CIK: 0001650290
Total reported value
$18.3B
Reporting period: 2026-03-31 · Number of holdings: 555
Tredje AP-fonden disclosed 555 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 64.6%.
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Tredje AP-fonden's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 62 equally-sized positions, well below its 555 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 2.83), 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 GOOGL
-23.4% -$195.2M
Trim AMZN
-0.1% -$64.3M
Trim JPM
-21.2% -$100.1M
Add TSLA
+519.9% $242.0M
Add GOOG
+176.3% $266.5M
Trim MA
-25.6% -$74.7M
Tredje AP-fonden aggressively rotates capital into US mega-cap technology and growth names while actively trimming financial exposure. The 64.6% turnover ratio paired with a momentum-contrarian score of 100 confirms a decisive pivot toward AI infrastructure and cloud ecosystems. GOOG receives a structural add, TSLA expands from 0.44% to 1.64%, and AAPL registers as a share-count increase despite portfolio weight compressing from 6.81% to 6.02% on accelerated price appreciation.
The embedded regime bet is that technology sector dominance (32.73% allocation) and communication services (11.03%) will sustain liquidity inflows regardless of elevated rate environments, while financials (14% headline, actively reduced to 1.4% in top names) face a structural discount. The opposing thesis argues this positioning creates a fragility point: if long-duration tech multiples contract or Treasury yields reprice aggressively against the AI capex narrative, the fund suffers a liquidity trap without adequate cyclical buffers.
The strategy's structural vulnerability lies in weight dilution masking active accumulation across top holdings. AAPL and META are tagged as active buys, yet share price velocity exceeds position-building pace, forcing portfolio weights to contract despite increased exposure. With an HHI of 0.016 across 555 positions, the fund appears structurally diversified but is operationally leveraged to a narrow set of high-beta tech names that dictate index momentum.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Showing top 200 holdings (of 555 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.84% | +0.04% | +48.09% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.02% | -0.79% | +30.41% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.27% | — | +23.51% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.22% | -1.70% | -0.08% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.54% | -2.42% | -23.40% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.41% | +1.09% | +176.25% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.24% | — | +23.53% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.07% | -0.05% | +54.84% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.64% | +1.20% | +519.86% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.40% | -1.29% | -21.20% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.29% | +0.22% | +74.93% | |
| 12 | FLSP | Franklin Systematic Style Pr | ETF-Other | 1.20% | — | — | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.19% | — | +0.41% | |
| 14 | QAI | Nyli Hdg Multi-str Trk ETF | ETF-Other | 1.17% | — | — | |
| 15 | SWAN | Amplify Blckswn Grow Trsry | ETF-Other | 1.11% | — | — | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.94% | +0.72% | +397.99% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 0.89% | — | +35.57% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 0.88% | — | -1.06% | |
| 19 | MA | Mastercard INC - A | Stock-Financials | 0.76% | -0.85% | -25.60% | |
| 20 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.71% | +0.39% | +160.20% | |
