Fjarde Ap-Fonden /Fourth Swedish National Pension Fund
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Fjarde Ap-Fonden /Fourth Swedish National Pension Fund reported 527 stock positions worth $8.3 billion. Its top holding was Apple (AAPL) at 5.8% of the portfolio, followed by Microsoft (MSFT, 4.7%) and Nvidia (NVDA, 4.6%). Compared with Q4 2024, it opened 6 new positions, sold out of 11, added to 158 and reduced 353. The biggest buy was Visa Class A (V, shares +15%) and the biggest sale Nvidia (NVDA, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- STOCKHOLM, V7
- CIK
- 0001540880
- Portfolio Value
- $8.3B (Q1 2025)
- SEC Filing
- 0001540880-25-000004 ↗ filed May 13, 2025
Holdings Value
Holdings 527 stocks · $8.3B
| AAPL Apple Inc. | 5.82% | 2,185,299 | $485.4M | Reduce -18.9% |
| MSFT Microsoft Corp. | 4.70% | 1,044,180 | $392.0M | Reduce -17.3% |
| NVDA Nvidia Corp. | 4.63% | 3,567,900 | $386.7M | Reduce -17.2% |
| AMZN Amazon.com Inc. | 2.87% | 1,260,046 | $239.7M | Reduce -18.1% |
| META Meta Platforms Inc. Class A | 2.44% | 352,698 | $203.3M | Reduce -19.8% |
| V Visa Inc. Class A | 1.91% | 455,183 | $159.5M | Add +14.6% |
| LLY Eli Lilly & Co. | 1.87% | 188,914 | $156.0M | Add +8.2% |
| GOOGL Alphabet Inc. Class A | 1.67% | 898,620 | $139.0M | Reduce -18.0% |
| GOOG Alphabet Inc. Class C | 1.46% | 779,873 | $121.8M | Reduce -18.4% |
| UNH Unitedhealth Group Inc. | 1.46% | 232,618 | $121.8M | Add +11.4% |
| JNJ Johnson & Johnson | 1.31% | 658,969 | $109.3M | Reduce -14.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.29% | 202,159 | $107.7M | Reduce -2.5% |
| PG The Procter & Gamble Co. | 1.28% | 628,634 | $107.1M | Reduce -15.3% |
| MA Mastercard Inc. Class A | 1.24% | 188,039 | $103.1M | Add +4.4% |
| TSLA Tesla Inc. | 1.16% | 374,262 | $97.0M | Reduce -20.2% |
| AVGO Broadcom Inc. | 1.16% | 575,690 | $96.4M | Reduce -18.7% |
| COST Costco Wholesale Corp. | 1.10% | 96,956 | $91.7M | Add +7.4% |
| JPM JPMorgan Chase & Co. | 1.07% | 364,114 | $89.3M | Reduce -20.0% |
| NFLX Netflix Inc. | 1.05% | 93,686 | $87.4M | Add +4.0% |
| CSCO Cisco Systems Inc. | 0.89% | 1,207,368 | $74.5M | Reduce -9.6% |
| KO The Coca-Cola Co. | 0.86% | 1,003,906 | $71.9M | Reduce -18.1% |
| WMT Walmart Inc. | 0.85% | 810,900 | $71.2M | Reduce -7.8% |
| MRK Merck & Co. Inc. | 0.85% | 792,829 | $71.2M | Reduce -9.1% |
| ABBV Abbvie Inc. | 0.78% | 308,784 | $64.7M | Reduce -35.3% |
| PEP Pepsico Inc. | 0.72% | 402,008 | $60.3M | Reduce -11.4% |
| BKR Baker Hughes Co. | 0.65% | 1,237,103 | $54.4M | Reduce -6.6% |
| ACN Accenture PLC Class A | 0.65% | 172,821 | $53.9M | Add +13.0% |
| MCD McDonald's Corp. | 0.62% | 164,970 | $51.5M | Reduce -25.1% |
| HD Home Depot Inc. | 0.59% | 134,809 | $49.4M | Reduce -43.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.57% | 192,281 | $47.8M | Reduce -26.9% |
