CIK: 0001540880
Total reported value
$18.3B
Reporting period: 2026-03-31 · Number of holdings: 538
FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND disclosed 538 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $18.3B and a quarterly turnover rate of 44.1%.
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Fjarde Ap-fonden /fourth Swedish National Pension Fund's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 63 equally-sized positions, well below its 538 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 2.74), 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.
Sector classification currently covers about 69% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+63.4% $153.6M
Add IEMG
+122.4% $271.7M
Add JNJ
+52.7% $132.5M
Trim META
+62.0% $114.5M
Trim LLY
+60.6% $86.3M
Add LRCX
+62.9% $63.3M
Fjärde AP-fonden is aggressively adding to its highest-momentum names—NVDA, AAPL, MSFT, GOOGL, GOOG—while simultaneously piling into IEMG for an emerging-market beta kick. This is not a defensive rotation; it's a leveraged bet that the AI supercycle and EM reflation can both run in tandem.
The fund is pricing a regime of continued US tech dominance coupled with a weaker dollar and EM recovery, effectively betting that AI-led productivity gains will sustain growth while global liquidity lifts peripheral assets. The opposing thesis is a synchronized macro shock—tariff escalation, sticky inflation, or a Fed mistake—that shatters the AI trade and dries up EM capital flows, crushing both high-beta legs simultaneously.
With a momentum_contrarian score of 100 and over 39% of the portfolio in Information Technology, this strategy is a vector for factor consensus risk—it's short volatility in the most crowded names on the Street. A sudden reversal of the AI factor would trigger a positioning squeeze that even 538 holdings cannot diversify away, as correlated selling in mega-cap tech overwhelms the fund's broad diversification.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 538 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.47% | -0.11% | +61.72% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.66% | -0.12% | +61.17% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.18% | -0.96% | +63.39% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.80% | -0.12% | +63.34% | |
| 5 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 2.61% | +0.87% | +122.42% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.59% | -0.08% | +62.13% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.24% | -0.10% | +60.89% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.17% | -0.21% | +61.95% | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 1.93% | -0.11% | +62.37% | |
| 10 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.73% | -0.20% | +60.60% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.62% | +0.24% | +52.72% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 1.43% | -0.15% | +61.27% | |
| 13 | WMT | Walmart INC | Stock-Consumer Staples | 1.19% | +0.16% | +60.46% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.11% | -0.07% | +57.98% | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.08% | +0.01% | +63.47% | |
| 16 | MA | Mastercard INC - A | Stock-Financials | 1.00% | -0.09% | +61.71% | |
| 17 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.99% | +0.16% | +59.53% | |
| 18 | NFLX | Netflix INC | Stock-Comm Services | 0.97% | +0.07% | +60.87% | |
| 19 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.93% | +0.05% | +60.91% | |
| 20 | CSCO | Cisco Systems INC | Stock-Tech | 0.93% | +0.04% | +59.35% | |
| 21 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.85% | +0.08% | +57.45% | |
| 22 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.78% | +0.08% | +48.32% | |
| 23 | CAT | Caterpillar INC | Stock-Industrials | 0.72% | +0.15% | +59.05% | |
| 24 | LRCX | Lam Research CORP | Stock-Tech | 0.68% | +0.17% | +62.87% | |
| 25 | PEP | Pepsico INC | Stock-Consumer Staples | 0.65% | +0.07% | +60.17% | |
| 26 | ABBV | Abbvie INC | Stock-Healthcare | 0.63% | +0.01% | +64.16% | |
| 27 | AMAT | Applied Materials INC | Stock-Tech | 0.62% | +0.17% | +59.22% | |
