FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND

CIK 1540880 · View on SEC EDGAR ↗

Portfolio value
$20.9B
#297 of 9,443 by 13F value · top 3.1%
Positions
525
As of
June 30, 2026

Portfolio value QoQ: +14.1% 13F does not disclose cash

Top 10 holdings weight
31.39%
Top 25 holdings weight
47.83%
Positions above 1%
18
Effective number of positions
64.4

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 5.5% Est. buys $1,137,452,327 · sells $1,079,412,105

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 84.7% still held

New positions
6
Increased
256
Decreased
226
Closed
19
On this page

Performance vs S&P 500

Tracked Q4 2025–Q2 2026
+8.2%
S&P 500 total return (same window)
+8.7%
Excess return
-0.5%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.3% · Options excluded: 0.0%

Sector breakdown

Technology
33.8%
Health Care
11.0%
Industrials
10.0%
Communication Services
8.9%
Retail
7.1%
Financial Services
6.0%
Financials
5.5%
Consumer Discretionary
2.8%
Consumer Staples
2.2%
Communications
1.9%
Real Estate
1.9%
Consumer products
1.5%
Materials
1.4%
Utilities
1.2%
Telecommunication
1.0%
Energy
0.7%
Logistics & Transportation
0.1%
Packaging
0.1%
Diversified Consumer Services
0.0%
Other/Unmapped
2.9%