| TMUS T-Mobile US Inc. | 0.56% | 176,054 | $47.0M | Add +15.0% |
| MRSH Marsh & McLennan Cos | 0.54% | 183,731 | $44.8M | Add +19.4% |
| LNG Cheniere Energy Inc. | 0.53% | 190,190 | $44.0M | Add +3.7% |
| VZ Verizon Communications Inc. | 0.52% | 962,382 | $43.7M | Reduce -23.5% |
| T AT&T Inc. | 0.52% | 1,519,470 | $43.0M | Add +0.7% |
| PGR Progressive Corp. | 0.50% | 148,570 | $42.0M | Add +0.6% |
| ADBE Adobe Inc. | 0.48% | 103,923 | $39.9M | Add +7.7% |
| QCOM Qualcomm Inc. | 0.46% | 247,134 | $38.0M | Add +2.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.45% | 902,570 | $37.7M | Reduce -20.6% |
| TXN Texas Instruments Inc. | 0.45% | 208,131 | $37.4M | Reduce -18.0% |
| INTU Intuit Inc. | 0.43% | 58,540 | $35.9M | Add +3.4% |
| ORCL Oracle Corp. | 0.43% | 256,768 | $35.9M | Reduce -12.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.43% | 73,888 | $35.8M | Add +8.5% |
| ISRG Intuitive Surgical Inc. | 0.43% | 71,779 | $35.5M | Add +5.6% |
| CB Chubb Ltd. | 0.41% | 114,564 | $34.6M | Add +7.9% |
| CRM Salesforce Inc. | 0.41% | 128,755 | $34.6M | Reduce -17.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.41% | 281,868 | $34.3M | Add +8.9% |
| MCK McKesson Corp. | 0.41% | 50,853 | $34.2M | Add +25.4% |
| ROP Roper Technologies Inc. | 0.40% | 57,198 | $33.7M | Add +29.1% |
| CAT Caterpillar Inc. | 0.40% | 101,846 | $33.6M | Add +1.4% |
| ABT Abbott Laboratories | 0.40% | 248,488 | $33.0M | Reduce -14.1% |
| ADP Automatic Data Processing | 0.38% | 103,417 | $31.6M | Add +9.1% |
| GILD Gilead Sciences Inc. | 0.37% | 278,163 | $31.2M | Reduce -3.2% |
| WFC Wells Fargo & Co. | 0.37% | 434,145 | $31.2M | Reduce -22.6% |
| PANW Palo Alto Networks Inc. | 0.36% | 174,596 | $29.8M | Add +29.6% |
| AMGN Amgen Inc. | 0.34% | 89,781 | $28.0M | Reduce -35.6% |
| AMAT Applied Materials Inc. | 0.33% | 192,472 | $27.9M | Add +6.7% |
| RSG Republic Services Inc. | 0.33% | 114,574 | $27.7M | Add +52.6% |
| BLK BlackRock Inc. | 0.33% | 28,761 | $27.2M | Reduce -30.3% |
| NOW ServiceNow Inc. | 0.32% | 33,456 | $26.6M | Reduce -9.5% |
| GE General Electric filed as GE AEROSPACE | 0.31% | 130,865 | $26.2M | Reduce -18.6% |
| WM Waste Management Inc. | 0.30% | 109,696 | $25.4M | Add +20.9% |
| AON Aon PLC Class A | 0.30% | 63,285 | $25.3M | Add +13.7% |
| AZO AutoZone Inc. | 0.29% | 6,391 | $24.4M | Add +11.7% |
| TMO Thermo Fisher Scientific Inc. | 0.29% | 48,865 | $24.3M | Reduce -18.4% |
| PLTR Palantir Technologies Inc. Class A | 0.29% | 284,223 | $24.0M | Reduce -15.3% |
| BMY Bristol-Myers Squibb Co. | 0.29% | 391,906 | $23.9M | Reduce -8.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 240,300 | $23.7M | Reduce -18.8% |
| CEG Constellation Energy | 0.28% | 117,294 | $23.6M | Add +726.4% |
| BSX Boston Scientific Corp. | 0.28% | 232,158 | $23.4M | Reduce -9.2% |
