Fjarde Ap-Fonden /Fourth Swedish National Pension Fund
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), Fjarde Ap-Fonden /Fourth Swedish National Pension Fund reported 494 stock positions worth $10.8 billion. Its top holding was Nvidia (NVDA) at 6.3% of the portfolio, followed by Microsoft (MSFT, 5.8%) and Apple (AAPL, 5.0%). Compared with Q1 2025, it opened 4 new positions, sold out of 38, added to 418 and reduced 72. The biggest buy was Nvidia (NVDA, shares +21%) and the biggest sale Tesla (TSLA, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- STOCKHOLM, V7
- CIK
- 0001540880
- Portfolio Value
- $10.8B (Q2 2025)
- SEC Filing
- 0001540880-25-000005 ↗ filed Aug 1, 2025
Holdings Value
Holdings 494 stocks · $10.8B
| NVDA Nvidia Corp. | 6.28% | 4,309,000 | $680.8M | Add +20.8% |
| MSFT Microsoft Corp. | 5.78% | 1,260,780 | $627.1M | Add +20.7% |
| AAPL Apple Inc. | 4.99% | 2,636,499 | $540.9M | Add +20.6% |
| AMZN Amazon.com Inc. | 3.06% | 1,513,246 | $332.0M | Add +20.1% |
| META Meta Platforms Inc. Class A | 2.90% | 426,598 | $314.9M | Add +20.9% |
| V Visa Inc. Class A | 1.78% | 544,783 | $193.4M | Add +19.7% |
| GOOGL Alphabet Inc. Class A | 1.77% | 1,091,020 | $192.3M | Add +21.4% |
| AVGO Broadcom Inc. | 1.76% | 691,990 | $190.7M | Add +20.2% |
| LLY Eli Lilly & Co. | 1.58% | 219,814 | $171.4M | Add +16.4% |
| GOOG Alphabet Inc. Class C | 1.54% | 938,973 | $166.6M | Add +20.4% |
| NFLX Netflix Inc. | 1.42% | 114,786 | $153.7M | Add +22.5% |
| JPM JPMorgan Chase & Co. | 1.17% | 437,514 | $126.8M | Add +20.2% |
| JNJ Johnson & Johnson | 1.12% | 798,269 | $121.9M | Add +21.1% |
| PG The Procter & Gamble Co. | 1.10% | 747,234 | $119.0M | Add +18.9% |
| MA Mastercard Inc. Class A | 1.10% | 211,339 | $118.8M | Add +12.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 235,359 | $114.3M | Add +16.4% |
| COST Costco Wholesale Corp. | 1.05% | 114,556 | $113.4M | Add +18.1% |
| WMT Walmart Inc. | 1.03% | 1,141,500 | $111.6M | Add +40.8% |
| CSCO Cisco Systems Inc. | 0.89% | 1,396,668 | $96.9M | Add +15.7% |
| KO The Coca-Cola Co. | 0.81% | 1,240,506 | $87.8M | Add +23.6% |
| UNH Unitedhealth Group Inc. | 0.79% | 273,118 | $85.2M | Add +17.4% |
| MRK Merck & Co. Inc. | 0.68% | 930,129 | $73.6M | Add +17.3% |
| GE General Electric filed as GE AEROSPACE | 0.65% | 273,565 | $70.4M | Add +109.0% |
| ABT Abbott Laboratories | 0.63% | 499,788 | $68.0M | Add +101.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.59% | 217,281 | $64.0M | Add +13.0% |
| PEP Pepsico Inc. | 0.59% | 482,508 | $63.7M | Add +20.0% |
| ABBV Abbvie Inc. | 0.57% | 334,184 | $62.0M | Add +8.2% |
| PGR Progressive Corp. | 0.56% | 229,070 | $61.1M | Add +54.2% |