Full portfolio 525 positions

Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $1,312,610,210 6.27% 6,560,099 $124,963,824 Down ×1
AAPL Apple Inc. - Common Stock $1,200,036,106 5.73% 4,147,208 $161,870,550 Up ×2
MSFT Microsoft Corporation - Common Stock $792,129,976 3.78% 2,123,559 $25,493,470 Up ×2
AMZN Amazon.com, Inc. - Common Stock $599,276,137 2.86% 2,514,375 $86,208,199 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $585,169,788 2.80% 1,637,434 $110,985,074 Down ×1
AVGO Broadcom Inc. - Common Stock $521,250,804 2.49% 1,379,883 $168,098,966 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $467,820,226 2.24% 1,324,032 $57,710,253 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $393,878,842 1.88% 699,247 $-4,350,528 Up ×5
MU Micron Technology, Inc. - Common Stock $352,158,872 1.68% 305,087 $253,885,608 Up ×2
IEMG $345,032,162 1.65% 4,165,043 $-134,378,211 Down ×1
LLY Eli Lilly and Company Common Stock $329,149,979 1.57% 274,422 $12,250,584 Down ×1
JNJ Johnson & Johnson Common Stock $319,156,225 1.52% 1,256,669 $21,924,764 Up ×2
V Visa Inc. $285,975,808 1.37% 833,530 $24,136,229 Down ×1
AMAT Applied Materials, Inc. - Common Stock $272,352,654 1.30% 376,698 $158,585,118 Up ×2
AMD Advanced Micro Devices, Inc. - Common Stock $254,806,296 1.22% 438,633 $170,966,080 Up ×2
LRCX Lam Research Corporation - Common Stock $246,135,773 1.18% 568,010 $121,569,856 Down ×1
CSCO Cisco Systems, Inc. - Common Stock $235,262,631 1.12% 2,002,917 $65,440,079 Down ×1
JPM JP Morgan Chase & Co. Common Stock $225,126,772 1.08% 687,767 $21,495,395 Down ×1
BRKB $206,427,888 0.99% 412,534 $7,541,199 Down ×1
WMT Walmart Inc. - Common Stock $197,799,642 0.95% 1,746,421 $-21,283,752 Down ×1
CAT Caterpillar, Inc. Common Stock $186,446,952 0.89% 175,084 $53,565,361 Down ×1
MA Mastercard Incorporated Common Stock $179,622,356 0.86% 349,732 $-4,658,248 Down ×1
PG Procter & Gamble Company (The) Common Stock $171,220,970 0.82% 1,167,628 $69,970 Down ×1
KLAC KLA Corporation - Common Stock $167,234,835 0.80% 554,290 $84,187,966 Up ×3
COST Costco Wholesale Corporation - Common Stock $165,546,384 0.79% 176,966 $-16,327,998 Down ×1
KO Coca-Cola Company (The) Common Stock $162,008,170 0.77% 1,993,456 $5,432,170 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $160,930,703 0.77% 1,252,379 $18,726,391 Up ×2
INTC Intel Corporation - Common Stock $155,217,455 0.74% 1,111,634 $105,216,664 Down ×1
TSLA Tesla, Inc. - Common Stock $142,014,749 0.68% 337,648 $43,327,020 Up ×2
ABBV AbbVie Inc. Common Stock $136,697,139 0.65% 543,225 $20,791,281 Up ×2
GE GE Aerospace Common Stock $136,113,961 0.65% 364,204 $62,003,453 Up ×2
NFLX Netflix, Inc. - Common Stock $134,650,761 0.64% 1,885,865 $-42,553,210 Up ×6
APH Amphenol Corporation Common Stock $118,405,756 0.57% 671,539 $34,504,428 Up ×3
PEP PepsiCo, Inc. - Common Stock $114,715,484 0.55% 847,234 $-5,189,206 Up ×3