| COR Cencora Inc. | 0.28% | 84,066 | $23.4M | Add +28.4% |
| SPGI S&P Global Inc. | 0.28% | 45,900 | $23.3M | Reduce -16.7% |
| ORLY O'reilly Automotive Inc. | 0.28% | 16,029 | $23.0M | Add +1.3% |
| WCN Waste Connections Inc. | 0.27% | 117,100 | $22.9M | Add +95.8% |
| AXP American Express Co. | 0.27% | 83,363 | $22.4M | Reduce -17.4% |
| LRCX Lam Research Corp. | 0.27% | 306,560 | $22.3M | Add +9.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.27% | 64,494 | $22.3M | Add +4.5% |
| AMD Advanced Micro Devices | 0.27% | 216,602 | $22.3M | Reduce -17.3% |
| GS Goldman Sachs Group Inc. | 0.27% | 40,625 | $22.2M | Reduce -18.3% |
| APH Amphenol Corp. Class A | 0.26% | 333,264 | $21.9M | Add +20.6% |
| CME Cme Group Inc. | 0.26% | 82,145 | $21.8M | Reduce -21.9% |
| CL Colgate-Palmolive Co. | 0.25% | 226,484 | $21.2M | Reduce -32.3% |
| REGN Regeneron Pharmaceuticals | 0.25% | 33,252 | $21.1M | Add +8.5% |
| TRV The Travelers Cos Inc. | 0.25% | 77,851 | $20.6M | Add +7.6% |
| FISV Fiserv Inc. | 0.25% | 92,983 | $20.5M | Reduce -13.3% |
| KLAC KLA Corp. | 0.25% | 30,102 | $20.5M | Add +9.8% |
| ELV Elevance Health Inc. | 0.24% | 46,712 | $20.3M | Reduce -6.4% |
| MELI MercadoLibre Inc. | 0.24% | 10,360 | $20.2M | Reduce -2.8% |
| MCO Moody's Corp. | 0.24% | 43,243 | $20.1M | Add +0.9% |
| PFE Pfizer Inc. | 0.24% | 794,271 | $20.1M | Reduce -40.9% |
| BKNG Booking Holdings Inc. | 0.24% | 4,307 | $19.8M | Reduce -23.2% |
| ANET Arista Networks Inc. | 0.23% | 252,584 | $19.6M | Add +12.7% |
| MDLZ Mondelez International Inc. Class A | 0.23% | 282,330 | $19.2M | Reduce -22.2% |
| CMCSA Comcast Corp. Class A | 0.23% | 515,891 | $19.0M | Reduce -45.5% |
| SCHW Schwab (charles) Corp. | 0.23% | 242,860 | $19.0M | Reduce -14.9% |
| C Citigroup Inc. | 0.23% | 265,964 | $18.9M | Reduce -18.9% |
| WELL Welltower Inc. | 0.23% | 123,139 | $18.9M | Reduce -4.0% |
| GIS General Mills Inc. | 0.22% | 313,077 | $18.7M | Add +15.2% |
| ZTS Zoetis Inc. | 0.22% | 111,811 | $18.4M | Add +9.8% |
| ACGL Arch Capital Group Ltd. | 0.22% | 190,950 | $18.4M | Add +18.5% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -17.2% | 4.63% | −1.22 |
| AAPL Apple Inc. | Reduce -18.9% | 5.82% | −1.01 |
| TSLA Tesla Inc. | Reduce -20.2% | 1.16% | −0.75 |
| MSFT Microsoft Corp. | Reduce -17.3% | 4.70% | −0.68 |
| AMZN Amazon.com Inc. | Reduce -18.1% | 2.87% | −0.54 |
| AVGO Broadcom Inc. | Reduce -18.7% | 1.16% | −0.51 |
| GOOGL Alphabet Inc. Class A | Reduce -18.0% | 1.67% | −0.43 |
| LIN Linde PLC | Reduce -84.9% | 0.10% | −0.40 |
| GOOG Alphabet Inc. Class C | Reduce -18.4% | 1.46% | −0.38 |
| HD Home Depot Inc. | Reduce -43.1% | 0.59% | −0.34 |
| META Meta Platforms Inc. Class A | Reduce -19.8% | 2.44% | −0.17 |
| ECL Ecolab Inc. | Reduce -88.8% | 0.02% | −0.15 |
| SHW The Sherwin-Williams Co. | Reduce -65.1% | 0.10% | −0.14 |