| 28 | T | At&t INC | Stock-Comm Services | 0.56% | +0.08% | +53.39% | |
| 29 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.55% | — | +55.03% | |
| 30 | TSLA | Tesla INC | Stock-Consumer Disc | 0.54% | -0.04% | +71.98% | |
| 31 | MU | Micron Technology INC | Stock-Tech | 0.54% | +0.11% | +62.88% | |
| 32 | LIN | Linde plc | Stock-Materials | 0.53% | +0.07% | +51.04% | |
| 33 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.51% | +0.03% | +58.91% | |
| 34 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.51% | +0.03% | +59.63% | |
| 35 | VZ | Verizon Communications INC | Stock-Comm Services | 0.50% | +0.12% | +63.08% | |
| 36 | ABT | Abbott Laboratories | Stock-Healthcare | 0.50% | — | +61.37% | |
| 37 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.49% | +0.49% | NEW | |
| 38 | BAC | Bank Of America CORP | Stock-Financials | 0.47% | -0.04% | +58.21% | |
| 39 | HD | Home Depot INC | Stock-Consumer Disc | 0.47% | +0.01% | +62.09% | |
| 40 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.46% | — | +62.94% | |
| 41 | APH | Amphenol Corp-cl A | Stock-Tech | 0.46% | -0.04% | +51.78% | |
| 42 | AMD | Advanced Micro Devices | Stock-Tech | 0.46% | +0.01% | +62.77% | |
| 43 | KLAC | Kla CORP | Stock-Tech | 0.45% | +0.10% | +63.19% | |
| 44 | IBM | Intl Business Machines CORP | Stock-Tech | 0.43% | — | +59.54% | |
| 45 | CME | Cme Group INC | Stock-Financials | 0.41% | +0.04% | +57.76% | |
| 46 | GE | General Electric | Stock-Industrials | 0.40% | -0.02% | +62.11% | |
| 47 | PGR | Progressive CORP | Stock-Financials | 0.40% | — | +55.40% | |
| 48 | CB | Chubb Limited | Stock-Financials | 0.39% | +0.03% | +59.72% | |
| 49 | BKR | Baker Hughes Co | Stock-Energy | 0.39% | — | +7.86% | |
| 50 | TXN | Texas Instruments INC | Stock-Tech | 0.38% | +0.06% | +60.35% |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+18.2%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 538 | $18.3B | 44 | |
| 2025-12-31 | 499 | $11.9B | 17 | |
| 2025-09-30 | 465 | $11.6B | 36 | |
| 2025-06-30 | 494 | $10.8B | 0 | |
| 2025-03-31 | 527 | $8.3B | 100 | |
| 2024-12-31 | 531 | $9.9B | 0 | |
| 2024-09-30 | 527 | $9.8B | 0 | |
| 2024-03-31 | 535 | $9.0B | 0 | |
| 2023-12-31 | 551 | $8.0B | 0 | |
| 2023-09-30 | 548 | $7.5B | 0 | |
| 2023-06-30 | 540 | $8.2B | 0 | |
| 2023-03-31 | 531 | $7.4B | 0 | |
| 2022-12-31 | 516 | $7.0B | 0 | |
| 2022-09-30 | 547 | $7.9B | 0 | |
| 2022-06-30 | 547 | $7.9B | 0 | |
| 2022-03-31 | 558 | $10.2B | 0 | |
| 2021-12-31 | 567 | $11.3B | 0 | |
| 2021-09-30 | 559 | $10.8B | 0 | |
| 2021-06-30 | 566 | $10.9B | 100 | |
| 2021-03-31 | 562 | $11.0B | 11 | |
| 2020-12-31 | 568 | $10.5B | 23 | |
| 2020-09-30 | 600 | $9.2B | 17 | |
| 2020-06-30 | 608 | $8.0B | 28 | |
| 2020-03-31 | 618 | $6.2B | 30 | |
| 2019-12-31 | 617 | $8.1B | 19 | |
| 2019-09-30 | 615 | $7.7B | 10 | |
| 2019-06-30 | 618 | $7.8B | 19 | |
| 2019-03-31 | 599 | $8.0B | 33 | |
| 2018-12-31 | 593 | $5.8B | 38 | |
| 2018-09-30 | 612 | $6.8B | 9 | |
| 2018-06-30 | 612 | $6.6B | 12 | |
| 2018-03-31 | 627 | $6.5B | 10 | |
| 2017-12-31 | 638 | $6.6B | 25 | |
| 2017-09-30 | 630 | $5.2B | 11 | |
| 2017-06-30 | 633 | $5.0B | 21 | |
| 2017-03-31 | 625 | $4.2B | 8 | |
| 2016-12-31 | 626 | $4.3B | 13 | |
| 2016-09-30 | 614 | $4.6B | 11 | |
| 2016-06-30 | 621 | $4.3B | 17 | |
| 2016-03-31 | 624 | $4.3B | 18 | |
| 2015-12-31 | 630 | $3.8B | 12 | |
| 2015-09-30 | 635 | $3.6B | 21 | |
| 2015-06-30 | 637 | $4.1B | 13 | |
| 2015-03-31 | 622 | $4.4B | 11 | |
| 2014-12-31 | 627 | $4.6B | 11 | |
| 2014-09-30 | 613 | $4.7B | 11 | |
| 2014-06-30 | 612 | $5.0B | 9 | |
| 2014-03-31 | 600 | $5.0B | 9 | |
| 2013-12-31 | 603 | $4.8B | 8 | |
| 2013-09-30 | 595 | $4.6B | 10 | |
| 2013-06-30 | 596 | $4.8B | 0 |
Fjarde Ap-fonden /fourth Swedish National Pension Fund's most significant position changes for 2026-03-31: New buy: Spotify Technology S.A. (SPOT); Sold out: Millicom International Cellular S.A. (TIGO); Add: Microsoft CORP (MSFT) — shares +63.39%; Add: Ishares Core Msci Emerging (IEMG) — shares +122.42%; Add: Johnson & Johnson (JNJ) — shares +52.72%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IEMG | Ishares Core Msci Emerging | +0.9% | +122.42% | Add |
