Continuing with changes in holdings in the portfolios of the world's largest funds.
And this time – South Korea's National Pension Service – which manages hundreds of billions of dollars.
Korea's National Pension Service reveals in Q1 2026 a series of new positions that tell a very interesting story about how one of the world's largest institutional bodies is positioning capital for the coming years.
The most prominent move is undoubtedly the massive entry into $AXP American Express exceeding $357 million – a huge gap from all other new positions.
This is a clear bet on a strong consumer, quality credit activity, and a premium customer base with relatively high resilience even during periods of economic slowdown.
When an institutional investor of this magnitude opens such a significant position in a traditional financial company, it usually signals a search for stability, quality cash flow, and a business with a deep 'moat'.
But behind the big headline lies an even more interesting picture.
The Korean pension fund continues to gain deeper exposure to next-generation AI, communication, and advanced computing infrastructure.
How?
Through the following companies that are at the core of technological revolutions – optical infrastructure, satellite communication, and data centers:
What many of these companies have in common is a direct or indirect connection to the data center revolution, optical communication, satellite connectivity, and AI infrastructure.
$LITE and COHR operate in the field of photonics and optical communication – a field that becomes critical as AI data centers require data transfer at immense speeds.
$ENTG provides critical materials and solutions for the semiconductor industry.
$NBIS Navios is attracting growing interest around AI and cloud infrastructure.
And $ASTS continues to appear among more and more institutional bodies as a strategic bet on direct-to-space cellular communication.
The entry into $OKTA and $AFRM is also particularly interesting.
$OKTA represents a bet on the world of digital identity security – a field that becomes more important as the transition to cloud and AI systems expands.
$AFRM Affirm symbolizes exposure to the world of fintech and BNPL.
Despite the volatility in the sector, it appears the fund identifies long-term potential in the changing consumption and payment habits.
Another intriguing detail is the appearance of $OKLO on the list.
Oklo is considered one of the prominent advanced nuclear reactor (SMR) companies in the market.
This connects to the developing narrative around the future energy crisis of the AI industry, according to which – as data centers consume more electricity – the interest in small and efficient nuclear energy solutions increases.
Additionally, one can see a combination of more defensive and stable stocks such as:
That is to say, the fund is not going 'all in on AI,' but rather building a relatively broad diversification between future growth and cash flow and stability.
Another interesting point is the entry into $MNDY Monday.com, the Israeli company – even if in a relatively small amount.
Ultimately, this report conveys a rather clear message:
Large institutional money continues to move towards AI, communication infrastructure, advanced energy, and future connectivity – but does so in a much more calculated and diversified manner than what is sometimes seen in the retail market.