SW
Swedbank Historical SEC 13F Holdings & Archive (Q4 2020)
SwedbankCIK: 0001633050
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$34.1B
Reporting period: 2020-12-31 · Number of holdings: 205
Swedbank disclosed 205 holdings in its latest 13F filing for the period ending 2020-12-31, with total reported value of $34.1B and a quarterly turnover rate of 26.2%.
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Personality snowflake
- Concentration
- 8.42
- Portfolio Stability
- 26.24
- Momentum
- 100
- Sector conviction
- 73.3
- Diversification
- 100
- Sizing Uniformity
- 86.78
Swedbank's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 48 equally-sized positions, well below its 205 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 1.32), 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 64% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim MA
-48.7% -$351.9M
Trim COST
-84.6% -$245.0M
Trim CRM
-30.2% -$203.9M
Add GPN
+76.4% $252.1M
Add JPM
+28.2% $211.9M
Trim ILMN
-65.0% -$112.6M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Swedbank is shedding high-multiple tech (MA, AAPL, CRM) to redeploy into financials (JPM, GPN) and a defensive retail starter (DG). This is a deliberate capital rotation from secular growth to a cyclical recovery bet, not a defensive hedge—they're swapping one beta for another with conviction.
Macro & Fundamentals
The flows are pricing in a steepening yield curve and a regime shift toward real-economy lenders and value cyclicals, dumping fee-based tech that benefited from low rates. The opposing thesis: low inflation and persistent tech dominance make this rotation premature; the trimming is incremental while IT still commands 40% of the book, so the bet is half-hearted.
Blind Spots / Risks
The IT overweight at 40% is a duration mismatch if the reflation trade stalls—MSFT remains the top holding by far, and the adds there contradict the rotation narrative. Meanwhile, the trimming of MA and CRM mirrors the consensus crowding into value, leaving Swedbank late to a trade that could reverse violently. The DG position is token-level (0.49%), a hedge that lacks the conviction to matter if the slowdown materializes.
Generated by AI directly from this institution's Form 13F disclosures on SEC EDGAR. Reflects historical positioning only and should not be treated as investment advice — the original filing is linked below for verification. View the original 2020-12-31 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 130 holdings (of 205 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 7.21% | -0.30% | +6.62% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.88% | -0.13% | -0.83% | |
| 3 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 4.31% | -0.27% | +5.60% | |
| 4 | ADBE | Adobe Inc | Stock-Tech | 3.73% | -0.36% | +5.26% | |
| 5 | PYPL | Paypal Holdings Inc | Stock-Financials | 3.22% | -0.07% | -2.66% | |
| 6 | NVDA | Nvidia CORP | Stock-Tech | 2.59% | — | +9.90% | |
| 7 | SEDG | Solaredge Technologies Inc | Stock-Tech | 2.56% | +0.02% | -11.77% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.44% | -0.20% | -8.91% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.29% | -0.08% | -4.57% | |
| 10 | VMWEUR | Vmware Inc-class A | Stock-Other | 2.07% | -0.03% | +20.13% | |
| 11 | NOW | Servicenow Inc | Stock-Tech | 2.06% | +0.05% | +6.44% | |
| 12 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.55% | +0.46% | +28.16% | |
| 13 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 1.52% | — | +1.45% | |
| 14 | SNPS | Synopsys Inc | Stock-Tech | 1.48% | +0.04% | +0.48% | |
| 15 | PLD | Prologis Inc | Stock-Real Estate | 1.47% | — | +6.15% | |
| 16 | GPN | Global Payments Inc | Stock-Industrials | 1.42% | +0.62% | +76.39% | |
| 17 | KEYS | Keysight Technologies In | Stock-Tech | 1.40% | +0.23% | +5.55% | |
| 18 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 1.34% | +0.33% | +48.40% | |
| 19 | V | Visa Inc-class A Shares | Stock-Financials | 1.29% | — | -12.60% | |
