359,367$18.3M0.11%
135HILTON WORLDWIDE HLDGS INCHLT63,370$18.2M0.11%
136NASDAQ INCNDAQ187,376$18.2M0.11%
137ECOLAB INCECL68,940$18.1M0.11%
138TRANE TECHNOLOGIES PLCTT46,410$18.1M0.11%
139AMERICAN TOWER CORP NEW03027X100101,906$17.9M0.11%
140RBB FUND TRUST75526L779355,000$17.7M0.11%
141HOWMET AEROSPACE INCHWM86,054$17.6M0.11%
142CANADIAN IMPERIAL BANK OF COCNDIF193,811$17.6M0.11%
143PNC FINL SVCS GROUP INC69347510583,634$17.5M0.11%
144MCKESSON CORPMCK21,253$17.4M0.11%
145SYNOPSYS INCSNPS36,815$17.3M0.10%
146US BANCORP DELUSB-PS318,020$17.0M0.10%
147EMERSON ELEC COEMR127,095$16.9M0.10%
148COLGATE PALMOLIVE COCL211,917$16.7M0.10%
149CORNING INCGLW190,332$16.7M0.10%
150UNION PAC CORPUNP71,849$16.6M0.10%
151MARRIOTT INTL INC NEW57190320253,336$16.5M0.10%
152MONDELEZ INTL INC609207105307,165$16.5M0.10%
1533M COMMM103,015$16.5M0.10%
154KKR & CO INCKKRT128,327$16.4M0.10%
155GENERAL MTRS CO37045V100200,403$16.3M0.10%
156AON PLCAON46,100$16.3M0.10%
157STARBUCKS CORPSBUX190,842$16.1M0.10%
158EOG RES INCEOG152,392$16.0M0.10%
159TRUIST FINL CORP89832Q109324,580$16.0M0.10%
160CVS HEALTH CORPCVS199,073$15.8M0.10%
161ROBINHOOD MKTS INC770700102138,900$15.7M0.09%
162TRAVELERS COMPANIES INCTRV53,447$15.5M0.09%
163SIMON PPTY GROUP INC NEW82880610982,849$15.3M0.09%
164DIAMONDBACK ENERGY INCFANG101,899$15.3M0.09%
165DOORDASH INCDASH67,400$15.3M0.09%
166SLB LIMITEDSLB391,652$15.0M0.09%
167CADENCE DESIGN SYSTEM INCCDNS47,949$15.0M0.09%
168PACCAR INCPCAR136,843$15.0M0.09%
169SPDR SERIES TRUST78464A391700,000$15.0M0.09%
170MERCADOLIBRE INCMELI7,421$14.9M0.09%
171GALLAGHER ARTHUR J & CO36357610957,550$14.9M0.09%
172APOLLO GLOBAL MGMT INC03769M106102,301$14.8M0.09%
173BROADRIDGE FINL SOLUTIONS IN11133T10365,900$14.7M0.09%
174WILLIAMS COS INC969457100244,200$14.7M0.09%
175EQUINIX INCEQIX19,053$14.6M0.09%
176MANULIFE FINL CORP56501R106400,339$14.6M0.09%
177AMETEK INCAME70,875$14.6M0.09%
178FISERV INCFISV216,131$14.5M0.09%
179FRANCO NEV CORPFNV68,600$14.2M0.09%
180REPUBLIC SVCS INC76075910067,178$14.2M0.09%
181NIKE INCNKE222,995$14.2M0.09%
182AUTODESK INCADSK47,895$14.2M0.09%
183SHERWIN WILLIAMS COSHW43,693$14.2M0.09%
184GENERAL MLS INC370334104303,272$14.1M0.09%
185CSX CORPCSX388,464$14.1M0.09%
186AVALONBAY CMNTYS INCAWX77,161$14.0M0.08%
187AXON ENTERPRISE INCAXON24,630$14.0M0.08%
188ELEVANCE HEALTH INC FORMERLYELV39,882$14.0M0.08%
189OREILLY AUTOMOTIVE INC67103H107152,720$13.9M0.08%
190CONSOLIDATED EDISON INCED139,915$13.9M0.08%
191CRH PLCCRH110,900$13.8M0.08%