| ACN Accenture PLC Class A | 0.56% | 201,721 | $60.3M | Add +16.7% |
| ORCL Oracle Corp. | 0.55% | 271,761 | $59.4M | Add +5.8% |
| MCD McDonald's Corp. | 0.54% | 202,070 | $59.0M | Add +22.5% |
| INTU Intuit Inc. | 0.54% | 73,740 | $58.1M | Add +26.0% |
| HD Home Depot Inc. | 0.53% | 157,758 | $57.8M | Add +17.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 1,174,970 | $55.6M | Add +30.2% |
| T AT&T Inc. | 0.50% | 1,856,370 | $53.7M | Add +22.2% |
| VZ Verizon Communications Inc. | 0.47% | 1,174,982 | $50.8M | Add +22.1% |
| ADBE Adobe Inc. | 0.46% | 128,323 | $49.6M | Add +23.5% |
| UBER Uber Technologies Inc. | 0.46% | 528,633 | $49.3M | Add +497.1% |
| TXN Texas Instruments Inc. | 0.44% | 229,931 | $47.7M | Add +10.5% |
| MRSH Marsh & McLennan Cos | 0.44% | 218,131 | $47.7M | Add +18.7% |
| QCOM Qualcomm Inc. | 0.44% | 297,334 | $47.4M | Add +20.3% |
| PLTR Palantir Technologies Inc. Class A | 0.43% | 339,323 | $46.3M | Add +19.4% |
| ISRG Intuitive Surgical Inc. | 0.42% | 84,779 | $46.1M | Add +18.1% |
| CAT Caterpillar Inc. | 0.42% | 118,546 | $46.0M | Add +16.4% |
| TMUS T-Mobile US Inc. | 0.42% | 189,954 | $45.3M | Add +7.9% |
| LNG Cheniere Energy Inc. | 0.41% | 183,790 | $44.8M | Reduce -3.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.40% | 351,468 | $43.4M | Add +24.7% |
| MCK McKesson Corp. | 0.40% | 59,153 | $43.3M | Add +16.3% |
| BKR Baker Hughes Co. | 0.39% | 1,109,203 | $42.5M | Reduce -10.3% |
| WFC Wells Fargo & Co. | 0.39% | 523,045 | $41.9M | Add +20.5% |
| CRM Salesforce Inc. | 0.39% | 153,655 | $41.9M | Add +19.3% |
| TSLA Tesla Inc. | 0.38% | 128,262 | $40.7M | Reduce -65.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.37% | 91,088 | $40.6M | Add +23.3% |
| NOW ServiceNow Inc. | 0.37% | 39,256 | $40.4M | Add +17.3% |
| ROP Roper Technologies Inc. | 0.37% | 69,998 | $39.7M | Add +22.4% |
| AMAT Applied Materials Inc. | 0.37% | 216,572 | $39.6M | Add +12.5% |
| CB Chubb Ltd. | 0.36% | 136,264 | $39.5M | Add +18.9% |
| COR Cencora Inc. | 0.36% | 130,166 | $39.0M | Add +54.8% |
| UNP Union Pacific Corp. | 0.36% | 168,826 | $38.8M | Add +147.5% |
| ADP Automatic Data Processing | 0.35% | 124,717 | $38.5M | Add +20.6% |
| RSG Republic Services Inc. | 0.34% | 150,274 | $37.1M | Add +31.2% |
| AMD Advanced Micro Devices | 0.34% | 257,102 | $36.5M | Add +18.7% |
| BLK BlackRock Inc. | 0.33% | 34,461 | $36.2M | Add +19.8% |
| LRCX Lam Research Corp. | 0.33% | 365,060 | $35.5M | Add +19.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 285,000 | $35.3M | Add +18.6% |
| GS Goldman Sachs Group Inc. | 0.32% | 49,125 | $34.8M | Add +20.9% |
| WM Waste Management Inc. | 0.32% | 150,996 | $34.6M | Add +37.6% |