| 20 | PINS | Pinterest Inc- Class A | Stock-Comm Services | 1.22% | +0.20% | -13.52% | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.22% | — | -8.98% | |
| 22 | MA | Mastercard Inc - A | Stock-Financials | 1.21% | -1.41% | -48.74% | |
| 23 | ABT | Abbott Laboratories | Stock-Healthcare | 1.19% | +0.07% | +24.62% | |
| 24 | SPGI | S&p Global Inc | Stock-Financials | 1.17% | +0.22% | +60.72% | |
| 25 | MRK | Merck & Co. Inc. | Stock-Healthcare | 1.04% | — | +2.92% | |
| 26 | CSCO | Cisco Systems Inc | Stock-Tech | 1.00% | — | +4.56% | |
| 27 | ALXN | Alexion Pharmaceuticals Inc | Stock-Other | 0.98% | — | -18.31% | |
| 28 | CRM | Salesforce Inc | Stock-Tech | 0.97% | -0.86% | -30.18% | |
| 29 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.93% | — | -0.22% | |
| 30 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.87% | +0.22% | +6.61% | |
| 31 | SIVBEUR | Svb Financial Group | Stock-Other | 0.81% | +0.19% | -3.15% | |
| 32 | CI | THE Cigna Group | Stock-Healthcare | 0.80% | +0.22% | +35.36% | |
| 33 | CNC | Centene CORP | Stock-Healthcare | 0.78% | — | -4.32% | |
| 34 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.77% | — | -0.17% | |
| 35 | ANETEUR | Arista Networks Inc | Stock-Other | 0.76% | +0.09% | -4.97% | |
| 36 | FFIV | F5 Inc | Stock-Tech | 0.72% | +0.26% | +29.24% | |
| 37 | AKX | Ansys Inc | Stock-Other | 0.68% | — | +1.97% | |
| 38 | ECL | Ecolab Inc | Stock-Materials | 0.68% | — | +5.07% | |
| 39 | CDNS | Cadence Design Sys Inc | Stock-Tech | 0.65% | +0.11% | +12.17% | |
| 40 | DHR | Danaher CORP | Stock-Healthcare | 0.64% | — | -13.87% | |
| 41 | CBRE | Cbre Group Inc - A | Stock-Real Estate | 0.64% | — | -8.02% | |
| 42 | TGT | Target CORP | Stock-Consumer Disc | 0.64% | — | -8.20% | |
| 43 | FIS | Fidelity National Info Serv | Stock-Tech | 0.62% | +0.15% | +63.53% | |
| 44 | EQIX | Equinix Inc | Stock-Real Estate | 0.62% | +0.19% | +80.42% | |
| 45 | HD | Home Depot Inc | Stock-Consumer Disc | 0.61% | — | -0.75% | |
| 46 | NFLX | Netflix Inc | Stock-Comm Services | 0.59% | — | -22.52% | |
| 47 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.59% | — | +9.11% | |
| 48 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.58% | — | +45.11% | |
| 49 | TTWO | Take-two Interactive Softwre | Stock-Comm Services | 0.58% | — | +5.23% | |
| 50 | EA | Electronic Arts Inc | Stock-Comm Services | 0.55% | — | +10.20% |
1–50 of 130
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2020 Q4 | 205 | $34.1B | 26 | ||
| 2020 Q3 | 189 | $29.1B | 20 | ||
| 2020 Q2 | 191 | $27.5B | 39 | ||
| 2020 Q1 | 181 | $20.2B | 30 | ||
| 2019 Q4 | 185 | $24.6B | 28 | ||
| 2019 Q3 | 188 | $22.0B | 19 | ||
| 2019 Q2 | 190 | $22.1B | 23 | ||
| 2019 Q1 | 179 | $21.0B | 24 | ||
| 2018 Q4 | 179 | $18.2B | 33 | ||
| 2018 Q3 | 176 | $22.4B | 20 | ||
| 2018 Q2 | 165 | $20.3B | 19 | ||
| 2018 Q1 | 160 | $19.2B | 18 | ||
| 2017 Q4 | 147 | $18.4B | 21 | ||
| 2017 Q3 | 121 | $16.4B | 17 | ||
| 2017 Q2 | 112 | $14.9B | 12 | ||
| 2017 Q1 | 117 | $14.1B | 16 | ||
| 2016 Q4 | 116 | $12.7B | 26 | ||
| 2016 Q3 | 118 | $12.2B | 20 | ||
| 2016 Q2 | 119 | $11.8B | 21 | ||
| 2016 Q1 | 123 | $12.3B | 18 | ||
| 2015 Q4 | 137 | $12.7B | 31 | ||
| 2015 Q3 | 138 | $12.1B | 20 | ||
| 2015 Q2 | 136 | $13.6B | 21 | ||
| 2015 Q1 | 136 | $12.8B | 16 | ||
| 2014 Q4 | 133 | $13.0B | 16 | ||
| 2014 Q1 | 136 | $12.8B | 0 |
Holding changes this quarter
Swedbank's most significant position changes for 2020-12-31: New buy: Dollar General CORP (DG); New buy: Veeva Systems Inc-class A (VEEV); New buy: Farfetch Ltd-class A (FTCHQ); New buy: On Semiconductor (ON); New buy: Tesla Inc (TSLA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GPN | Global Payments Inc | +0.6% | +76.39% | Add |
| 2 | JPM | Jpmorgan Chase & Co | +0.5% | +28.16% | Add |
| 3 | TMO | Thermo Fisher Scientific Inc | +0.3% | +48.40% | Add |
| 4 | FFIV | F5 Inc | +0.3% | +29.24% | Add |
| 5 | KEYS | Keysight Technologies In | +0.2% | +5.55% | Add |
| 6 | SPGI | S&p Global Inc | +0.2% | +60.72% | Add |
| 7 | CI | THE Cigna Group | +0.2% | +35.36% | Add |