UNH UnitedHealth Group Incorporated Common Stock (DE) $107,161,052 0.51% 257,828 $5,822,932 Down ×1
TXN Texas Instruments Incorporated - Common Stock $105,436,599 0.50% 353,731 $36,627,365 Down ×1
LIN Linde plc - Ordinary Shares $104,621,937 0.50% 201,607 $7,409,847 Up ×2
BAC Bank of America Corporation Common Stock $98,605,599 0.47% 1,730,530 $12,750,511 Down ×1
IBM International Business Machines Corporation Common Stock $96,264,089 0.46% 342,321 $16,944,143 Up ×2
TJX TJX Companies, Inc. (The) Common Stock $93,614,578 0.45% 617,918 $-834,876 Up ×3
HD Home Depot, Inc. (The) Common Stock $91,612,157 0.44% 259,760 $6,206,001 Up ×2
PANW Palo Alto Networks, Inc. - Common Stock $90,949,352 0.43% 266,698 $49,987,913 Up ×2
MCD McDonald's Corporation Common Stock $86,542,450 0.41% 320,160 $-7,229,108 Up ×2
WDC Western Digital Corporation - Common Stock $85,151,596 0.41% 133,316 $60,965,461 Up ×2
SPOT Spotify Technology S.A. Ordinary Shares $84,939,050 0.41% 185,000 $-4,769,300
GILD Gilead Sciences, Inc. - Common Stock $84,478,883 0.40% 668,663 $19,481,872 Up ×2
GEV GE Vernova Inc. Common Stock $83,101,373 0.40% 70,733 $23,802,658 Up ×3
VZ Verizon Communications Inc. Common Stock $80,805,383 0.39% 1,908,488 $-10,989,735 Up ×2
PGR Progressive Corporation (The) Common Stock $79,050,502 0.38% 361,870 $5,430,112 Down ×1
BKR Baker Hughes Company - Common Stock $78,392,641 0.37% 1,412,480 $7,617,193 Up ×2
ANET Arista Networks, Inc. Common Stock $78,218,528 0.37% 460,434 $19,734,240 Down ×1
MRVL Marvell Technology, Inc. - Common Stock $77,286,667 0.37% 259,447 $50,181,931 Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $77,071,451 0.37% 76,205 $11,283,038 Down ×1
CB Chubb Limited Common Stock $76,954,766 0.37% 225,846 $5,769,698 Up ×3
VRTX Vertex Pharmaceuticals Incorporated - Common Stock $73,854,811 0.35% 148,682 $6,890,779 Down ×1
WELL Welltower Inc. Common Stock $73,043,485 0.35% 321,820 $24,541,268 Up ×2
T AT&T Inc. $72,061,254 0.34% 3,481,220 $-30,016,015 Down ×1
GLW Corning Incorporated Common Stock $71,461,907 0.34% 279,771 $35,175,457 Up ×3
QCOM QUALCOMM Incorporated - Common Stock $70,590,889 0.34% 382,006 $14,248,866 Down ×1
WFC Wells Fargo & Company Common Stock $69,775,349 0.33% 844,329 $3,059,859 Up ×3
ORCL Oracle Corporation Common Stock $69,045,860 0.33% 471,142 $1,392,619 Up ×2
AXP American Express Company Common Stock $68,926,217 0.33% 203,773 $21,021,552 Up ×2
UNP Union Pacific Corporation Common Stock $67,231,872 0.32% 247,176 $14,443,583 Up ×2
PLTR Palantir Technologies Inc. - Class A Common Stock $66,405,414 0.32% 569,173 $-18,330,640 Down ×1
AMGN Amgen Inc. - Common Stock $64,081,479 0.31% 176,962 $5,645,527 Up ×2
MS Morgan Stanley Common Stock $63,425,871 0.30% 303,415 $14,677,768 Up ×2
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $63,138,020 0.30% 65,428 $41,940,670 Up ×2
