Fjarde Ap-Fonden /Fourth Swedish National Pension Fund
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Fjarde Ap-Fonden /Fourth Swedish National Pension Fund reported 465 stock positions worth $11.6 billion. Its top holding was Nvidia (NVDA) at 7.1% of the portfolio, followed by Apple (AAPL, 5.8%) and Microsoft (MSFT, 5.8%). Compared with Q2 2025, it opened 5 new positions, sold out of 34, added to 247 and reduced 194. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale an exit from Welltower (WELL).
- Most Recent 13F
- Q2 2026
- Location
- STOCKHOLM, V7
- CIK
- 0001540880
- Portfolio Value
- $11.6B (Q3 2025)
- SEC Filing
- 0001540880-25-000015 ↗ filed Oct 28, 2025
Holdings Value
Holdings 465 stocks · $11.6B
| NVDA Nvidia Corp. | 7.09% | 4,411,449 | $823.1M | Add +2.4% |
| AAPL Apple Inc. | 5.84% | 2,660,748 | $677.5M | Add +0.9% |
| MSFT Microsoft Corp. | 5.75% | 1,288,109 | $667.2M | Add +2.2% |
| AMZN Amazon.com Inc. | 2.90% | 1,530,075 | $336.0M | Add +1.1% |
| META Meta Platforms Inc. Class A | 2.71% | 428,567 | $314.7M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 2.29% | 1,094,054 | $266.0M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 2.02% | 962,285 | $234.4M | Add +2.5% |
| AVGO Broadcom Inc. | 2.01% | 707,703 | $233.5M | Add +2.3% |
| V Visa Inc. Class A | 1.58% | 536,417 | $183.1M | Reduce -1.5% |
| LLY Eli Lilly & Co. | 1.41% | 214,476 | $163.6M | Reduce -2.4% |
| JNJ Johnson & Johnson | 1.29% | 806,000 | $149.4M | Add +1.0% |
| JPM JPMorgan Chase & Co. | 1.21% | 445,267 | $140.5M | Add +1.8% |
| NFLX Netflix Inc. | 1.19% | 115,286 | $138.2M | Add +0.4% |
| MA Mastercard Inc. Class A | 1.11% | 225,790 | $128.4M | Add +6.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.10% | 253,359 | $127.4M | Add +7.7% |
| WMT Walmart Inc. | 1.01% | 1,133,571 | $116.8M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.99% | 750,178 | $115.3M | Add +0.4% |
| COST Costco Wholesale Corp. | 0.91% | 113,556 | $105.1M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.85% | 1,439,017 | $98.5M | Add +3.0% |
| UNH Unitedhealth Group Inc. | 0.81% | 273,318 | $94.4M | Add +0.1% |
| KO The Coca-Cola Co. | 0.73% | 1,274,906 | $84.6M | Add +2.8% |
| GE General Electric filed as GE AEROSPACE | 0.70% | 270,741 | $81.4M | Reduce -1.0% |
| ORCL Oracle Corp. | 0.68% | 279,252 | $78.5M | Add +2.8% |
| MRK Merck & Co. Inc. | 0.67% | 924,129 | $77.6M | Reduce -0.7% |
| ABBV Abbvie Inc. | 0.67% | 333,344 | $77.2M | Reduce -0.3% |
| LIN Linde PLC | 0.65% | 157,596 | $74.9M | Add +184.0% |
| TSLA Tesla Inc. | 0.63% | 163,762 | $72.8M | Add +27.7% |
| ABT Abbott Laboratories | 0.62% | 535,904 | $71.8M | Add +7.2% |
| PLTR Palantir Technologies Inc. Class A | 0.57% | 359,523 | $65.6M | Add +6.0% |
| PEP Pepsico Inc. | 0.56% | 466,684 | $65.5M | Reduce -3.3% |
| HD Home Depot Inc. | 0.56% | 161,710 | $65.5M | Add +2.5% |
| T AT&T Inc. | 0.53% | 2,194,070 | $62.0M | Add +18.2% |
| MCD McDonald's Corp. | 0.52% | 198,570 | $60.3M | Reduce -1.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.52% | 1,159,380 | $59.8M | Reduce -1.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.51% | 211,481 | $59.7M | Reduce -2.7% |
| INTU Intuit Inc. | 0.51% | 85,940 | $58.7M | Add +16.5% |
| CAT Caterpillar Inc. | 0.50% | 122,484 | $58.4M | Add +3.3% |
| PGR Progressive Corp. | 0.49% | 230,070 | $56.8M | Add +0.4% |
| BKR Baker Hughes Co. | 0.45% | 1,079,003 | $52.6M | Reduce -2.7% |
| ACN Accenture PLC Class A | 0.44% | 207,023 | $51.1M | Add +2.6% |
| UBER Uber Technologies Inc. | 0.44% | 520,633 | $51.0M | Reduce -1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.43% | 347,268 | $50.2M | Reduce -1.2% |