| CMCSA Comcast Corp. Class A | Reduce -45.5% | 0.23% | −0.13 |
| NEE Nextera Energy Inc. | Reduce -58.0% | 0.12% | −0.12 |
| BX Blackstone Inc. | Reduce -40.7% | 0.16% | −0.12 |
| PFE Pfizer Inc. | Reduce -40.9% | 0.24% | −0.12 |
| CRM Salesforce Inc. | Reduce -17.8% | 0.41% | −0.12 |
| BLK BlackRock Inc. | Reduce -30.3% | 0.33% | −0.10 |
| CRH CRH PLC | Reduce -55.7% | 0.08% | −0.09 |
| MRVL Marvell Technology Inc. | Reduce -9.1% | 0.13% | −0.08 |
| ABBV Abbvie Inc. | Reduce -35.3% | 0.78% | −0.08 |
| NOW ServiceNow Inc. | Reduce -9.5% | 0.32% | −0.08 |
| SW Smurfit Westrock PLC | Reduce -89.2% | 0.01% | −0.08 |
| UPS United Parcel Service Class B | Reduce -71.8% | 0.03% | −0.07 |
| STLD Steel Dynamics Inc. | Reduce -70.7% | 0.04% | −0.07 |
| PNC PNC Financial Services Group | Reduce -43.3% | 0.11% | −0.07 |
| USB US Bancorp | Reduce -36.6% | 0.13% | −0.06 |
| MDT Medtronic PLC | Reduce -45.0% | 0.17% | −0.06 |
| ORCL Oracle Corp. | Reduce -12.1% | 0.43% | −0.06 |
| CCK Crown Holdings Inc. | Reduce -91.8% | 0.01% | −0.06 |
| SBUX Starbucks Corp. | Reduce -41.3% | 0.18% | −0.06 |
| VMC Vulcan Materials Co. | Reduce -68.3% | 0.03% | −0.06 |
| TGT Target Corp. | Reduce -27.0% | 0.12% | −0.06 |
| IFF Intl Flavors & Fragrances | Reduce -85.8% | 0.01% | −0.06 |
| TTD Trade Desk Inc./the Class A | Reduce -7.9% | 0.06% | −0.06 |
| BAC Bank of America Corp. | Reduce -20.6% | 0.45% | −0.05 |
| AMD Advanced Micro Devices | Reduce -17.3% | 0.27% | −0.05 |
| CL Colgate-Palmolive Co. | Reduce -32.3% | 0.25% | −0.05 |
| DIS The Walt Disney Co. | Reduce -18.8% | 0.28% | −0.05 |
| POLESTAR AUTOMOTIVE HLDG UK | Sold out | 0.00% | −0.05 |
| MET Metlife Inc. | Reduce -41.2% | 0.10% | −0.05 |
| MLM Martin Marietta Materials | Reduce -88.9% | 0.01% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -23.2% | 0.24% | −0.04 |
| BNY Bank of New York Mellon Corp. | Reduce -48.5% | 0.08% | −0.04 |
| NSC Norfolk Southern Corp. | Reduce -71.4% | 0.02% | −0.04 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.04 |
| HPE Hewlett Packard Enterprise | Reduce -41.1% | 0.04% | −0.04 |
| EIX Edison International | Reduce -14.6% | 0.11% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -17.0% | 0.15% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| V Visa Inc. Class A | Add +14.6% | 1.91% | +0.64 |
| LLY Eli Lilly & Co. | Add +8.2% | 1.87% | +0.51 |
| UNH Unitedhealth Group Inc. | Add +11.4% | 1.46% | +0.39 |
| MA Mastercard Inc. Class A | Add +4.4% | 1.24% | +0.28 |
| COST Costco Wholesale Corp. | Add +7.4% | 1.10% | +0.26 |
| CEG Constellation Energy | Add +726.4% | 0.28% | +0.25 |
| NFLX Netflix Inc. | Add +4.0% | 1.05% | +0.24 |
| TMUS T-Mobile US Inc. | Add +15.0% | 0.56% | +0.22 |
| MRSH Marsh & McLennan Cos | Add +19.4% | 0.54% | +0.21 |
| RSG Republic Services Inc. | Add +52.6% | 0.33% | +0.18 |