| GILD Gilead Sciences Inc. | 0.31% | 306,463 | $34.0M | Add +10.2% |
| ETN Eaton Corp. PLC | 0.30% | 91,705 | $32.7M | Add +95.9% |
| CME Cme Group Inc. | 0.30% | 117,845 | $32.5M | Add +43.5% |
| APH Amphenol Corp. Class A | 0.29% | 320,764 | $31.7M | Reduce -3.8% |
| ELV Elevance Health Inc. | 0.29% | 81,212 | $31.6M | Add +73.9% |
| FTNT Fortinet Inc. | 0.29% | 294,780 | $31.2M | Add +56.3% |
| KLAC KLA Corp. | 0.29% | 34,602 | $31.0M | Add +14.9% |
| BSX Boston Scientific Corp. | 0.29% | 287,958 | $30.9M | Add +24.0% |
| ANET Arista Networks Inc. | 0.28% | 299,084 | $30.6M | Add +18.4% |
| AXP American Express Co. | 0.28% | 95,663 | $30.5M | Add +14.8% |
| AMGN Amgen Inc. | 0.28% | 108,381 | $30.3M | Add +20.7% |
| BKNG Booking Holdings Inc. | 0.28% | 5,195 | $30.1M | Add +20.6% |
| CL Colgate-Palmolive Co. | 0.28% | 329,484 | $29.9M | Add +45.5% |
| CEG Constellation Energy | 0.27% | 90,094 | $29.1M | Reduce -23.2% |
| MELI MercadoLibre Inc. | 0.26% | 10,960 | $28.6M | Add +5.8% |
| AZO AutoZone Inc. | 0.26% | 7,691 | $28.6M | Add +20.3% |
| WCN Waste Connections Inc. | 0.26% | 151,800 | $28.3M | Add +29.6% |
| MDLZ Mondelez International Inc. Class A | 0.26% | 411,730 | $27.8M | Add +45.8% |
| SPGI S&P Global Inc. | 0.25% | 52,300 | $27.6M | Add +13.9% |
| TT Trane Technologies PLC | 0.25% | 62,549 | $27.4M | Add +19.5% |
| MS Morgan Stanley | 0.25% | 191,333 | $27.0M | Add +23.8% |
| ORLY O'reilly Automotive Inc. | 0.25% | 297,035 | $26.8M | Add +23.5% |
| C Citigroup Inc. | 0.25% | 314,064 | $26.7M | Add +18.1% |
| CMG Chipotle Mexican Grill Inc. | 0.24% | 466,150 | $26.2M | Add +51.1% |
| SCHW Schwab (charles) Corp. | 0.24% | 286,460 | $26.1M | Add +17.9% |
| AON Aon PLC Class A | 0.24% | 73,085 | $26.1M | Add +15.5% |
| LIN Linde PLC | 0.24% | 55,487 | $26.0M | Add +215.5% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.23% | 77,294 | $24.7M | Add +19.9% |
| PANW Palo Alto Networks Inc. | 0.23% | 120,396 | $24.6M | Reduce -31.0% |
| KR Kroger Co. | 0.23% | 343,283 | $24.6M | Add +27.6% |
| PFE Pfizer Inc. | 0.22% | 1,001,271 | $24.3M | Add +26.1% |
| TRV The Travelers Cos Inc. | 0.22% | 89,551 | $24.0M | Add +15.0% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 57,965 | $23.5M | Add +18.6% |
Portfolio Sells Q1 2025 → Q2 2025
| TSLA Tesla Inc. | Reduce -65.7% | 0.38% | −0.79 |
| BKR Baker Hughes Co. | Reduce -10.3% | 0.39% | −0.26 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.22 |
| PANW Palo Alto Networks Inc. | Reduce -31.0% | 0.23% | −0.13 |
| LNG Cheniere Energy Inc. | Reduce -3.4% | 0.41% | −0.11 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| MKL Markel Group Inc. | Reduce -47.5% | 0.06% | −0.08 |
| AIZ Assurant Inc. | Reduce -100.0% | 0.00% | −0.07 |