| 21 | ABBV | Abbvie INC | Stock-Healthcare | 0.67% | — | -15.65% | |
| 22 | NFLX | Netflix INC | Stock-Comm Services | 0.66% | +0.41% | +254.30% | |
| 23 | BAC | Bank Of America CORP | Stock-Financials | 0.62% | — | +12.63% | |
| 24 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.60% | — | +36.74% | |
| 25 | MU | Micron Technology INC | Stock-Tech | 0.59% | — | -32.84% | |
| 26 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.57% | — | -17.22% | |
| 27 | HD | Home Depot INC | Stock-Consumer Disc | 0.57% | — | +7.75% | |
| 28 | CSCO | Cisco Systems INC | Stock-Tech | 0.57% | — | +80.17% | |
| 29 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.55% | — | +18.64% | |
| 30 | AMD | Advanced Micro Devices | Stock-Tech | 0.55% | +0.27% | +179.39% | |
| 31 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 0.52% | — | +15.53% | |
| 32 | CAT | Caterpillar INC | Stock-Industrials | 0.50% | +0.50% | NEW | |
| 33 | LRCX | Lam Research CORP | Stock-Tech | 0.48% | — | +50.88% | |
| 34 | GE | General Electric | Stock-Industrials | 0.48% | +0.41% | +931.76% | |
| 35 | FIAX | Nicholas Fixed INC Alt ETF | ETF-Other | 0.47% | — | — | |
| 36 | WFC | Wells Fargo & Co | Stock-Financials | 0.47% | -0.66% | -33.22% | |
| 37 | VZ | Verizon Communications INC | Stock-Comm Services | 0.45% | +0.24% | +140.29% | |
| 38 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.44% | -0.57% | -40.18% | |
| 39 | KMI | Kinder Morgan INC | Stock-Energy | 0.44% | +0.44% | NEW | |
| 40 | AMAT | Applied Materials INC | Stock-Tech | 0.43% | +0.43% | NEW | |
| 41 | ORCL | Oracle CORP | Stock-Tech | 0.43% | +0.37% | +1289.67% | |
| 42 | OKE | Oneok INC | Stock-Energy | 0.43% | +0.43% | NEW | |
| 43 | LIN | Linde plc | Stock-Materials | 0.42% | +0.20% | +127.43% | |
| 44 | GS | Goldman Sachs Group INC | Stock-Financials | 0.42% | +0.21% | +181.01% | |
| 45 | FUTU | Futu Holdings Ltd-adr | Stock-Financials | 0.40% | — | +0.87% | |
| 46 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.39% | -0.56% | -31.30% | |
| 47 | GEV | GE Vernova INC | Stock-Industrials | 0.38% | +0.24% | +188.09% | |
| 48 | OXY | Occidental Petroleum CORP | Stock-Energy | 0.37% | +0.37% | NEW | |
| 49 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.37% | -0.61% | -49.63% | |
| 50 | KLAC | Kla CORP | Stock-Tech | 0.36% | +0.36% | NEW |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+16.8%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 555 | $18.3B | 65 | |
| 2025-12-31 | 351 | $13.3B | 38 | |
| 2025-09-30 | 378 | $12.5B | 43 | |
| 2025-06-30 | 371 | $12.6B | 0 | |
| 2025-03-31 | 432 | $10.7B | 100 | |
| 2024-12-31 | 473 | $11.1B | 0 | |
| 2024-09-30 | 474 | $11.0B | 0 | |
| 2024-06-30 | 474 | $10.4B | 0 | |
| 2024-03-31 | 487 | $9.6B | 0 | |
| 2023-12-31 | 517 | $8.0B | 0 | |
| 2023-09-30 | 536 | $6.8B | 0 | |
| 2023-06-30 | 534 | $7.1B | 0 | |
| 2023-03-31 | 528 | $6.4B | 0 | |
| 2022-12-31 | 534 | $5.9B | 0 | |
| 2022-09-30 | 490 | $4.8B | 0 | |
| 2022-06-30 | 316 | $4.0B | 0 | |
| 2022-03-31 | 330 | $4.9B | 0 | |
| 2021-12-31 | 338 | $5.2B | 0 | |
| 2021-09-30 | 256 | $4.8B | 0 | |
| 2021-06-30 | 187 | $4.9B | 100 | |
| 2021-03-31 | 193 | $4.2B | 38 | |
| 2020-12-31 | 197 | $3.9B | 44 | |
| 2020-09-30 | 186 | $3.1B | 42 | |
| 2020-06-30 | 178 | $2.4B | 51 | |
| 2020-03-31 | 249 | $1.9B | 55 | |
| 2019-12-31 | 420 | $2.0B | 24 | |
| 2019-09-30 | 442 | $2.1B | 16 | |
| 2019-06-30 | 448 | $2.1B | 19 | |
| 2019-03-31 | 435 | $1.9B | 23 | |
| 2018-12-31 | 403 | $1.6B | 31 | |
| 2018-09-30 | 417 | $2.1B | 41 | |
| 2018-06-30 | 414 | $2.9B | 46 | |
| 2018-03-31 | 577 | $2.8B | 17 | |
| 2017-12-31 | 584 | $2.9B | 21 | |
| 2017-09-30 | 571 | $2.8B | 22 | |
| 2017-06-30 | 583 | $2.7B | 22 | |
| 2017-03-31 | 569 | $2.5B | 21 | |
