CIK: 0001218210
Total reported value
$107.2B
Reporting period: 2026-03-31 · Number of holdings: 1994
NORDEA INVESTMENT MANAGEMENT AB disclosed 1994 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $107.2B and a quarterly turnover rate of 19.8%.
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Nordea Investment Management AB's disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 66 equally-sized positions, well below its 1994 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.48), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-4.7% -$2.0B
Trim TMUS
-81.5% -$334.6M
Add VZ
+48.4% $237.9M
Add DELL
+180.1% $243.8M
Add NEE
+29.5% $219.0M
Add WAB
+15.9% $204.0M
Nordea is rotating capital within the tech mega-caps, not de-risking. The trim in MSFT and GOOGL paired with adds to AAPL, NVDA, and AVGO telegraphs a relentless pursuit of Alpha through factor momentum, doubling down on the market's hottest names rather than seeking shelter.
Overweighting Information Technology at 33% while severely underweighting Utilities, Energy, and Consumer Staples embeds a bet that the macro regime remains disinflationary and liquidity-rich, favoring long-duration growth assets. The opposing thesis is a regime shift to sticky inflation or a growth scare that collapses momentum multiples and triggers a rotation into value and staples—where this portfolio is conspicuously light.
Nordea’s extreme momentum personality (100th percentile) combined with 864 positions creates a hidden concentration in factor exposure. Every top trade reinforces the same momentum-conforming behavior—selling the slower MSFT, buying the faster NVDA—which means the fund has zero contrarian anchor. When the momentum factor reverses, the entire book re-ranks simultaneously, exposing the portfolio to a liquidity trap with no natural buyers of its crowded positions.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 1994 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.42% | -0.12% | +0.10% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.27% | +0.13% | +3.61% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.58% | -1.33% | -4.75% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.91% | — | +9.71% | |
| 5 | AVGO | Broadcom INC | Stock-Tech | 2.84% | -0.09% | +3.11% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.35% | -0.14% | -3.16% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.30% | -0.01% | +2.89% | |
| 8 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.24% | -0.13% | -1.22% | |
| 9 | LRCX | Lam Research CORP | Stock-Tech | 1.19% | — | -16.39% | |
| 10 | CSCO | Cisco Systems INC | Stock-Tech | 1.18% | — | -4.04% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.17% | -0.11% | +0.91% | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.06% | — | -14.22% | |
| 13 | TJX | Tjx Companies INC | Stock-Consumer Disc | 1.06% | — | -3.69% | |
| 14 | MA | Mastercard INC - A | Stock-Financials | 1.04% | -0.13% | -4.54% | |
| 15 | TT | Trane Technologies plc | Stock-Industrials | 1.00% | — | +1.59% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.98% | -0.01% | +1.96% | |
| 17 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.95% | — | -19.35% | |
| 18 | ABBV | Abbvie INC | Stock-Healthcare | 0.88% | — | +5.61% | |
| 19 | NFLX | Netflix INC | Stock-Comm Services | 0.87% | — | +2.76% | |
| 20 | LIN | Linde plc | Stock-Materials | 0.87% | — | -11.15% | |
| 21 | C | Citigroup INC | Stock-Financials | 0.84% | — | +2.40% | |
| 22 | AMGN | Amgen INC | Stock-Healthcare | 0.82% | — | -3.15% | |
| 23 | WAB | Wabtec CORP | Stock-Industrials | 0.81% | +0.24% | +15.85% | |
| 24 | AMD | Advanced Micro Devices | Stock-Tech | 0.80% | — | -1.37% | |
| 25 | MCK | Mckesson CORP | Stock-Healthcare | 0.79% | — | -7.81% | |
| 26 | WM | Waste Management INC | Stock-Industrials | 0.74% | — | -1.79% | |
| 27 | AXP | American Express Co | Stock-Financials | 0.71% | -0.08% | +2.81% | |
| 28 | EMR | Emerson Electric Co | Stock-Industrials | 0.71% | — | -3.26% | |
| 29 | V | Visa Inc-class A Shares | Stock-Financials | 0.68% | -0.15% | -10.25% | |
| 30 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.68% | — | +2.37% | |
| 31 | NEE | Nextera Energy INC | Stock-Utilities | 0.64% | +0.24% | +29.47% | |
| 32 | ZTS | Zoetis INC | Stock-Healthcare | 0.63% | — | +18.90% | |
