Most Malaysians know their EPF money earns a dividend each year. Far fewer know that EPF files a quarterly disclosure with the US Securities and Exchange Commission listing every US-listed stock it owns.
This document, called a Form 13F, is publicly available on the SEC website. And EPF’s Q1 2026 filing tells a very clear story: your retirement fund owns more than USD 12.3 billion in US stocks, with Nvidia and Microsoft as the two largest positions.
Every time Nvidia’s share price moves by USD 1, the value of EPF’s Nvidia position changes by approximately RM27.02 million.
Every time Microsoft moves USD 1, it is approximately RM13.11 million. When US tech stocks move, 16 million Malaysian members feel it, with a lag, in their annual dividend.
The verified holdings: EPF’s top US stock positions (Q1 2026)
The following data comes directly from EPF’s SEC Form 13F filing for the quarter ended 31 March 2026. All values are in USD at the time of filing.
Other notable holdings in the filing
Beyond the top 10, the Q1 2026 filing reveals a portfolio that reads like a comprehensive bet on global megatrends.
The holding list includes CrowdStrike (cybersecurity), Palo Alto Networks (cybersecurity), ServiceNow (enterprise AI software), Datadog (cloud monitoring), Intuitive Surgical (medical robotics), ARM Holdings (chip architecture), Applied Materials (semiconductor equipment), Synopsys (chip design software), Netflix, Nike, Uber, Quanta Services (electrical infrastructure), and NextEra Energy (clean energy).
This is not a passive index fund.
EPF holds targeted positions in specific companies across multiple growth themes:
- AI infrastructure (Nvidia, Microsoft, AMD-adjacent names),
- Semiconductor supply chain (Micron, Applied Materials, Synopsys)
- Cybersecurity (CrowdStrike, Palo Alto), healthcare innovation (Eli Lilly, Intuitive Surgical, DexCom), and energy transition (NextEra Energy, First Solar).
It is a deliberate, active global equity strategy executed at RM1.41 trillion scale.
The numbers that should make you look at your EPF differently
Nvidia USD 1 move = EPF position changes by RM27.02 million.
Microsoft USD 1 move = RM13.11 million change.
EPF’s total US equity exposure of over USD 12.3 billion at Q1 2026 means it is one of the largest Malaysian institutional investors in US technology.
Your monthly EPF contribution is, in part, funding a position in the companies building the infrastructure for the AI economy.
The question of whether that is good or bad for your retirement depends entirely on whether the AI investment cycle delivers on its promise.
Does this mean a higher dividend?
Not automatically.
The 2025 full-year dividend was 6.15%, down from 6.3% in 2024, despite EPF recording RM79.2 billion in total investment income, a 6.37% increase from 2024.
The Edge Malaysia analysis found the lower dividend reflected higher write-downs and costs despite the stronger gross income.
The relationship between EPF’s equity performance and your annual dividend is real but not linear.
Here is what Q1 2026 actually looked like, per EPF’s official release on 19 May 2026.
EPF recorded total investment income of RM27.73 billion for the quarter ended 31 March 2026, a 51% increase from RM18.31 billion in Q1 2025.
The figure includes unrealised mark-to-market gains and losses on securities, arising mainly from foreign exchange rate fluctuations.
Equities income increased 88% from RM10.80 billion in Q1 2025 to RM20.34 billion in Q1 2026, accounting for 73% of total income, driven by broad-based market gains in the early part of the quarter.
Fixed income instruments contributed RM6.76 billion (24% of total). Total contributions rose 13.3% to RM38.01 billion, with voluntary contributions growing to RM8.83 billion.
EPF’s strong first-quarter income reflects a portfolio decision taken at the beginning of this year to realise gains ahead of anticipated market turbulence.
Our portfolio managers front-loaded income that would otherwise have been spread across the full year.
“Members should not extrapolate this quarter’s result, as it is unlikely to be repeated in subsequent quarters. The underlying portfolio continues to be managed for sustainable, long-term returns and not short-term peaks,“ EPF Chief Executive Officer Ahmad Zulqarnain Onn said.
The honest position: EPF’s US tech exposure is significant and real. It has contributed to strong recent performance.
Whether Nvidia at USD 175+ and Microsoft at USD 370+ in Q1 2026 continue to deliver the returns that justify those valuations is a question no one can answer with certainty.
EPF itself has flagged that global equity market valuations are elevated and that it is actively managing risk by locking in gains.
What this means for you as an EPF member
Every ringgit you contribute to EPF goes into a portfolio that is actively invested in global equity markets.
When Nvidia gained over 170% in 2024, EPF held 6.75 million Nvidia shares. When Microsoft hit USD 370, EPF held 3.28 million shares. This is not passive. It is an active, targeted equity strategy at scale that directly influences the dividend that lands in your account each February.
The most practical implication: if you have the capacity to top up your EPF voluntarily, you are not just earning a government-backed savings rate.
You are adding to your stake in a globally diversified portfolio that includes Nvidia, Microsoft, and Apple among 60+ US positions and a broader international equity portfolio across multiple markets. The 6.15% dividend for 2025 was partly built on that global exposure.