| ALL Allstate Corp. | Reduce -11.8% | 0.13% | −0.07 |
| CRH CRH PLC | Reduce -74.7% | 0.02% | −0.07 |
| GM General Motors Co. | Reduce -73.9% | 0.02% | −0.06 |
| KVUE Kenvue Inc. | Reduce -22.5% | 0.06% | −0.05 |
| F Ford Motor Co. | Reduce -71.0% | 0.01% | −0.05 |
| APO Apollo Global Management Inc. | Reduce -17.5% | 0.08% | −0.04 |
| EIX Edison International | Reduce -11.1% | 0.07% | −0.04 |
| AMCR Amcor PLC | Reduce -65.8% | 0.01% | −0.04 |
| MANH Manhattan Associates Inc. | Sold out | 0.00% | −0.04 |
| NUE Nucor Corp. | Reduce -79.9% | 0.01% | −0.04 |
| DPZ Domino's Pizza Inc. | Reduce -44.6% | 0.03% | −0.04 |
| FOX Fox Corp. Class B | Reduce -62.7% | 0.01% | −0.04 |
| CNM Core & Main Inc. Class A | Sold out | 0.00% | −0.03 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.03 |
| ZM Zoom Communications Inc. | Reduce -28.7% | 0.05% | −0.03 |
| CPAY Corpay Inc. | Reduce -20.7% | 0.04% | −0.03 |
| AIG American International Group | Reduce -3.4% | 0.09% | −0.03 |
| EBAY eBay Inc. | Reduce -26.6% | 0.05% | −0.03 |
| KEYS Keysight Technologies Inc. | Reduce -27.3% | 0.04% | −0.03 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −0.03 |
| HUM Humana Inc. | Reduce -1.5% | 0.06% | −0.02 |
| AKAM Akamai Technologies Inc. | Reduce -12.7% | 0.05% | −0.02 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.02 |
| ROKU Roku Inc. | Sold out | 0.00% | −0.02 |
| SEIC Sei Investments Company | Reduce -99.8% | 0.00% | −0.02 |
| NBIX Neurocrine Biosciences Inc. | Reduce -12.6% | 0.07% | −0.02 |
| VICI Vici Properties Inc. | Reduce -4.3% | 0.06% | −0.02 |
| DAY Dayforce Inc. | Sold out | 0.00% | −0.02 |
| PFG Principal Financial Group | Reduce -3.8% | 0.05% | −0.02 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.02 |
| GLPI Gaming and Leisure Propertie | Reduce -2.8% | 0.04% | −0.02 |
| VMC Vulcan Materials Co. | Reduce -56.4% | 0.01% | −0.02 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.02 |
| SWK Stanley Black & Decker Inc. | Sold out | 0.00% | −0.02 |
| DOCU Docusign Inc. | Reduce -4.2% | 0.04% | −0.02 |
| NTNX Nutanix Inc. Class A | Reduce -17.4% | 0.04% | −0.02 |
| AOS Smith (a.o.) Corp. | Sold out | 0.00% | −0.02 |
| GLBE Global-E Online Ltd. | Reduce -99.9% | 0.00% | −0.02 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.02 |
| TECH Bio-Techne Corp. | Sold out | 0.00% | −0.02 |
| LPLA LPL Financial Holdings Inc. | Reduce -11.9% | 0.06% | −0.02 |
| OMC Omnicom Group | Reduce -0.8% | 0.03% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +20.8% | 6.28% | +1.65 |
| MSFT Microsoft Corp. | Add +20.7% | 5.78% | +1.09 |
| AVGO Broadcom Inc. | Add +20.2% | 1.76% | +0.60 |
| META Meta Platforms Inc. Class A | Add +20.9% | 2.90% | +0.47 |
