Key Takeaways
- • South Korea's National Pension Service's US-listed stock holdings rose $3.66 billion quarter-over-quarter to $158.74 billion at the end of the third quarter, according to its SEC 13F filing dated the 12th (local time).
- • The seven big tech holdings (Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta, Tesla) rose 12.6% in value to $49.1 billion, led by Microsoft's 38.2% gain to $7.86 billion.
- • Semiconductor holdings fell in value, with Applied Materials down 29.1%, Lam Research down 24.1%, and Micron down 7.4%, while the fund raised share counts in most major chipmakers by 0.1% to 0.9%.
- • A stronger won cut the won-denominated value of the portfolio from about 239 trillion won to about 211 trillion won, despite dollar-term growth.
- • The fund reduced crypto-linked holdings, including Coinbase (share count down 10.1%) and Strategy (down 0.7%), while adding modestly to defense and space names.
Summary
South Korea's National Pension Service increased the value of its US-listed equity holdings by $3.66 billion, or about 4.9 trillion won, in the third quarter, bringing the total to $158.74 billion as of the end of September, according to a report filed with the U.S. Securities and Exchange Commission on the 12th (local time). The fund held 553 US-listed securities, up from 552 at the end of the prior quarter, and the portfolio's dollar value rose 2.4%. Share count increased 0.9%, from 928.05 million to 936.18 million.
In won terms, the portfolio's value fell from roughly 239 trillion won at the end of the second quarter to about 211 trillion won, as the won strengthened in the quarter after a sharp dollar-won spike at the end of June. Currency effects therefore offset dollar-term gains.
The seven big tech companies, known as the Magnificent Seven, drove performance. Their combined share count edged up 0.5%, but holdings rose $5.5 billion, or 12.6%, from $43.6 billion to $49.1 billion. Microsoft posted the largest gain, with its stake up $2.17 billion (38.2%) to $7.86 billion. Nvidia added $1.48 billion (14.6%), Apple added $1.43 billion (15.6%), and Meta added $800 million (29.3%). The fund's largest position at quarter-end was Nvidia at $11.65 billion (7.34% of the portfolio), followed by Apple at $10.55 billion (6.64%), Alphabet at $8.15 billion (5.13%), and Microsoft at $7.86 billion (4.95%).
Semiconductor holdings were weaker. Micron's stake fell $245.46 million (7.4%) to $3.09 billion, Applied Materials dropped $410 million (-29.1%), Lam Research fell $350 million (-24.1%), Broadcom declined $240 million (-6.6%), and Intel lost $190 million (-13.3%). The fund nonetheless raised share counts in most major semiconductor names by 0.1% to 0.9%, which the report characterizes as using price declines to build exposure. The exception was Super Micro Computer, where the stake was cut 35.1%, from 99,868 to 64,783 shares.
The fund also continued to build space and defense exposure. Its SpaceX stake lost more than 10% in value on a share-price decline, though share count rose 0.1%; SpaceX completed the largest IPO on record in June. Rocket Lab's share count rose about 5%, to 716,192 shares, while its value fell 28.0% to $49.9 million. Share counts in Boeing, Lockheed Martin, Northrop Grumman, Palantir and RTX rose by as much as 1.1%.
Conversely, the fund scaled back crypto-related exposure. Its Coinbase Global share count fell 10.1% and its Strategy holding fell 0.7%, while Roblox dropped 7.4%. Media holdings were mixed: News Corp rose slightly from 61,000 to 64,000 shares, while Fox Corp was cut about 4.1%, from 128,000 to 121,000 shares.
The report indicates the fund kept its portfolio centered on big tech, with the Magnificent Seven still accounting for roughly a third of total portfolio value. The source characterizes the share-count increases during the chip correction as a medium- to long-term rebalancing. It adds that semiconductor stocks, including Nvidia, have shown greater volatility since the third quarter, and that fourth-quarter results will depend on how those shares trade, given the portfolio's concentration in a handful of technology names.
In won terms, the portfolio's value fell from roughly 239 trillion won at the end of the second quarter to about 211 trillion won, as the won strengthened in the quarter after a sharp dollar-won spike at the end of June. Currency effects therefore offset dollar-term gains.
The seven big tech companies, known as the Magnificent Seven, drove performance. Their combined share count edged up 0.5%, but holdings rose $5.5 billion, or 12.6%, from $43.6 billion to $49.1 billion. Microsoft posted the largest gain, with its stake up $2.17 billion (38.2%) to $7.86 billion. Nvidia added $1.48 billion (14.6%), Apple added $1.43 billion (15.6%), and Meta added $800 million (29.3%). The fund's largest position at quarter-end was Nvidia at $11.65 billion (7.34% of the portfolio), followed by Apple at $10.55 billion (6.64%), Alphabet at $8.15 billion (5.13%), and Microsoft at $7.86 billion (4.95%).
Semiconductor holdings were weaker. Micron's stake fell $245.46 million (7.4%) to $3.09 billion, Applied Materials dropped $410 million (-29.1%), Lam Research fell $350 million (-24.1%), Broadcom declined $240 million (-6.6%), and Intel lost $190 million (-13.3%). The fund nonetheless raised share counts in most major semiconductor names by 0.1% to 0.9%, which the report characterizes as using price declines to build exposure. The exception was Super Micro Computer, where the stake was cut 35.1%, from 99,868 to 64,783 shares.
The fund also continued to build space and defense exposure. Its SpaceX stake lost more than 10% in value on a share-price decline, though share count rose 0.1%; SpaceX completed the largest IPO on record in June. Rocket Lab's share count rose about 5%, to 716,192 shares, while its value fell 28.0% to $49.9 million. Share counts in Boeing, Lockheed Martin, Northrop Grumman, Palantir and RTX rose by as much as 1.1%.
Conversely, the fund scaled back crypto-related exposure. Its Coinbase Global share count fell 10.1% and its Strategy holding fell 0.7%, while Roblox dropped 7.4%. Media holdings were mixed: News Corp rose slightly from 61,000 to 64,000 shares, while Fox Corp was cut about 4.1%, from 128,000 to 121,000 shares.
The report indicates the fund kept its portfolio centered on big tech, with the Magnificent Seven still accounting for roughly a third of total portfolio value. The source characterizes the share-count increases during the chip correction as a medium- to long-term rebalancing. It adds that semiconductor stocks, including Nvidia, have shown greater volatility since the third quarter, and that fourth-quarter results will depend on how those shares trade, given the portfolio's concentration in a handful of technology names.
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