SEOUL, February 11 (AJP) - South Korea’s National Pension Service (NPS) booked nearly $29.4 billion in valuation gains from its U.S. stock portfolio last year from its aggressive bet on Big Tech and artificial intelligence-driven growth despite rising concerns over market froth.
The fund - one of the largest institutional players in the world - in its latest 13F filing to the U.S. Securities and Exchange Commission reported that it held stakes in 561 U.S.-listed companies as of Dec. 31, 2025.
The market value of its U.S. equity holdings stood at $135.07 billion, up 27.8 percent from a year earlier and marking an increase of $6.29 billion in valuation terms.
The number of stocks in the portfolio rose from 552 to 561 over the quarter, while total shares climbed 3.36 percent to 888.4 million.
The rally was led by technology heavyweights, particularly those linked to AI infrastructure and platforms.
The largest quarterly increase came from Alphabet, the parent of Google. The valuation of the pension fund’s combined Class A and C shares surged from $5.39 billion in September to $7.16 billion at year-end, despite only a modest increase in share count.
Holdings in Apple rose 8.45 percent in value to $8.21 billion, while pharmaceutical giant Eli Lilly posted a sharp 42.9 percent jump.
Semiconductor maker Micron Technology also stood out, with its valuation nearly doubling to $870 million on strong memory chip demand linked to AI servers.
As of end-2025, the largest single holding in the NPS U.S. portfolio was NVIDIA, accounting for 6.9 percent of total assets, or $9.34 billion, followed by Apple (6.1 percent), Microsoft (5.2 percent), and Amazon (3.4 percent).
The combined exposure highlights the fund’s continued concentration in U.S. technology and platform leaders that dominate the global AI ecosystem.
While maintaining an aggressive stance on Big Tech, the NPS continued selective portfolio adjustments in the fourth quarter. Holdings in Intel fell 2.3 percent, while stakes in Roblox, Nike, and Applied Materials were also reduced.
Its holding in Estée Lauder jumped from fewer than 5,000 shares to more than 400,000, while stakes in Reddit, Dollar Tree, and Ulta Beauty increased multiple times. The NPS also initiated new positions in Spotify and space company Rocket lab.
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