| 2016-12-31 | 572 | $2.4B | 21 | |
| 2016-09-30 | 550 | $2.2B | 26 | |
| 2016-06-30 | 555 | $2.2B | 24 | |
| 2016-03-31 | 500 | $2.2B | 44 | |
| 2015-12-31 | 293 | $1.6B | 56 | |
| 2015-09-30 | 302 | $1.0B | 37 | |
| 2015-06-30 | 302 | $1.2B | — |
Tredje AP-fonden's most significant position changes for 2026-03-31: New buy: Caterpillar INC (CAT); New buy: Kinder Morgan INC (KMI); New buy: Applied Materials INC (AMAT); New buy: Oneok INC (OKE); New buy: Occidental Petroleum CORP (OXY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TSLA | Tesla INC | +1.2% | +519.86% | Add |
| 2 | GOOG | Alphabet Inc-cl C | +1.1% | +176.25% | Add |
| 3 | JNJ | Johnson & Johnson | +0.7% | +397.99% | Add |
| 4 | NFLX | Netflix INC | +0.4% | +254.30% | Add |
| 5 | GE | General Electric | +0.4% | +931.76% | Add |
| 6 | COST | Costco Wholesale CORP | +0.4% | +160.20% | Add |
| 7 | ORCL | Oracle CORP | +0.4% | +1289.67% | Add |
| 8 | MCD | Mcdonald's CORP | +0.3% | +1496.90% | Add |
| 9 | AMD | Advanced Micro Devices | +0.3% | +179.39% | Add |
| 10 | IBM | Intl Business Machines CORP | +0.3% | +556.74% | Add |
| 11 | VZ | Verizon Communications INC | +0.2% | +140.29% | Add |
| 12 | GEV | GE Vernova INC | +0.2% | +188.09% | Add |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +74.93% | Add |
| 14 | GS | Goldman Sachs Group INC | +0.2% | +181.01% | Add |
| 15 | LIN | Linde plc | +0.2% | +127.43% | Add |
| 16 | NVDA | Nvidia CORP | 0% | +48.09% | Add |
| 17 | META | Meta Platforms Inc-class A | -0.1% | +54.84% | Add |
| 18 | DECK | Deckers Outdoor CORP | -0.4% | -81.38% | Trim |
| 19 | BBD | Banco Bradesco-adr | -0.4% | -73.85% | Trim |
| 20 | FSLR | First Solar INC | -0.5% | -79.25% | Trim |
| 21 | ISRG | Intuitive Surgical INC | -0.5% | -38.61% | Trim |
| 22 | NOW | Servicenow INC | -0.5% | -42.58% | Trim |
| 23 | KKR | Kkr & Co INC | -0.5% | -64.80% | Trim |
| 24 | ETN | Eaton Corporation plc | -0.5% | -57.57% | Trim |
| 25 | XYL | Xylem INC | -0.5% | -71.09% | Trim |
| 26 | UNH | Unitedhealth Group INC | -0.6% | -31.30% | Trim |
| 27 | PG | Procter & Gamble Co/the | -0.6% | -40.18% | Trim |
| 28 | MCK | Mckesson CORP | -0.6% | -65.51% | Trim |
| 29 | TJX | Tjx Companies INC | -0.6% | -49.63% | Trim |
| 30 | WFC | Wells Fargo & Co | -0.7% | -33.22% | Trim |
| 31 | BSX | Boston Scientific CORP | -0.7% | -65.47% | Trim |
| 32 | AAPL | Apple INC | -0.8% | +30.41% | Add |
| 33 | MA | Mastercard INC - A | -0.9% | -25.60% | Trim |
| 34 | JPM | Jpmorgan Chase & Co | -1.3% | -21.20% | Trim |
| 35 | AMZN | Amazon.com INC | -1.7% | -0.08% | Trim |
| 36 | GOOGL | Alphabet Inc-cl A | -2.4% | -23.40% | Trim |
| 37 | CAT | Caterpillar INC | — | NEW | New buy |
| 38 | KMI | Kinder Morgan INC | — | NEW | New buy |
| 39 | AMAT | Applied Materials INC | — | NEW | New buy |
| 40 | OKE | Oneok INC | — | NEW | New buy |
| 41 | OXY | Occidental Petroleum CORP | — | NEW | New buy |
| 42 | KLAC | Kla CORP | — | NEW | New buy |
| 43 | PEP | Pepsico INC | — | NEW | New buy |
| 44 | INTC | Intel CORP | — | NEW | New buy |
| 45 | BA | Boeing Co/the | — | NEW | New buy |
| 46 | SLB | Slb LTD | — | NEW | New buy |
| 47 | GILD | Gilead Sciences INC | — | NEW | New buy |
| 48 | AXP | American Express Co | — | NEW | New buy |
| 49 | WMB | Williams Cos INC | — | NEW | New buy |
| 50 | LMT | Lockheed Martin CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-10 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-28 | Amendment | 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 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-09 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-10 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
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