FACTORY MUTUAL INSURANCE CO

CIK 0000887818 · Q1 2026

13F Equity AUM

$8.9B

-9.9% QoQ

Positions

196

0 QoQ

AUM Rank

#695

Top 6%

Skill Alpha (FF)

+0.1%/yr^ns

No Clear Edge

Rank #2,252 · Top 27%

vs S&P -1.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 22.7%Top 10: 34.4%Top 20: 49.1%

NVDA5.7%

AAPL4.9%

GOOG4.8%

MSFT4.0%

AMZN3.2%

JCPB3.1%

AVGO2.6%

DFCF2.2%

AGG2.0%

XLE1.9%

Others (186)65.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services32.5%

Technology28.0%

Communication Services7.9%

Consumer Cyclical7.6%

Healthcare7.3%

Industrials5.9%

Consumer Defensive3.8%

Energy3.0%

Other4.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 196Median: 0.27%Avg: 0.51%

0–0.5%

147(29.2%)

0.5–1%

25(17.4%)

1–3%

18(27.7%)

3–5%

5(20.1%)

5%+

1(5.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 196Unique: 0vs 20 funds

2.7%Low

196

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

4.1%

3.7%

6.5%

4.7%

4.8%

VANGUARD CAPITAL MANAGEMENT LLC

4.2%

GEODE CAPITAL MANAGEMENT, LLC

4.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New12Increased97Decreased45Exited12

New Positions

CRWD0.4%

+94K

DTE0.1%

+92K

PPL0.1%

+346K

LRCX0.1%

+59K

FN0.1%

+24K

VST0.1%

+34K

INTC0.1%

+120K

GSK0.0%

+70K

MFG0.0%

+273K

HLN0.0%

+197K

Increased

XLE1.9%

+2.1M(+385%)

PFGC0.6%

+371K(+186%)

CRBG0.3%

+170K(+22%)

DDOG0.4%

+140K(+93%)

SLB0.4%

+133K(+25%)

AFW0.4%

+82K(+56%)

CDNS0.9%

+71K(+32%)

LVS0.3%

+65K(+15%)

DC40.4%

+50K(+10%)

AMZN3.2%

+43K(+3%)

Decreased

AGG2.0%

-2,273,076(-56%)

XLU1.7%

-614,950(-16%)

VGK1.0%

-611,845(-35%)

XLI0.8%

-480,277(-52%)

XLP0.0%

-331,000(-98%)

KIE0.2%

-290,600(-48%)

WFC0.4%

-213,180(-31%)

AEG0.0%

-110,000(-65%)

HDB0.0%

-86,409(-55%)

GQ90.8%

-83,600(-33%)

Exited

-1,022,030

-1,647,735

-112,887

-1,317,600

-457,195

-206,850

-33,700

-57,852

-24,675

-67,196

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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