192PPG INDS INC693506107134,286$13.8M0.08%
193NORFOLK SOUTHN CORP65584410847,630$13.8M0.08%
194SEMPRASREA155,500$13.7M0.08%
195AFLAC INCAFL124,191$13.7M0.08%
196CENCORA INCCOR40,425$13.7M0.08%
197REGENCY CTRS CORP758849103197,737$13.6M0.08%
198EQUITY RESIDENTIALEQR215,400$13.6M0.08%
199VERISK ANALYTICS INCVRSK60,300$13.5M0.08%
200MARVELL TECHNOLOGY INCMRVL158,588$13.5M0.08%
201ONEOK INC NEWOKE181,662$13.4M0.08%
202REGENERON PHARMACEUTICALSREGN17,088$13.2M0.08%
203OTIS WORLDWIDE CORPOTIS150,642$13.2M0.08%
204QUANTA SVCS INC74762E10231,120$13.1M0.08%
205WESTERN DIGITAL CORPWDC76,100$13.1M0.08%
206XYLEM INCXYL96,200$13.1M0.08%
207CINTAS CORPCTAS69,656$13.1M0.08%
208SEAGATE TECHNOLOGY HLDNGS PLSE47,100$13.0M0.08%
209EXELON CORPEXC297,315$13.0M0.08%
210KIMCO RLTY CORP49446R109637,793$12.9M0.08%
211TAKE-TWO INTERACTIVE SOFTWARTTWO50,400$12.9M0.08%
212CORTEVA INCCTVA192,276$12.9M0.08%
213HCA HEALTHCARE INCHCA27,563$12.9M0.08%
214NXP SEMICONDUCTORS N VNXPI59,214$12.9M0.08%
215ALLSTATE CORPALL-PJ61,200$12.7M0.08%
216DEVON ENERGY CORP NEW25179M103345,070$12.6M0.08%
217MOTOROLA SOLUTIONS INCMSI32,801$12.6M0.08%
218ROYAL CARIBBEAN GROUPV7780T10344,954$12.5M0.08%
219COGNIZANT TECHNOLOGY SOLUTIOCTSH151,011$12.5M0.08%
220VENTAS INCVTR160,968$12.5M0.08%
221WILLIS TOWERS WATSON PLC LTDWTW37,900$12.5M0.08%
222INGERSOLL RAND INCIR156,517$12.4M0.07%
223WARNER BROS DISCOVERY INCWBD429,300$12.4M0.07%
224SNOWFLAKE INCSNOW55,876$12.3M0.07%
225PAYPAL HLDGS INCPYPL209,229$12.2M0.07%
226BECTON DICKINSON & COBDX62,921$12.2M0.07%
227AMERICAN INTL GROUP INC026874784141,330$12.1M0.07%
228FORD MTR CO345370860919,072$12.1M0.07%
229KRAFT HEINZ COKHC495,900$12.0M0.07%
230IQVIA HLDGS INCIQV53,050$12.0M0.07%
231DIGITAL RLTY TR INC25386810376,883$11.9M0.07%
232TC ENERGY CORPTRPRF215,100$11.9M0.07%
233CGI INCGIB128,000$11.8M0.07%
234VERTIV HOLDINGS COVRT72,900$11.8M0.07%
235AIRBNB INCABNB86,805$11.8M0.07%
236KEYSIGHT TECHNOLOGIES INCKEYS57,900$11.8M0.07%
237METLIFE INCMET-PF148,956$11.8M0.07%
238KINDER MORGAN INC DELEP-PC427,103$11.7M0.07%
239OCCIDENTAL PETE CORP674599105284,800$11.7M0.07%
240THE CIGNA GROUP12552310042,542$11.7M0.07%
241YUM BRANDS INCYUM76,753$11.6M0.07%
242CARDINAL HEALTH INCCAH56,400$11.6M0.07%
243EDWARDS LIFESCIENCES CORPEW135,858$11.6M0.07%
244CLOUDFLARE INCNET58,480$11.5M0.07%
245JACOBS SOLUTIONS INCJ86,800$11.5M0.07%
246CBRE GROUP INCCBRE71,000$11.4M0.07%
247CHIPOTLE MEXICAN GRILL INCCMG306,602$11.3M0.07%
248BAKER HUGHES COMPANYBKR248,729$11.3M0.07%