| 8 | DIS | Walt Disney Co/the | +0.2% | +6.61% | Add |
| 9 | PINS | Pinterest Inc- Class A | +0.2% | -13.52% | Trim |
| 10 | SIVBEUR | Svb Financial Group | +0.2% | -3.15% | Trim |
| 11 | EQIX | Equinix Inc | +0.2% | +80.42% | Add |
| 12 | FIS | Fidelity National Info Serv | +0.2% | +63.53% | Add |
| 13 | GS | Goldman Sachs Group Inc | +0.1% | +22.27% | Add |
| 14 | CDNS | Cadence Design Sys Inc | +0.1% | +12.17% | Add |
| 15 | ANETEUR | Arista Networks Inc | +0.1% | -4.97% | Trim |
| 16 | ABT | Abbott Laboratories | +0.1% | +24.62% | Add |
| 17 | NOW | Servicenow Inc | +0.1% | +6.44% | Add |
| 18 | SNPS | Synopsys Inc | 0% | +0.48% | Add |
| 19 | SEDG | Solaredge Technologies Inc | 0% | -11.77% | Trim |
| 20 | VMWEUR | Vmware Inc-class A | 0% | +20.13% | Add |
| 21 | PYPL | Paypal Holdings Inc | -0.1% | -2.66% | Trim |
| 22 | GOOG | Alphabet Inc-cl C | -0.1% | -4.57% | Trim |
| 23 | AAPL | Apple Inc | -0.1% | -0.83% | Trim |
| 24 | GOOGL | Alphabet Inc-cl A | -0.2% | -8.91% | Trim |
| 25 | AMZN | Amazon.com Inc | -0.3% | +5.60% | Add |
| 26 | MSFT | Microsoft CORP | -0.3% | +6.62% | Add |
| 27 | UBER | Uber Technologies Inc | -0.3% | -83.57% | Trim |
| 28 | ADBE | Adobe Inc | -0.4% | +5.26% | Add |
| 29 | INTC | Intel CORP | -0.4% | -27.30% | Trim |
| 30 | ILMN | Illumina Inc | -0.4% | -64.95% | Trim |
| 31 | COST | Costco Wholesale CORP | -0.9% | -84.60% | Trim |
| 32 | CRM | Salesforce Inc | -0.9% | -30.18% | Trim |
| 33 | MA | Mastercard Inc - A | -1.4% | -48.74% | Trim |
| 34 | DG | Dollar General CORP | — | NEW | New buy |
| 35 | VEEV | Veeva Systems Inc-class A | — | NEW | New buy |
| 36 | FTCHQ | Farfetch Ltd-class A | — | NEW | New buy |
| 37 | ON | On Semiconductor | — | NEW | New buy |
| 38 | TSLA | Tesla Inc | — | NEW | New buy |
| 39 | MSCI | Msci Inc | — | NEW | New buy |
| 40 | ETN | Eaton Corporation plc | — | NEW | New buy |
| 41 | SYY | Sysco CORP | — | NEW | New buy |
| 42 | SNAP | Snap Inc - A | — | NEW | New buy |
| 43 | BLKCHF | Blackrock Inc | — | NEW | New buy |
| 44 | ORCL | Oracle CORP | — | NEW | New buy |
| 45 | HSIC | Henry Schein Inc | — | NEW | New buy |
| 46 | ✓ | — | NEW | New buy | |
| 47 | UCTT | Ultra Clean Holdings Inc | — | NEW | New buy |
| 48 | VRTX | Vertex Pharmaceuticals Inc | — | NEW | New buy |
| 49 | ✓ | Yandex NV | — | NEW | New buy |
| 50 | ROP | Roper Technologies Inc | — | EXIT | Sold out |
Filing History
FAQ
What is Swedbank and what type of investor is it?
Swedbank is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2020-12-31), the firm manages a tracked equity portfolio valued at approximately $34.1B, spread across 205 disclosed positions.
What are Swedbank's largest equity positions?
Based on the latest 13F filing, Swedbank's top holdings by market value are:
1. Microsoft CORP (MSFT) — $2.5B (7.2%)
2. Apple Inc (AAPL) — $2.0B (5.9%)
3. Amazon.com Inc (AMZN) — $1.5B (4.3%)
4. Adobe Inc (ADBE) — $1.3B (3.7%)
5. Paypal Holdings Inc (PYPL) — $1.1B (3.2%)
What changes did Swedbank make in its most recent portfolio filing?
In the latest reported quarter, Swedbank made 50 notable position adjustments: 16 new positions were initiated, 19 existing holdings were added to, 14 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Dollar General CORP (DG); New buy: Veeva Systems Inc-class A (VEEV); New buy: Farfetch Ltd-class A (FTCHQ); New buy: On Semiconductor (ON); New buy: Tesla Inc (TSLA)
What sectors does Swedbank focus on?
Swedbank is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 39.6%
• Financials: 17.2%
• Communication Services: 15.1%
• Health Care: 15.1%
• Consumer Discretionary: 10.9%
• Consumer Staples: 1.8%
Investment Profile
Swedbank's portfolio is broadly diversified and moderately active, with 39.6% of the portfolio concentrated in Information Technology.
It has added to its AAPL position over the past two quarters (+$440.3M, now $2.0B), while trimming BABA over the same stretch (-$417.4M, still holding $125.0M).
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