| EXC Exelon Corp. | Add +309.4% | 0.21% | +0.18 |
| MCK McKesson Corp. | Add +25.4% | 0.41% | +0.18 |
| ROP Roper Technologies Inc. | Add +29.1% | 0.40% | +0.17 |
| WCN Waste Connections Inc. | Add +95.8% | 0.27% | +0.17 |
| T AT&T Inc. | Add +0.7% | 0.52% | +0.17 |
| VRTX Vertex Pharmaceuticals Inc. | Add +8.5% | 0.43% | +0.15 |
| PGR Progressive Corp. | Add +0.6% | 0.50% | +0.15 |
| COR Cencora Inc. | Add +28.4% | 0.28% | +0.13 |
| LNG Cheniere Energy Inc. | Add +3.7% | 0.53% | +0.13 |
| AWK American Water Works Co. Inc. | Add +312.4% | 0.15% | +0.12 |
| WM Waste Management Inc. | Add +20.9% | 0.30% | +0.12 |
| CB Chubb Ltd. | Add +7.9% | 0.41% | +0.12 |
| PANW Palo Alto Networks Inc. | Add +29.6% | 0.36% | +0.11 |
| AZO AutoZone Inc. | Add +11.7% | 0.29% | +0.11 |
| NI Nisource Inc. | New | 0.10% | +0.10 |
| ACN Accenture PLC Class A | Add +13.0% | 0.65% | +0.10 |
| VST Vistra Corp. | Add +4223.5% | 0.10% | +0.10 |
| AON Aon PLC Class A | Add +13.7% | 0.30% | +0.10 |
| ADP Automatic Data Processing | Add +9.1% | 0.38% | +0.10 |
| TJX TJX Companies Inc. | Add +8.9% | 0.41% | +0.10 |
| CBOE Cboe Global Markets Inc. | Add +31.9% | 0.21% | +0.09 |
| AJG Arthur J Gallagher & Co. | Add +4.5% | 0.27% | +0.09 |
| FTNT Fortinet Inc. | Add +37.5% | 0.22% | +0.09 |
| ORLY O'reilly Automotive Inc. | Add +1.3% | 0.28% | +0.09 |
| QCOM Qualcomm Inc. | Add +2.2% | 0.46% | +0.08 |
| VRSN Verisign Inc. | Add +39.2% | 0.16% | +0.08 |
| INTU Intuit Inc. | Add +3.4% | 0.43% | +0.07 |
| KLAC KLA Corp. | Add +9.8% | 0.25% | +0.07 |
| TRV The Travelers Cos Inc. | Add +7.6% | 0.25% | +0.07 |
| ACGL Arch Capital Group Ltd. | Add +18.5% | 0.22% | +0.07 |
| YUM Yum! Brands Inc. | Add +8.2% | 0.20% | +0.07 |
| APH Amphenol Corp. Class A | Add +20.6% | 0.26% | +0.07 |
| ISRG Intuitive Surgical Inc. | Add +5.6% | 0.43% | +0.07 |
| TDY Teledyne Technologies Inc. | Add +35.0% | 0.16% | +0.07 |
| CHD Church & Dwight Co. Inc. | Add +27.4% | 0.17% | +0.06 |
| CHKP Check Point Software Tech | Add +4.4% | 0.19% | +0.06 |
| LRCX Lam Research Corp. | Add +9.4% | 0.27% | +0.06 |
| ALL Allstate Corp. | Add +11.1% | 0.20% | +0.06 |
| TSN Tyson Foods Inc. Class A | Add +45.6% | 0.12% | +0.06 |
| BRO Brown & Brown Inc. | Add +10.4% | 0.15% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 525 | $20.9B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 538 | $18.3B | NVDA, AAPL, MSFT, AMZN, IEMG |
| Q4 2025 | 499 | $11.9B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 465 | $11.6B | NVDA, AAPL, MSFT, AMZN, META |
| Q2 2025 | 494 | $10.8B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 527 | $8.3B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 531 | $9.9B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 527 | $9.8B | AAPL, NVDA, MSFT, AMZN, META |
| Q1 2024 | 535 | $9.0B | MSFT, AAPL, NVDA, AMZN, META |