C Citigroup, Inc. Common Stock $62,903,762 0.30% 449,441 $9,097,407 Down ×1
CME CME Group Inc. - Class A Common Stock $62,827,681 0.30% 284,507 $-12,411,847 Up ×5
ABT Abbott Laboratories Common Stock $60,791,626 0.29% 669,954 $-30,035,801 Down ×1
WM Waste Management, Inc. Common Stock $60,789,628 0.29% 272,746 $8,432,895 Up ×2
MCK McKesson Corporation Common Stock $60,596,853 0.29% 80,197 $-6,240,957 Up ×2
MRSH Marsh Common Stock $59,898,033 0.29% 359,381 $2,315,927 Up ×2
ETN Eaton Corporation, PLC Ordinary Shares $58,423,183 0.28% 137,105 $10,200,325 Up ×2
TMUS T-Mobile US, Inc. - Common Stock $58,110,730 0.28% 346,454 $-6,295,810 Up ×2
BMY Bristol-Myers Squibb Company Common Stock $57,228,530 0.27% 993,206 $21,141,416 Up ×2
MNST Monster Beverage Corporation - Common Stock $54,874,043 0.26% 570,891 $13,536,265 Up ×5
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $54,546,958 0.26% 71,477 $27,297,511 Up ×2
FTNT Fortinet, Inc. - Common Stock $53,602,627 0.26% 348,930 $22,538,403 Down ×1
ADI Analog Devices, Inc. - Common Stock $53,421,748 0.26% 134,506 $13,626,887 Up ×2
COR Cencora, Inc. Common Stock $52,864,060 0.25% 186,812 $-5,795,930 Up ×2
TRV The Travelers Companies, Inc. Common Stock $52,212,108 0.25% 158,161 $12,718,344 Up ×2
CL Colgate-Palmolive Company Common Stock $50,362,024 0.24% 549,324 $2,545,948 Down ×1
APP Applovin Corporation - Class A Common Stock $49,142,638 0.23% 95,380 $25,031,798 Up ×2
ISRG Intuitive Surgical, Inc. - Common Stock $48,715,402 0.23% 122,499 $-10,963,902 Down ×1
UBER Uber Technologies, Inc. Common Stock $47,537,781 0.23% 658,783 $-18,737,299 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $46,755,831 0.22% 93,258 $1,821,141 Up ×2
PH Parker-Hannifin Corporation Common Stock $46,265,077 0.22% 47,300 $8,324,806 Up ×6
PFE Pfizer, Inc. Common Stock $45,727,221 0.22% 1,898,971 $5,256,332 Up ×2
ADBE Adobe Inc. - Common Stock $44,793,999 0.21% 218,486 $-11,796,483 Down ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $44,625,341 0.21% 484,584 $4,163 Up ×2
TT Trane Technologies plc $44,554,597 0.21% 90,713 $3,233,576 Down ×1
SCHW Charles Schwab Corporation (The) Common Stock $44,355,204 0.21% 480,711 $2,363,906 Up ×2
DIS Walt Disney Company (The) Common Stock $43,822,626 0.21% 455,300 $-1,745,838 Down ×1
CRM Salesforce, Inc. Common Stock $43,532,524 0.21% 277,879 $-16,496,628 Down ×1
CDNS Cadence Design Systems, Inc. - Common Stock $42,577,427 0.20% 113,443 $11,499,612 Up ×2
RSG Republic Services, Inc. Common Stock $42,397,380 0.20% 198,974 $-1,619,946 Down ×1
ADP Automatic Data Processing, Inc. - Common Stock $41,602,745 0.20% 185,768 $1,989,146 Down ×1
LNG Cheniere Energy, Inc. Common Stock $40,364,009 0.19% 168,880 $-1,689,223 Up ×2
AON Aon plc Class A Ordinary Shares (Ireland) $40,129,514 0.19% 120,985 $10,012,527 Up ×2

