FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND
Long book
$18.34B
Q1 2026
Positions
538
Top-10 weight
32%
concentration
Last quarter
+15.1%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsFJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND is an institutional manager, running a $18.34B US long book across 538 positions.
The portfolio is moderately concentrated (top 10 ≈ 32% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ISHARES CORE MSCI EMERGING.
Over the last 8 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 2 of 8 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.4%
Q3 2024
+2.5%
Q4 2024
-4.0%
Q1 2025
+10.0%
Q2 2025
+6.5%
Q3 2025
+2.2%
Q4 2025
-4.8%
Q1 2026
+15.1%
Sector allocation
Technology 40%
Financials 12%
Consumer discretionary 11%
Healthcare 10%
Industrials 8%
Services media 7%
Other 4%
Utilities 3%
Long book by quarter
What does FJARDE AP-FONDEN own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 6.8M | $1.19B | 6.5% | +61.7% |
| AAPL APPLE INC | Technology | 4.1M | $1.04B | 5.7% | +61.2% |
| MSFT MICROSOFT CORP | Technology | 2.1M | $766.6M | 4.2% | +63.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.5M | $513.1M | 2.8% | +63.3% |
| GOOGL ALPHABET INC-CL A | Technology | 1.6M | $474.2M | 2.6% | +62.1% |
| GOOG ALPHABET INC-CL C | Technology | 1.4M | $410.1M | 2.2% | +60.9% |
| META META PLATFORMS INC-CLASS A | Technology | 696.0K | $398.2M | 2.2% | +62.0% |
| AVGO BROADCOM INC | Technology | 1.1M | $353.2M | 1.9% | +62.4% |
| LLY ELI LILLY & CO | Healthcare | 344.5K | $316.9M | 1.7% | +60.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.2M | $297.2M | 1.6% | +52.7% |
| V VISA INC-CLASS A SHARES | Services media | 866.3K | $261.8M | 1.4% | +61.3% |
| WMT WALMART INC | Consumer discretionary | 1.8M | $219.1M | 1.2% | +60.5% |
| JPM JPMORGAN CHASE & CO | Financials | 692.2K | $203.6M | 1.1% | +58.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 415.0K | $198.9M | 1.1% | +63.5% |
| MA MASTERCARD INC - A | Services media | 368.8K | $184.3M | 1.0% | +61.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 182.5K | $181.9M | 1.0% | +59.5% |
| NFLX NETFLIX INC | Services media | 1.8M | $177.2M | 1.0% | +60.9% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.2M | $171.2M | 0.9% | +60.9% |
| CSCO CISCO SYSTEMS INC | Technology | 2.2M | $169.8M | 0.9% | +59.4% |
| KO COCA-COLA CO/THE | Consumer staples | 2.1M | $156.6M | 0.9% | +57.5% |
| MRK MERCK & CO. INC. | Healthcare | 1.2M | $142.2M | 0.8% | +48.3% |
| CAT CATERPILLAR INC | Industrials | 187.6K | $132.9M | 0.7% | +59.1% |
| LRCX LAM RESEARCH CORP | Industrials | 583.0K | $124.6M | 0.7% | +62.9% |
| PEP PEPSICO INC | Consumer staples | 772.1K | $119.9M | 0.7% | +60.2% |
| ABBV ABBVIE INC | Healthcare | 532.9K | $115.9M | 0.6% | +64.2% |
| AMAT APPLIED MATERIALS INC | Technology | 332.9K | $113.8M | 0.6% | +59.2% |
| T AT&T INC | Communications | 3.5M | $102.1M | 0.6% | +53.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 374.5K | $101.3M | 0.6% | +55.0% |
| TSLA TESLA INC | Industrials | 265.5K | $98.7M | 0.5% | +72.0% |
| MU MICRON TECHNOLOGY INC | Technology | 290.9K | $98.3M | 0.5% | +62.9% |
| LIN LINDE PLC | Materials | 196.1K | $97.2M | 0.5% | +51.0% |
| TJX TJX COMPANIES INC | Consumer discretionary | 591.4K | $94.4M | 0.5% | +58.9% |
| MCD MCDONALD'S CORP | Consumer discretionary | 301.7K | $93.8M | 0.5% | +59.6% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.8M | $91.8M | 0.5% | +63.1% |
| ABT ABBOTT LABORATORIES | Healthcare | 884.7K | $90.8M | 0.5% | +61.4% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 185.0K | $89.7M | 0.5% | New |
| BAC BANK OF AMERICA CORP | Financials | 1.8M | $85.9M | 0.5% | +58.2% |
| HD HOME DEPOT INC | Consumer discretionary | 259.7K | $85.4M | 0.5% | +62.1% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 579.3K | $84.7M | 0.5% | +62.9% |
| APH AMPHENOL CORP-CL A | Technology | 664.0K | $83.9M | 0.5% | +51.8% |
| AMD ADVANCED MICRO DEVICES | Technology | 412.1K | $83.8M | 0.5% | +62.8% |
| KLAC KLA CORP | Other | 56.4K | $83.0M | 0.5% | +63.2% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 327.2K | $79.3M | 0.4% | +59.5% |
| CME CME GROUP INC | Financials | 254.7K | $75.2M | 0.4% | +57.8% |
| GE GENERAL ELECTRIC | Industrials | 261.2K | $74.1M | 0.4% | +62.1% |
| PGR PROGRESSIVE CORP | Financials | 371.4K | $73.6M | 0.4% | +55.4% |
| CB CHUBB LTD | Financials | 218.4K | $71.2M | 0.4% | +59.7% |
| BKR BAKER HUGHES CO | Industrials | 1.2M | $70.8M | 0.4% | +7.9% |
| TXN TEXAS INSTRUMENTS INC | Technology | 354.4K | $68.8M | 0.4% | +60.4% |
| ORCL ORACLE CORP | Technology | 459.9K | $67.7M | 0.4% | +65.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 538 | $18.34B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 499 | $11.94B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 28, 2025 | 465 | $11.60B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 1, 2025 | 494 | $10.84B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 527 | $8.34B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 531 | $9.89B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 527 | $9.80B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 25, 2024 | 535 | $9.04B | $K fixed canonical | SEC ↗ |
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