The Easy Knowledge Blog

Share count rose just 2%, but the value of those shares jumped 18% — a number the AI rally built

🎧 Post Summary

Ever wondered where your retirement savings actually sit? A 13F filing that South Korea’s National Pension Service (NPS) recently submitted to the US Securities and Exchange Commission offers a partial answer. The value of NPS’s US stock holdings rose by roughly $23.4 billion in just three months, and the filing also reveals exactly which stocks it bought and sold. Here’s a closer look.

Share Count Rose 2%, But Value Jumped 18%

According to the report NPS filed with the SEC on the 13th, the value of its 552 US-listed equity holdings stood at $155.075 billion as of the end of Q2 (June 30), up $23.4 billion from $131.679 billion at the end of Q1. Kim Sung-joo, chairman of the National Pension Service, confirmed the figures directly on social media on the 16th, stating that “the value of our US stock holdings has reached 219 trillion won,” and that “over three months since Q1, our share count rose 2.1% while portfolio value rose 17.8%.”

What’s worth noting here is the gap: share count rose just 2%, yet value rose nearly 18%. That means the increase was driven far more by the US stock market’s own rally than by fresh buying. The S&P 500 climbed 14.87% during Q2 (April 1-June 30), and the large-cap tech names that make up much of NPS’s portfolio rose right along with it. Memory chipmaker Micron in particular soared 241.67% over the same stretch.

What It Bought and Sold: Trimmed Nvidia, Added Apple, Microsoft, and Amazon

During Q2, NPS trimmed 439,562 shares of Nvidia, its single largest holding, a 0.86% reduction from the prior quarter worth roughly $87.45 million based on the average Q2 share price. It also reduced its position in AI and data-center chipmaker Marvell Technology. Other Big Tech names, by contrast, generally saw additional buying. NPS added 498,222 shares of Apple (+1.61%) and 322,336 shares of Microsoft (+2.16%), and also increased its Amazon position. Alphabet saw its combined Class A and C share count rise 1.0%, while its value jumped 25.1% from $6.72325 billion to $8.40881 billion, the largest value increase among the so-called “Magnificent Seven” stocks.

The most notable new addition was SpaceX, which went public in June. NPS invested in 3.5 million shares at the IPO, a stake valued at roughly $600 million as of the end of last month. It’s seen as part of a broader strategy of expanding into venture and pre-IPO investments, higher-risk bets that come with the potential for outsized returns.

The Real Winners: Micron and Seagate

Within the chip portfolio, Micron’s surge stood out above all else. NPS’s Micron share count grew just 0.4%, yet the position’s value jumped 242.9%, from $971.65 million to $3.33147 billion. Data storage maker Seagate saw a similar pattern: share count up 0.8%, value up 148.4%. Both are attributed to rising memory and storage demand tied to expanding AI server investment. NPS also added to its Broadcom (+2.5%) and Texas Instruments (+0.9%) positions. On the other hand, it trimmed Intel (-2.0%), Lam Research (-0.1%), and ON Semiconductor (-19.9%).

What This Means for Your Retirement Savings

NPS currently invests roughly 60% of its total fund in overseas stocks, bonds, real estate, and infrastructure assets. It invests across 91 countries, with 70% of that overseas allocation concentrated in the United States. Chairman Kim noted that these figures reflect only NPS’s direct investments, and that “including funds managed on our behalf through asset managers, securities firms, and investment banks like BlackRock, the total scale is considerably larger.” He added that NPS is “expanding investment into emerging markets like India and China, beyond the traditional focus on developed markets in the US and Europe.”

Things Worth Knowing

• This gain doesn’t increase anyone’s pension payout right away: NPS benefit amounts are determined by contribution period, income, and inflation adjustments, not directly tied to investment performance. It’s most accurate to read this disclosure as a snapshot of how the fund is currently performing, not a signal of higher payouts.
• Much of this gain is unrealized: It reflects the rising market value of shares still held, not profits locked in through actual sales. By the same logic, if US markets pull back, next quarter’s numbers could move in the opposite direction.
• Don’t mistake the Nvidia trim for a full exit: NPS still holds Nvidia as its single largest position. This was a modest 0.86% reduction, consistent with partial profit-taking, not a wholesale departure from the stock.
• Portfolio concentration appears to be gradually diversifying: A center of gravity once heavily weighted toward AI semiconductors is shown, in this disclosure, gradually spreading toward space (SpaceX), defense, and crypto-adjacent names.

Taken together, the $23.4 billion increase in NPS’s US stock portfolio reflects the broader rally in US markets, particularly AI-related semiconductor and Big Tech names, more than it reflects fresh capital deployment. The filing also confirms a modest trim in Nvidia alongside diversification into new growth names like Apple, Microsoft, Amazon, and SpaceX. Whether these numbers hold up, or reverse, if US markets see a pullback next quarter is worth watching.

Sources

• Nate News — “NPS US Stock Value Surges 18%… Trims Nvidia, Adds SpaceX” (news.nate.com)
• Nate News — “NPS Chairman: ‘Q2 US Stock Portfolio Value Rose 17.8%’” (news.nate.com)
• Viva100 (Bridge Economy) — “NPS Chairman: ‘Q2 US Stock Portfolio Value Rose 17.8%’” (viva100.com)
• Nate News — “NPS’s US Stock Holdings Reach 219 Trillion Won… $23.4B AI Rally Gain in Three Months” (news.nate.com)
• EBN News Center — “NPS’s US Stock Holdings Reach 219 Trillion Won… $23.4B AI Rally Gain in Three Months” (ebn.co.kr)
• Wellbeing Report — “NPS’s US Stock Portfolio Grew by $23.4 Billion in Three Months — What Did It Buy and Sell?” (wbreport.com)