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
META $393,878,842 1.88% up ×5
KLAC $167,234,835 0.80% up ×3
NFLX $134,650,761 0.64% up ×6
APH $118,405,756 0.57% up ×3
PEP $114,715,484 0.55% up ×3
TJX $93,614,578 0.45% up ×3
GEV $83,101,373 0.40% up ×3
CB $76,954,766 0.37% up ×3
GLW $71,461,907 0.34% up ×3
WFC $69,775,349 0.33% up ×3
CME $62,827,681 0.30% up ×5
MNST $54,874,043 0.26% up ×5
PH $46,265,077 0.22% up ×6
BKNG $38,783,242 0.19% up ×3
ECL $37,032,562 0.18% up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
Unknown issuer (CUSIP: G2004J103) $8,702,422 304,600 0.04%
MDLN $4,172,752 105,800 0.02%
Unknown issuer (CUSIP: G9600F104) $3,247,079 77,293 0.02%
CRCL $2,824,613 45,100 0.01%
Unknown issuer (CUSIP: 26614N201) $2,395,175 17,658 0.01%
CRUS $891,180 6,000 0.00%

Top movers (QoQ)

Security Action Shares Δ Value Δ
MU Bought more +14K +$253.9M
AMD Bought more +26K +$171.0M
AVGO Bought more +239K +$168.1M
AAPL Bought more +57K +$161.9M
AMAT Bought more +44K +$158.6M
IEMG Trimmed -2.7M -$134.4M
NVDA Trimmed -250K +$125.0M
LRCX Trimmed -15K +$121.6M
GOOGL Trimmed -12K +$111.0M
INTC Trimmed -21K +$105.2M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
TIGO March 31, 2026 1,000,000 $55,440,000 21.9%
SO June 30, 2026 207,650 $20,042,378 -4.8%
NEM June 30, 2026 114,900 $12,437,925 40.1%
DUK June 30, 2026 83,650 $10,953,131 -3.5%
PCAR June 30, 2026 91,100 $10,522,050 8.9%
CYBR March 31, 2026 22,043 $9,832,500 No longer tracked
CCL June 30, 2026 307,700 $7,963,276 -10.1%
HOLX March 31, 2026 101,614 $7,569,227 No longer tracked
WTRG June 30, 2026 181,286 $7,300,388 5.6%
APD June 30, 2026 23,330 $6,777,132 3.6%
EXPD June 30, 2026 44,800 $6,416,704 15.8%
ATO June 30, 2026 32,500 $6,003,400 -1.7%
TU June 30, 2026 254,100 $3,260,103 -5.1%
WIX March 31, 2026 27,186 $2,824,354 -10.8%
FE June 30, 2026 54,100 $2,740,706 -1.4%
PSNY June 30, 2026 145,586 $2,681,694 -29.3%
DD June 30, 2026 52,075 $2,385,035 3.3%
SOLV June 30, 2026 36,307 $2,370,847 14.7%
ZBRA June 30, 2026 10,385 $2,171,296 36.7%
MDLN March 31, 2026 45,000 $1,890,000 -25.9%
NAVN March 31, 2026 100,000 $1,708,000 112.5%
JBHT June 30, 2026 6,400 $1,356,160 -3.9%
MNDY June 30, 2026 19,121 $1,321,452 22.3%
NRG June 30, 2026 3,750 $548,025 -21.6%
MRP March 31, 2026 6,393 $190,959 9.5%
ANETXXXX March 31, 2025 224,084 $24,768 No longer tracked
WELL Sept. 30, 2025 148,339 $22,804 33.8%
K Dec. 31, 2025 232,520 $19,071 No longer tracked
ACGL June 30, 2025 190,950 $18,366 9.5%
PLD Sept. 30, 2025 166,136 $17,464 23.4%
SE Sept. 30, 2025 81,973 $13,111 -34.7%
PSA Sept. 30, 2025 42,472 $12,462 11.6%
EQIX Sept. 30, 2025 15,159 $12,059 39.9%
O Sept. 30, 2025 186,253 $10,730 3.9%
JNPR Sept. 30, 2025 257,371 $10,277 No longer tracked
SPG Sept. 30, 2025 62,317 $10,018 17.1%
DLR Sept. 30, 2025 56,200 $9,797 13.6%
ANSS Sept. 30, 2025 20,107 $7,062 No longer tracked
DFS June 30, 2025 41,178 $7,029 No longer tracked
VICI Sept. 30, 2025 192,783 $6,285 -18.7%
EXR Sept. 30, 2025 41,256 $6,083 4.6%
TEVA Sept. 30, 2025 346,104 $5,801 84.0%
SBAC Sept. 30, 2025 24,618 $5,781 -5.5%
BMRN Dec. 31, 2025 96,969 $5,252 13.8%
IRM Sept. 30, 2025 50,784 $5,209 22.4%
VTR Sept. 30, 2025 76,824 $4,851 32.6%