249FORTINET INCFTNT140,650$11.2M0.07%
250AUTOZONE INCAZO3,203$10.9M0.07%
251SYSCO CORPSYY146,707$10.8M0.07%
252UNITED PARCEL SERVICE INCUPS108,970$10.8M0.07%
253CAMECO CORPCCJ117,800$10.8M0.07%
254COTERRA ENERGY INCCTRA410,191$10.8M0.07%
255AMCOR PLCAMCCF1,283,300$10.7M0.06%
256PTC INCPTC61,400$10.7M0.06%
257WORKDAY INCWDAY49,499$10.6M0.06%
258CANADIAN PACIFIC KANSAS CITYCP143,909$10.6M0.06%
259EBAY INC.EBAY121,400$10.6M0.06%
260DUPONT DE NEMOURS INCDD260,639$10.5M0.06%
261DOVER CORPDOV53,188$10.4M0.06%
262ALNYLAM PHARMACEUTICALS INCALNY26,100$10.4M0.06%
263KEURIG DR PEPPER INCKDP368,626$10.3M0.06%
264CARRIER GLOBAL CORPORATIONCARR193,895$10.2M0.06%
265OMNICOM GROUP INCOMC125,300$10.1M0.06%
266KIMBERLY-CLARK CORPKMB99,516$10.0M0.06%
267TRIMBLE INCTRMB127,700$10.0M0.06%
268DEUTSCHE BANK A GD18190898256,900$10.0M0.06%
269UNITED RENTALS INCURI12,235$9.9M0.06%
270TARGET CORPTGT100,480$9.8M0.06%
271SOUTHERN COPPER CORPSCCO68,438$9.8M0.06%
272BLOCK INCBSQKZ149,525$9.7M0.06%
273CHENIERE ENERGY INCLNG49,800$9.7M0.06%
274SPOTIFY TECHNOLOGY S ASPOT16,600$9.6M0.06%
275CANADIAN NATL RY CO13637510295,446$9.5M0.06%
276HEALTHPEAK PROPERTIES INCDOC585,700$9.4M0.06%
277AECOMACM98,700$9.4M0.06%
278STANTEC INCSTN98,300$9.3M0.06%
279GE HEALTHCARE TECHNOLOGIES IGEHC112,500$9.2M0.06%
280HEICO CORP NEWHEI-A28,400$9.2M0.06%
281AGILENT TECHNOLOGIES INCA67,371$9.2M0.06%
282ROGERS COMMUNICATIONS INCRCIAF234,900$8.9M0.05%
283ROBLOX CORPRBLX109,000$8.8M0.05%
284COINBASE GLOBAL INCCOIN38,600$8.7M0.05%
285FLUTTER ENTMT PLCG3643J10840,000$8.6M0.05%
286DELL TECHNOLOGIES INCDELL67,800$8.5M0.05%
287VEEVA SYS INCVEEV38,200$8.5M0.05%
288ANGLOGOLD ASHANTI PLCAU99,500$8.5M0.05%
289THOMSON REUTERS CORPTMSOF63,706$8.4M0.05%
290DATADOG INCDDOG60,300$8.2M0.05%
291CELESTICA INCCLS26,600$7.9M0.05%
292HP INCHPQ325,497$7.3M0.04%
293IRON MTN INC DEL46284V10186,938$7.2M0.04%
294NU HLDGS LTDNU424,600$7.1M0.04%
295COCA-COLA EUROPACIFIC PARTNECCEP75,200$6.8M0.04%
296STRATEGY INCSTRK42,880$6.5M0.04%
297GLOBAL X FDS37950E25964,599$5.9M0.04%
298SEA LTDSE44,000$5.6M0.03%
299SUPER MICRO COMPUTER INCSMCI147,350$4.3M0.03%
300PDD HOLDINGS INCPDD37,500$4.3M0.03%
301ARGENX SEARGX4,000$3.4M0.02%
302FERRARI N VRACE8,700$3.2M0.02%
303HEICO CORP NEWHEI-A11,475$2.9M0.02%
304PRUDENTIAL FINL INCPUKPF11,800$1.3M0.01%
305DEXCOM INCDXCM20,000$1.3M0.01%
306AMERIPRISE FINL INC03076C1062,500$1.2M0.01%
307ARES MANAGEMENT CORPORATIONARES-PB7,200$1.2M0.01%
308FIDELITY NATL INFORMATION SV31620M10612,200$810,8120.00%