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National Mutual Insurance Federation of Agricultural Cooperatives
The National Mutual Insurance Federation of Agricultural Cooperatives (ZENKYOREN or JA Kyosai) is Japan's national mutual aid association for agricultural cooperatives, founded in 1951. It primarily provides insurance (life, non-life, property, and liability) services to Japanese farmers and agricultural cooperatives, operating under Japan’s Agricultural Cooperative Law. ZENKYOREN is a state-owned entity and is one of the largest insurance organizations in Japan handling a broad spectrum of insurance products for the agricultural sector.
Investment Strategy
ZENKYOREN focuses on providing comprehensive insurance products to Japanese farmers and agricultural cooperatives, including long-term life and building endowment insurance, as well as short-term fire, automobile, and general liability coverage. It follows a conservative, asset-owner approach that emphasizes capital preservation, risk management, and stable returns to serve the mutual benefit of its cooperative members. In US securities filings, its portfolio exhibits heavy exposure to globally diversified ETFs and index funds, indicating a passive investment style for its non-insurance assets.
Latest 13F Filing Activity
National Mutual Insurance Federation of Agricultural Cooperatives filed their most recent 13F report on Jun 30, 2025 disclosing 43 equity positions with a total 13F market value of $12B. The fund increased holdings in Ishares TR, Vanguard Index FDS, Vanguard Index FDS among other positions. National Mutual Insurance Federation of Agricultural Cooperatives reduced exposure to Medtronic PLC, Micron Technology Inc., Apple Inc. among others.
Top Holdings
Equity Positions (43)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I IVV | ISHARES TR | 18.00% | $2.22B | 3,581,847 | $377.11 | $620.90 | +$211.3M |
V VV | VANGUARD INDEX FDS | 15.11% | $1.87B | 6,543,317 | $123.76 | $285.30 | +$185.0M |
V VOO | VANGUARD INDEX FDS | 13.45% | $1.66B | 2,925,650 | $233.58 | $568.03 | +$158.3M |
S SPY | SPDR S&P 500 ETF TR | 13.09% | $1.62B | 2,617,832 | $239.52 | $617.85 | +$153.0M |
Q QQQ | INVESCO QQQ TR | 7.85% | $970.3M | 1,759,000 | $277.84 | $551.64 | +$145.5M |
Industry Allocation
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