AKAM Dec. 31, 2025 62,711 $4,751 26.1%
GLPI Sept. 30, 2025 100,279 $4,681 -6.8%
PSNY March 31, 2025 4,367,686 $4,586 1165.2%
KIM Sept. 30, 2025 210,074 $4,416 10.6%
FDS Dec. 31, 2025 14,839 $4,251 2.8%
SUI Sept. 30, 2025 32,108 $4,061 -5.0%
PNR Sept. 30, 2025 38,930 $3,997 -42.0%
CPB Sept. 30, 2025 127,800 $3,917 -25.0%
EQR Sept. 30, 2025 57,766 $3,899 -1.7%
MOH Dec. 31, 2025 19,900 $3,808 14.2%
AZPN March 31, 2025 15,250 $3,807 No longer tracked
REG Sept. 30, 2025 52,960 $3,772 5.0%
INVH Sept. 30, 2025 109,933 $3,606 2.9%
WPC Sept. 30, 2025 56,534 $3,527 6.1%
ELS Sept. 30, 2025 56,039 $3,456 7.5%
MANH June 30, 2025 19,076 $3,301 5.1%
ESS Sept. 30, 2025 11,618 $3,293 7.9%
POOL Dec. 31, 2025 10,406 $3,227 -16.5%
NLY Sept. 30, 2025 165,596 $3,117 15.1%
CNM June 30, 2025 60,000 $2,899 -26.0%
MAA Sept. 30, 2025 19,334 $2,862 -5.5%
IPG June 30, 2025 102,154 $2,775 No longer tracked
UDR Sept. 30, 2025 66,431 $2,712 1.3%
ALGN Dec. 31, 2025 20,208 $2,530 1.7%
CPT Dec. 31, 2025 23,121 $2,469 -1.8%
CAG Sept. 30, 2025 117,980 $2,415 -12.2%
FUTU Sept. 30, 2025 19,098 $2,360 -32.7%
EPAM June 30, 2025 12,683 $2,141 -39.5%
ALLY June 30, 2025 55,583 $2,027 10.4%
TAP Dec. 31, 2025 43,666 $1,976 -9.2%
ROKU June 30, 2025 25,900 $1,824 79.2%
OC Dec. 31, 2025 12,504 $1,769 32.4%
DAY June 30, 2025 29,254 $1,706 No longer tracked
WY Sept. 30, 2025 65,344 $1,679 -0.4%
EXAS June 30, 2025 38,488 $1,666 No longer tracked
ACI Dec. 31, 2025 91,773 $1,607 -29.5%
KMX June 30, 2025 20,600 $1,605 -8.4%
RVTY Dec. 31, 2025 17,740 $1,555 26.9%
SWK June 30, 2025 20,207 $1,554 47.0%
DOX March 31, 2025 18,000 $1,533 -33.5%
AOS June 30, 2025 22,652 $1,481 -4.4%
MRNA June 30, 2025 51,930 $1,472 418.7%
GLBE June 30, 2026 46 $1,419 16.0%
TECH June 30, 2025 24,200 $1,419 40.5%
WYNN June 30, 2025 16,229 $1,355 7.0%
EMN June 30, 2025 14,200 $1,251 -0.1%
SWKS June 30, 2025 17,300 $1,118 -8.9%
HST June 30, 2025 78,058 $1,109 50.9%
TTC March 31, 2025 13,758 $1,102 34.2%
WBA June 30, 2025 96,464 $1,078 No longer tracked
DVA Dec. 31, 2025 7,139 $949 54.5%
MGM June 30, 2025 31,556 $935 25.6%
BIO June 30, 2025 3,680 $896 54.9%
FBIN June 30, 2025 13,954 $850 -12.4%
QRVO March 31, 2025 10,100 $706 33.0%
AES March 31, 2025 45,300 $583 18.9%
EXPD March 31, 2025 5,000 $554 56.9%
FDX March 31, 2025 1,800 $506 35.1%
ALB June 30, 2025 5,700 $411 126.9%
TFX June 30, 2025 2,944 $407 14.0%
BWA June 30, 2025 13,900 $398 103.0%
CE June 30, 2025 7,000 $397 -15.1%
FMC June 30, 2025 7,900 $333 -73.8%
CHRW March 31, 2025 900 $93 41.4%
AVTR Dec. 31, 2025 6,317 $79 23.8%
RAL Dec. 31, 2025 1,305 $57 25.4%
ENPH June 30, 2025 802 $50 -1.3%
RS March 31, 2025 44 $12 34.3%
MKTX June 30, 2025 36 $8 -27.4%
BEN Dec. 31, 2025 786 $7 44.7%
LKQ Dec. 31, 2025 197 $6 -13.9%
CRL June 30, 2025 30 $5 91.2%
SEIC Dec. 31, 2025 49 $4 32.9%
SNDK Dec. 31, 2025 33 $4 576.1%
LW June 30, 2025 29 $2 2.9%
HSIC June 30, 2025 11 $1 21.0%
MTCH Dec. 31, 2025 30 $1 23.9%
PCAR Dec. 31, 2025 12 $1 19.5%
AIZ Dec. 31, 2025 2 $0 17.6%
BBWI June 30, 2025 5 $0 -35.1%
CZR June 30, 2025 8 $0 4.5%
NLOP March 31, 2025 1 $0 -63.2%
PARA June 30, 2025 41 $0
PATH June 30, 2025 33 $0 22.9%
U June 30, 2025 12 $0 90.5%
VTRS Dec. 31, 2025 43 $0 29.0%