| 33 | AMAT | Applied Materials INC | Stock-Tech | 0.63% | — | -8.86% | |
| 34 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.63% | +0.19% | +33.47% | |
| 35 | MU | Micron Technology INC | Stock-Tech | 0.59% | +0.19% | +20.04% | |
| 36 | EBAY | Ebay INC | Stock-Consumer Disc | 0.56% | — | -5.18% | |
| 37 | HIG | Hartford Insurance Group INC | Stock-Financials | 0.55% | — | +0.87% | |
| 38 | FTNT | Fortinet INC | Stock-Tech | 0.52% | — | +0.12% | |
| 39 | NEM | Newmont CORP | Stock-Materials | 0.51% | — | +7.96% | |
| 40 | GEV | GE Vernova INC | Stock-Industrials | 0.50% | +0.16% | +6.41% | |
| 41 | VZ | Verizon Communications INC | Stock-Comm Services | 0.50% | +0.25% | +48.42% | |
| 42 | EQIX | Equinix INC | Stock-Real Estate | 0.49% | +0.14% | +3.21% | |
| 43 | EXC | Exelon CORP | Stock-Utilities | 0.47% | +0.17% | +27.76% | |
| 44 | SNA | Snap-on INC | Stock-Industrials | 0.46% | — | +4.85% | |
| 45 | ANET | Arista Networks INC | Stock-Tech | 0.45% | — | +1.06% | |
| 46 | RSG | Republic Services INC | Stock-Industrials | 0.44% | — | -5.49% | |
| 47 | WFC | Wells Fargo & Co | Stock-Financials | 0.44% | — | +0.60% | |
| 48 | PEP | Pepsico INC | Stock-Consumer Staples | 0.43% | — | +10.23% | |
| 49 | KR | Kroger Co | Stock-Consumer Staples | 0.43% | +0.15% | +21.69% | |
| 50 | ECL | Ecolab INC | Stock-Materials | 0.43% | — | +2.37% |
Performance for Q3 2026
+4.6%
Performance Last 4 Quarters
+23.8%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1994 | $107.2B | 20 | |
| 2025-12-31 | 1984 | $116.4B | 19 | |
| 2025-09-30 | 1956 | $114.2B | 39 | |
| 2025-06-30 | 1975 | $107.8B | 0 | |
| 2025-03-31 | 1977 | $94.7B | 100 | |
| 2024-12-31 | 2486 | $95.6B | 0 | |
| 2024-09-30 | 2494 | $88.0B | 0 | |
| 2024-06-30 | 1056 | $85.2B | 0 | |
| 2024-03-31 | 1037 | $84.6B | 0 | |
| 2023-12-31 | 1052 | $78.8B | 0 | |
| 2023-09-30 | 1057 | $72.0B | 0 | |
| 2023-06-30 | 1052 | $73.1B | 0 | |
| 2023-03-31 | 1063 | $68.6B | 0 | |
| 2022-12-31 | 1046 | $64.3B | 0 | |
| 2022-09-30 | 1073 | $61.8B | 0 | |
| 2022-06-30 | 1095 | $67.4B | 0 | |
| 2022-03-31 | 1050 | $79.7B | 0 | |
| 2021-12-31 | 1064 | $83.5B | 0 | |
| 2021-09-30 | 1072 | $76.9B | 0 | |
| 2021-06-30 | 1072 | $74.7B | 100 | |
| 2021-03-31 | 1054 | $68.9B | 21 | |
| 2020-12-31 | 924 | $62.3B | 22 | |
| 2020-09-30 | 912 | $53.3B | 60 | |
| 2020-06-30 | 1814 | $96.4B | 85 | |
| 2020-03-31 | 936 | $41.5B | 26 | |
| 2019-12-31 | 963 | $50.1B | 18 | |
| 2019-09-30 | 957 | $45.9B | 16 | |
| 2019-06-30 | 974 | $44.9B | 27 | |
| 2019-03-31 | 1389 | $48.0B | 22 | |
| 2018-12-31 | 1371 | $42.1B | 28 | |
| 2018-09-30 | 1228 | $48.5B | 39 | |
| 2018-06-30 | 1022 | $41.7B | 23 | |
| 2018-03-31 | 1069 | $41.8B | 17 | |
| 2017-12-31 | 1024 | $42.3B | 18 | |
| 2017-09-30 | 1021 | $41.6B | 18 | |
| 2017-06-30 | 1048 | $39.7B | 18 | |
| 2017-03-31 | 1036 | $37.8B | 22 | |
| 2016-12-31 | 1040 | $37.8B | 15 | |
| 2016-09-30 | 1023 | $38.6B | 23 | |
| 2016-06-30 | 993 | $35.8B | 25 | |
| 2016-03-31 | 965 | $33.2B | 23 | |
| 2015-12-31 | 980 | $29.4B | 23 | |
| 2015-09-30 | 948 | $27.1B | 17 | |
| 2015-06-30 | 948 | $28.5B | 17 | |
| 2015-03-31 | 882 | $27.8B | 27 | |
| 2014-12-31 | 854 | $27.1B | 23 | |
| 2014-09-30 | 837 | $25.0B | 18 | |
| 2014-06-30 | 852 | $23.9B | 21 | |
| 2014-03-31 | 862 | $21.4B | 23 | |
| 2013-12-31 | 820 | $20.1B | 30 | |
| 2013-09-30 | 854 | $17.9B | 19 | |
| 2013-06-30 | 870 | $16.1B | — |
Nordea Investment Management AB's most significant position changes for 2026-03-31: Sold out: Workiva INC (WK); Trim: Microsoft CORP (MSFT) — shares -4.75%; Trim: T-mobile US INC (TMUS) — shares -81.48%; Add: Verizon Communications INC (VZ) — shares +48.42%; Add: Dell Technologies -c (DELL) — shares +180.10%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VZ | Verizon Communications INC | +0.3% | +48.42% | Add |
| 2 | DELL | Dell Technologies -c | +0.2% | +180.10% | Add |
| 3 | NEE | Nextera Energy INC | +0.2% | +29.47% | Add |
| 4 | WAB | Wabtec CORP | +0.2% | +15.85% | Add |
| 5 | HCA | Hca Healthcare INC | +0.2% | +33.47% | Add |
| 6 | MU | Micron Technology INC | +0.2% | +20.04% | Add |
| 7 | EXC | Exelon CORP | +0.2% | +27.76% | Add |
| 8 | FERG | Ferguson Enterprises INC | +0.2% | +2254.57% | Add |
| 9 | GEV | GE Vernova INC | +0.2% | +6.41% | Add |
