Institutional Manager · CIK 0000887818

FACTORY MUTUAL INSURANCE CO

WALTHAM, MA · File #028-03189

Latest AUM

$9.86B

Positions

196

Top-10 Concentration

50.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ISHARES TR	46432F834	-4,275,825	-$361.9M	+$12.2M
NEW	J P MORGAN EXCHANGE TRADED F	46641Q134	+1,671,130	+$125.1M	$0
ADD	SELECT SECTOR SPDR TR	81369Y886	+1,761,600	+$75.2M	-$91.8M
ADD	SERVICENOW INC	NOW	+386,650	+$59.2M	-$63.8M
ADD	ISHARES TR	46435G250	+1,061,100	+$50.2M	-$522,579
EXITED	UNILEVER PLC	904767704	-700,409	-$41.5M	$0
REDUCE	VANGUARD INDEX FDS	922908363	-65,250	-$40.9M	+$2.6M
ADD	ISHARES TR	464287226	+340,577	+$34.0M	-$1.4M
ADD	SELECT SECTOR SPDR TR	81369Y407	+284,000	+$33.9M	-$34.1M
EXITED	COMCAST CORP NEW	20030N101	-1,046,200	-$32.9M	$0

Sector Allocation

Technology

23.8%$2.35B

Consumer Discretionary

6.5%$639.2M

Healthcare

5.8%$567.3M

Industrials

4.4%$437.5M

Financials

3.2%$313.5M

Communication Services

2.6%$258.6M

1.8%$175.9M

1.6%$155.7M

0.9%$92.4M

0.5%$45.6M

Filing History

Jan 23, 202613F HOLDINGS REPORTQ/E Dec 2025196 pos · $9.86B
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 2025195 pos · $10.27B
Aug 7, 202513F HOLDINGS REPORTQ/E Jun 2025162 pos · $9.15B
Apr 17, 202513F HOLDINGS REPORTQ/E Mar 2025167 pos · $8.62B
Jan 24, 202513F HOLDINGS REPORTQ/E Dec 2024172 pos · $9.25B
Oct 10, 202413F HOLDINGS REPORTQ/E Sep 2024173 pos · $9.67B
Jul 23, 202413F HOLDINGS REPORTQ/E Jun 2024170 pos · $8.78B
Apr 12, 202413F HOLDINGS REPORTQ/E Mar 2024169 pos · $8.71B
Nov 7, 202313F HOLDINGS REPORTQ/E Dec 2023156 pos · $7.17B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	2,922,698	$545.1M	7.65%
2	MICROSOFT CORP	MSFT	1,008,818	$487.9M	6.85%
3	APPLE INC	AAPL	1,727,321	$469.6M	6.59%
4	ALPHABET INC	GOOG	1,478,271	$463.9M	6.51%
5	ISHARES TR	464287226	4,096,000	$409.1M	5.74%
6	AMAZON COM INC	AMZN	1,331,024	$307.2M	4.31%
7	J P MORGAN EXCHANGE TRADED F	46641Q670	5,846,314	$276.8M	3.89%
8	BROADCOM INC	AVGO	724,445	$250.7M	3.52%
9	DIMENSIONAL ETF TRUST	25434V872	4,538,370	$193.2M	2.71%
10	META PLATFORMS INC	META	291,441	$192.4M	2.70%
11	SELECT SECTOR SPDR TR	81369Y886	3,823,850	$163.2M	2.29%
12	JPMORGAN CHASE & CO.	VYLD	493,775	$159.1M	2.23%
13	DIMENSIONAL ETF TRUST	25434V880	4,806,630	$157.3M	2.21%
14	SELECT SECTOR SPDR TR	81369Y803	1,022,030	$147.1M	2.07%
15	VANGUARD INTL EQUITY INDEX F	922042874	1,729,400	$144.6M	2.03%
16	SELECT SECTOR SPDR TR	81369Y704	923,500	$143.3M	2.01%
17	ISHARES TR	46432F834	1,647,735	$139.5M	1.96%
18	J P MORGAN EXCHANGE TRADED F	46641Q134	1,671,130	$125.1M	1.76%
19	TESLA INC	TSLA	262,550	$118.1M	1.66%
20	VISA INC	V	332,951	$116.8M	1.64%