Swedbank
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/Contrarian
- 100
- Sector conviction
- 73.3
- Diversification
- 100
- Sizing Uniformity
- 86.78
Recent moves
Trim 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
Institutional Game-State Analysis
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.
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.
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.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
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% |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2020-12-31 | 205 | $34.1B | 26 | |
| 2020-09-30 | 189 | $29.1B | 20 | |
| 2020-06-30 | 191 | $27.5B | 39 | |
| 2020-03-31 | 181 | $20.2B | 30 | |
| 2019-12-31 | 185 | $24.6B | 28 | |
| 2019-09-30 | 188 | $22.0B | 19 | |
| 2019-06-30 | 190 | $22.1B | 23 | |
| 2019-03-31 | 179 | $21.0B | 24 | |
| 2018-12-31 | 179 | $18.2B | 33 | |
| 2018-09-30 | 176 | $22.4B | 20 | |
| 2018-06-30 | 165 | $20.3B | 19 | |
| 2018-03-31 | 160 | $19.2B | 18 | |
| 2017-12-31 | 147 | $18.4B | 21 | |
| 2017-09-30 | 121 | $16.4B | 17 | |
| 2017-06-30 | 112 | $14.9B | 12 | |
| 2017-03-31 | 117 | $14.1B | 16 | |
| 2016-12-31 | 116 | $12.7B | 26 | |
| 2016-09-30 | 118 | $12.2B | 20 | |
| 2016-06-30 | 119 | $11.8B | 21 | |
| 2016-03-31 | 123 | $12.3B | 18 | |
| 2015-12-31 | 137 | $12.7B | 31 | |
| 2015-09-30 | 138 | $12.1B | 20 | |
| 2015-06-30 | 136 | $13.6B | 21 | |
| 2015-03-31 | 136 | $12.8B | 16 | |
| 2014-12-31 | 133 | $13.0B | 16 | |
| 2014-03-31 | 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 |
FAQ
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