| 2 | JNJ | Johnson & Johnson | +0.2% | +52.72% | Add |
| 3 | LRCX | Lam Research CORP | +0.2% | +62.87% | Add |
| 4 | AMAT | Applied Materials INC | +0.2% | +59.22% | Add |
| 5 | WMT | Walmart INC | +0.2% | +60.46% | Add |
| 6 | COST | Costco Wholesale CORP | +0.2% | +59.53% | Add |
| 7 | CAT | Caterpillar INC | +0.2% | +59.05% | Add |
| 8 | VZ | Verizon Communications INC | +0.1% | +63.08% | Add |
| 9 | MU | Micron Technology INC | +0.1% | +62.88% | Add |
| 10 | KLAC | Kla CORP | +0.1% | +63.19% | Add |
| 11 | GEV | GE Vernova INC | +0.1% | +61.33% | Add |
| 12 | KO | Coca-cola Co/the | +0.1% | +57.45% | Add |
| 13 | MRK | Merck & Co. INC. | +0.1% | +48.32% | Add |
| 14 | T | At&t INC | +0.1% | +53.39% | Add |
| 15 | NFLX | Netflix INC | +0.1% | +60.87% | Add |
| 16 | PEP | Pepsico INC | +0.1% | +60.17% | Add |
| 17 | LIN | Linde plc | +0.1% | +51.04% | Add |
| 18 | TXN | Texas Instruments INC | +0.1% | +60.35% | Add |
| 19 | PG | Procter & Gamble Co/the | +0.1% | +60.91% | Add |
| 20 | GILD | Gilead Sciences INC | +0.1% | +58.06% | Add |
| 21 | CSCO | Cisco Systems INC | 0% | +59.35% | Add |
| 22 | CME | Cme Group INC | 0% | +57.76% | Add |
| 23 | AMGN | Amgen INC | 0% | +59.86% | Add |
| 24 | TJX | Tjx Companies INC | 0% | +58.91% | Add |
| 25 | MCD | Mcdonald's CORP | 0% | +59.63% | Add |
| 26 | CB | Chubb Limited | 0% | +59.72% | Add |
| 27 | VRTX | Vertex Pharmaceuticals INC | 0% | +68.38% | Add |
| 28 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | +63.47% | Add |
| 29 | ABBV | Abbvie INC | 0% | +64.16% | Add |
| 30 | HD | Home Depot INC | 0% | +62.09% | Add |
| 31 | AMD | Advanced Micro Devices | 0% | +62.77% | Add |
| 32 | TMUS | T-mobile US INC | 0% | +52.75% | Add |
| 33 | GE | General Electric | 0% | +62.11% | Add |
| 34 | TSLA | Tesla INC | 0% | +71.98% | Add |
| 35 | APH | Amphenol Corp-cl A | 0% | +51.78% | Add |
| 36 | BAC | Bank Of America CORP | 0% | +58.21% | Add |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | +57.98% | Add |
| 38 | GOOGL | Alphabet Inc-cl A | -0.1% | +62.13% | Add |
| 39 | MA | Mastercard INC - A | -0.1% | +61.71% | Add |
| 40 | GOOG | Alphabet Inc-cl C | -0.1% | +60.89% | Add |
| 41 | NVDA | Nvidia CORP | -0.1% | +61.72% | Add |
| 42 | AVGO | Broadcom INC | -0.1% | +62.37% | Add |
| 43 | AAPL | Apple INC | -0.1% | +61.17% | Add |
| 44 | AMZN | Amazon.com INC | -0.1% | +63.34% | Add |
| 45 | V | Visa Inc-class A Shares | -0.2% | +61.27% | Add |
| 46 | LLY | Eli Lilly & Co | -0.2% | +60.60% | Add |
| 47 | META | Meta Platforms Inc-class A | -0.2% | +61.95% | Add |
| 48 | MSFT | Microsoft CORP | -1% | +63.39% | Add |
| 49 | SPOT | Spotify Technology S.A. | — | NEW | New buy |
| 50 | TIGO | Millicom International Cellular S.A. | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-27 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-28 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-01 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-04 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-25 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-23 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-02 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-21 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 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 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-11 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-17 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-31 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-12 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-07 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-07 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-18 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-19 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-02 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-24 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-06 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-24 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-23 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-05 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-18 | 13F-HR | View on EDGAR |
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