| UBER Uber Technologies Inc. | Add +497.1% | 0.46% | +0.38 |
| NFLX Netflix Inc. | Add +22.5% | 1.42% | +0.37 |
| GE General Electric | Add +109.0% | 0.65% | +0.34 |
| ABT Abbott Laboratories | Add +101.1% | 0.63% | +0.23 |
| AMZN Amazon.com Inc. | Add +20.1% | 3.06% | +0.19 |
| ARCH CAP GROUP LTD | New | 0.18% | +0.18 |
| WMT Walmart Inc. | Add +40.8% | 1.03% | +0.18 |
| UNP Union Pacific Corp. | Add +147.5% | 0.36% | +0.17 |
| ETN Eaton Corp. PLC | Add +95.9% | 0.30% | +0.15 |
| LIN Linde PLC | Add +215.5% | 0.24% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | Add +19.4% | 0.43% | +0.14 |
| ORCL Oracle Corp. | Add +5.8% | 0.55% | +0.12 |
| CSX CSX Corp. | Add +201.6% | 0.19% | +0.12 |
| NSC Norfolk Southern Corp. | Add +682.1% | 0.13% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +21.4% | 1.77% | +0.11 |
| INTU Intuit Inc. | Add +26.0% | 0.54% | +0.10 |
| JPM JPMorgan Chase & Co. | Add +20.2% | 1.17% | +0.10 |
| GEV GE Vernova Inc. | Add +40.0% | 0.20% | +0.09 |
| ODFL Old Dominion Freight Line | Add +275.6% | 0.13% | +0.09 |
| HWM Howmet Aerospace Inc. | Add +121.5% | 0.14% | +0.09 |
| COF Capital One Financial Corp. | Add +82.6% | 0.21% | +0.08 |
| COR Cencora Inc. | Add +54.8% | 0.36% | +0.08 |
| GOOG Alphabet Inc. Class C | Add +20.4% | 1.54% | +0.08 |
| HOOD Robinhood Markets Inc. Class A | Add +24.1% | 0.14% | +0.07 |
| FTNT Fortinet Inc. | Add +56.3% | 0.29% | +0.07 |
| AMD Advanced Micro Devices | Add +18.7% | 0.34% | +0.07 |
| BAC Bank of America Corp. | Add +30.2% | 0.51% | +0.06 |
| LRCX Lam Research Corp. | Add +19.1% | 0.33% | +0.06 |
| PGR Progressive Corp. | Add +54.2% | 0.56% | +0.06 |
| CMG Chipotle Mexican Grill Inc. | Add +51.1% | 0.24% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +20.9% | 0.32% | +0.05 |
| NOW ServiceNow Inc. | Add +17.3% | 0.37% | +0.05 |
| MU Micron Technology Inc. | Add +23.0% | 0.20% | +0.05 |
| ELV Elevance Health Inc. | Add +73.9% | 0.29% | +0.05 |
| ANET Arista Networks Inc. | Add +18.4% | 0.28% | +0.05 |
| MNST Monster Beverage Corp. | Add +67.0% | 0.17% | +0.05 |
| IT Gartner Inc. | Add +102.5% | 0.13% | +0.04 |
| RBLX Roblox Corp. Class A | Add +15.6% | 0.11% | +0.04 |
| DIS The Walt Disney Co. | Add +18.6% | 0.33% | +0.04 |
| TT Trane Technologies PLC | Add +19.5% | 0.25% | +0.04 |
| KLAC KLA Corp. | Add +14.9% | 0.29% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +14.7% | 0.19% | +0.04 |
| BKNG Booking Holdings Inc. | Add +20.6% | 0.28% | +0.04 |
| CME Cme Group Inc. | Add +43.5% | 0.30% | +0.04 |
| NET Cloudflare Inc. Class A | Add +7.5% | 0.12% | +0.04 |
| VRT Vertiv Holdings Co. Class A | Add +18.1% | 0.09% | +0.04 |
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 |