| 10 | KR | Kroger Co | +0.2% | +21.69% | Add |
| 11 | DG | Dollar General CORP | +0.1% | +429.00% | Add |
| 12 | EQIX | Equinix INC | +0.1% | +3.21% | Add |
| 13 | AAPL | Apple INC | +0.1% | +3.61% | Add |
| 14 | BMY | Bristol-myers Squibb Co | +0.1% | +914.92% | Add |
| 15 | GOOG | Alphabet Inc-cl C | 0% | +2.89% | Add |
| 16 | JPM | Jpmorgan Chase & Co | 0% | +1.96% | Add |
| 17 | CRH | CRH plc | -0.1% | -9.66% | Trim |
| 18 | PLTR | Palantir Technologies Inc-a | -0.1% | -9.33% | Trim |
| 19 | MSCI | Msci INC | -0.1% | -29.62% | Trim |
| 20 | AXP | American Express Co | -0.1% | +2.81% | Add |
| 21 | PANW | Palo Alto Networks INC | -0.1% | -14.28% | Trim |
| 22 | SNPS | Synopsys INC | -0.1% | -11.52% | Trim |
| 23 | AVGO | Broadcom INC | -0.1% | +3.11% | Add |
| 24 | UBER | Uber Technologies INC | -0.1% | -27.04% | Trim |
| 25 | RDDT | Reddit Inc-cl A | -0.1% | +1.47% | Add |
| 26 | SYK | Stryker CORP | -0.1% | -28.33% | Trim |
| 27 | SPGI | S&p Global INC | -0.1% | -27.71% | Trim |
| 28 | META | Meta Platforms Inc-class A | -0.1% | +0.91% | Add |
| 29 | BDX | Becton Dickinson And Co | -0.1% | -12.18% | Trim |
| 30 | NVDA | Nvidia CORP | -0.1% | +0.10% | Add |
| 31 | EW | Edwards Lifesciences CORP | -0.1% | -44.41% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.1% | -1.22% | Trim |
| 33 | MA | Mastercard INC - A | -0.1% | -4.54% | Trim |
| 34 | TSLA | Tesla INC | -0.1% | -15.85% | Trim |
| 35 | INTU | Intuit INC | -0.1% | -7.93% | Trim |
| 36 | ADBE | Adobe INC | -0.1% | -10.42% | Trim |
| 37 | GOOGL | Alphabet Inc-cl A | -0.1% | -3.16% | Trim |
| 38 | CRM | Salesforce INC | -0.1% | -0.62% | Trim |
| 39 | VLTO | Veralto CORP | -0.1% | -37.09% | Trim |
| 40 | PYPL | Paypal Holdings INC | -0.1% | -87.04% | Trim |
| 41 | HPE | Hewlett Packard Enterprise | -0.1% | -92.03% | Trim |
| 42 | V | Visa Inc-class A Shares | -0.2% | -10.25% | Trim |
| 43 | PGR | Progressive CORP | -0.2% | -68.13% | Trim |
| 44 | VRTX | Vertex Pharmaceuticals INC | -0.2% | -93.92% | Trim |
| 45 | DASH | Doordash INC - A | -0.2% | -15.78% | Trim |
| 46 | NOW | Servicenow INC | -0.2% | -14.70% | Trim |
| 47 | CL | Colgate-palmolive Co | -0.2% | -74.89% | Trim |
| 48 | TMUS | T-mobile US INC | -0.3% | -81.48% | Trim |
| 49 | MSFT | Microsoft CORP | -1.3% | -4.75% | Trim |
| 50 | WK | Workiva INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-08 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-27 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-05 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-10 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-07 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-19 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-19 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-20 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-01 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-01 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-07-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-09 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-11 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-20 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-20 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-19 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-16 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-08 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-01 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-29 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-07-19 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-29 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-22 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-26 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-21 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-24 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-21 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-17 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-22 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-22 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-23 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-17 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-15 | 13F-HR | View on EDGAR |
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