CIK: 0000889232
Total reported value
$15.1B
Reporting period: 2026-03-31 · Number of holdings: 10
INVESTOR AB disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $15.1B and a quarterly turnover rate of 104.8%.
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Investor AB's disclosed holdings carry a Herfindahl concentration index of 0.559 — mathematically equivalent to about 2 equally-sized positions, well below its 10 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 2.26), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 33.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim NDAQ
+0.3% -$718.5M
Trim M68830112
0.0% -$2.0M
Trim COHR
-50.0% -$392.8K
Trim CRSR
-20.0% -$187.4K
New buy AZN
Sold out COF
INVESTOR AB performed a radical capital rotation, slashing NDAQ from a 99.6% weight to 32.6% while building a dominant 67.3% position in AZN. The wholesale liquidation of five micro-holdings confirms this is a conviction-led restructuring hunting pure alpha, not capital defense.
This rotation prices a regime shift from financial fee cyclicality to pharmaceutical patent durability. INVESTOR AB is betting that healthcare pricing power will outperform financial intermediation in the next cycle; the opposing thesis is that rate normalization or a risk-on rotation will crush NDAQ’s relative value while AZN faces regulatory gravity.
The defining structural risk is binary outcome dependence on two single equities. With an HHI of 0.56 and effectively no diversification across sectors or factors, a clinical trial failure or exchange regulation event would trigger a portfolio catastrophe — this is idiosyncratic risk, not factor exposure, and it is 100% unhedged.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AZN | AstraZeneca PLC | Stock-Healthcare | 67.27% | +67.27% | NEW | |
| 2 | NDAQ | Nasdaq INC | Stock-Financials | 32.61% | -66.99% | +0.34% | |
| 3 | ✓ | Mediwound LTD | Stock-Other | 0.09% | -0.19% | — | |
| 4 | CLBT | Cellebrite DI Ltd. | Stock-Other | 0.01% | — | NEW | |
| 5 | COHR | Coherent CORP | Stock-Tech | — | -0.02% | -50.00% | |
| 6 | ✓ | Kyivstar Group LTD | Stock-Other | — | — | NEW | |
| 7 | VZ | Verizon Communications INC | Stock-Comm Services | — | — | NEW | |
| 8 | CRSR | Corsair Gaming INC | Stock-Other | — | -0.01% | -20.05% | |
| 9 | WHR | Whirlpool CORP | Stock-Consumer Disc | — | — | +27.03% | |
| 10 | BMRN | Biomarin Pharmaceutical INC | Stock-Healthcare | — | — | — |
Performance for Q3 2026
-5.4%
Performance Last 4 Quarters
-8.7%
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 10 | $15.1B | 100 | |
| 2025-12-31 | 12 | $5.7B | 9 | |
| 2025-09-30 | 12 | $5.2B | 14 | |
| 2025-06-30 | 13 | $5.2B | 0 | |
| 2025-03-31 | 13 | $4.4B | 46 | |
| 2024-12-31 | 8 | $4.5B | 0 | |
| 2024-09-30 | 7 | $4.3B | 0 | |
| 2024-06-30 | 6 | $3.5B | 0 | |
| 2024-03-31 | 10 | $3.7B | 0 | |
| 2023-12-31 | 10 | $3.4B | 0 | |
| 2023-09-30 | 9 | $2.8B | 0 | |
| 2023-06-30 | 9 | $2.9B | 0 | |
| 2023-03-31 | 7 | $3.2B | 0 | |
| 2022-12-31 | 5 | $3.6B | 0 | |
| 2022-09-30 | 7 | $3.3B | 0 | |
| 2022-06-30 | 5 | $3.0B | 0 | |
| 2022-03-31 | 8 | $3.5B | 0 | |
| 2021-12-31 | 7 | $4.1B | 0 | |
| 2021-09-30 | 4 | $3.7B | 0 | |
| 2021-06-30 | 3 | $3.4B | 18 | |
| 2021-03-31 | 2 | $2.9B | 11 | |
| 2020-12-31 | 3 | $2.6B | 8 | |
| 2020-09-30 | 7 | $2.4B | 3 | |
| 2020-06-30 | 4 | $2.3B | 23 | |
| 2020-03-31 | 4 | $1.9B | 12 | |
| 2019-12-31 | 6 | $2.1B | 8 | |
| 2019-09-30 | 8 | $1.9B | 4 | |
| 2019-06-30 | 5 | $1.9B | 10 | |
| 2019-03-31 | 4 | $1.7B | 3 | |
| 2018-12-31 | 5 | $1.7B | 1 | |
| 2018-09-30 | 5 | $1.7B | 7 | |
| 2018-06-30 | 7 | $1.8B | 9 | |
| 2018-03-31 | 6 | $1.7B | 12 | |
| 2017-12-31 | 7 | $1.5B | 3 | |
| 2017-09-30 | 8 | $1.6B | 9 | |
| 2017-06-30 | 9 | $1.4B | 4 | |
| 2017-03-31 | 14 | $1.4B | 5 | |
| 2016-12-31 | 11 | $1.4B | 2 | |
| 2016-09-30 | 10 | $1.4B | 5 | |
| 2016-06-30 | 10 | $1.3B | 4 | |
| 2016-03-31 | 8 | $1.4B | 14 | |
| 2015-12-31 | 7 | $1.2B | 10 | |
| 2015-09-30 | 7 | $1.1B | 12 | |
| 2015-06-30 | 9 | $1.1B | 5 | |
| 2015-03-31 | 9 | $1.1B | 8 | |
| 2014-12-31 | 8 | $1.0B | 14 | |
| 2014-09-30 | 12 | $944.5M | 10 | |
| 2014-06-30 | 9 | $881.6M | 11 | |
| 2014-03-31 | 12 | $851.6M | 12 | |
| 2013-12-31 | 10 | $864.9M | 40 | |
| 2013-09-30 | 11 | $859.9M | 39 | |
| 2013-06-30 | 13 | $848.4M | 0 |
Investor AB's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Capital One Financial CORP (COF); Sold out: ; Sold out: Check Point Software Technologies Ltd. (CHKP); New buy: Cellebrite DI Ltd. (CLBT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | WHR | Whirlpool CORP | — | +27.03% | Add |
| 2 | BMRN | Biomarin Pharmaceutical INC | — | — | Unchanged |
| 3 | CRSR | Corsair Gaming INC | 0% | -20.05% | Trim |
| 4 | COHR | Coherent CORP | 0% | -50.00% | Trim |
| 5 | ✓ | Mediwound LTD | -0.2% | — | Unchanged |
| 6 | NDAQ | Nasdaq INC | -67% | +0.34% | Add |
| 7 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 8 | COF | Capital One Financial CORP | — | EXIT | Sold out |
| 9 | ✓ | — | EXIT | Sold out | |
| 10 | CHKP | Check Point Software Technologies Ltd. | — | EXIT | Sold out |
| 11 | CLBT | Cellebrite DI Ltd. | — | NEW | New buy |
| 12 | CCL1EUR | Carnival CORP LTD | — | EXIT | Sold out |
| 13 | ✓ | Kyivstar Group LTD | — | NEW | New buy |
| 14 | VZ | Verizon Communications INC | — | NEW | New buy |
| 15 | QBTS | D-wave Quantum INC | — | EXIT | Sold out |
| 16 | SSNC | Ss&c Technologies Holdings | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 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 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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