| VZ Verizon Communications Inc. | 0.43% | 1,139,413 | $50.1M | Reduce -3.0% |
| QCOM Qualcomm Inc. | 0.43% | 298,156 | $49.6M | Add +0.3% |
| TMUS T-Mobile US Inc. | 0.42% | 204,754 | $49.0M | Add +7.8% |
| LRCX Lam Research Corp. | 0.42% | 359,860 | $48.2M | Reduce -1.4% |
| CRM Salesforce Inc. | 0.40% | 197,855 | $46.9M | Add +28.8% |
| ADBE Adobe Inc. | 0.40% | 132,836 | $46.9M | Add +3.5% |
| MCK McKesson Corp. | 0.40% | 60,253 | $46.5M | Add +1.9% |
| MRSH Marsh & McLennan Cos | 0.39% | 222,031 | $44.7M | Add +1.8% |
| AMAT Applied Materials Inc. | 0.38% | 216,258 | $44.3M | Reduce -0.1% |
| ANET Arista Networks Inc. | 0.38% | 302,884 | $44.1M | Add +1.3% |
| WFC Wells Fargo & Co. | 0.38% | 520,679 | $43.6M | Reduce -0.5% |
| NOW ServiceNow Inc. | 0.37% | 46,356 | $42.7M | Add +18.1% |
| LNG Cheniere Energy Inc. | 0.36% | 179,790 | $42.2M | Reduce -2.2% |
| TXN Texas Instruments Inc. | 0.36% | 226,731 | $41.7M | Reduce -1.4% |
| AMD Advanced Micro Devices | 0.36% | 255,502 | $41.3M | Reduce -0.6% |
| UNP Union Pacific Corp. | 0.35% | 172,326 | $40.7M | Add +2.1% |
| COR Cencora Inc. | 0.35% | 129,677 | $40.5M | Reduce -0.4% |
| BLK BlackRock Inc. | 0.35% | 34,669 | $40.4M | Add +0.6% |
| GS Goldman Sachs Group Inc. | 0.34% | 49,925 | $39.8M | Add +1.6% |
| APH Amphenol Corp. Class A | 0.34% | 316,689 | $39.2M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.34% | 132,678 | $38.9M | Add +6.4% |
| CB Chubb Ltd. | 0.33% | 134,826 | $38.1M | Reduce -1.1% |
| KLAC KLA Corp. | 0.32% | 34,202 | $36.9M | Reduce -1.2% |
| ISRG Intuitive Surgical Inc. | 0.32% | 81,859 | $36.6M | Reduce -3.4% |
| ETN Eaton Corp. PLC | 0.31% | 95,805 | $35.9M | Add +4.5% |
| ORLY O'reilly Automotive Inc. | 0.31% | 329,434 | $35.5M | Add +10.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.30% | 89,622 | $35.1M | Reduce -1.6% |
| AZO AutoZone Inc. | 0.30% | 8,119 | $34.8M | Add +5.6% |
| CME Cme Group Inc. | 0.29% | 124,517 | $33.6M | Add +5.7% |
| WM Waste Management Inc. | 0.29% | 150,696 | $33.3M | Reduce -0.2% |
| GILD Gilead Sciences Inc. | 0.29% | 298,263 | $33.1M | Reduce -2.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 284,700 | $32.6M | Reduce -0.1% |
| RSG Republic Services Inc. | 0.28% | 141,374 | $32.4M | Reduce -5.9% |
| C Citigroup Inc. | 0.28% | 319,091 | $32.4M | Add +1.6% |
| PANW Palo Alto Networks Inc. | 0.28% | 157,025 | $32.0M | Add +30.4% |
| ROP Roper Technologies Inc. | 0.28% | 64,048 | $31.9M | Reduce -8.5% |
| AXP American Express Co. | 0.27% | 95,063 | $31.6M | Reduce -0.6% |
| MS Morgan Stanley | 0.27% | 194,533 | $30.9M | Add +1.7% |
| AMGN Amgen Inc. | 0.26% | 107,672 | $30.4M | Reduce -0.7% |
| MU Micron Technology Inc. | 0.26% | 179,387 | $30.0M | Add +2.2% |
| CEG Constellation Energy | 0.25% | 88,794 | $29.2M | Reduce -1.4% |
| BSX Boston Scientific Corp. | 0.24% | 290,370 | $28.3M | Add +0.8% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 58,393 | $28.3M | Add +0.7% |
| BKNG Booking Holdings Inc. | 0.24% | 5,195 | $28.0M | No change |
| TT Trane Technologies PLC | 0.24% | 65,243 | $27.5M | Add +4.3% |
| AON Aon PLC Class A | 0.24% | 76,885 | $27.4M | Add +5.2% |
| MELI MercadoLibre Inc. | 0.23% | 11,560 | $27.0M | Add +5.5% |
| SCHW Schwab (charles) Corp. | 0.23% | 281,260 | $26.9M | Reduce -1.8% |
| CL Colgate-Palmolive Co. | 0.23% | 330,524 | $26.4M | Add +0.3% |
| SPGI S&P Global Inc. | 0.23% | 53,800 | $26.2M | Add +2.9% |
| PFE Pfizer Inc. | 0.22% | 1,013,971 | $25.8M | Add +1.3% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 409,130 | $25.6M | Reduce -0.6% |
| APP AppLovin Corp. Class A | 0.22% | 35,400 | $25.4M | Reduce -29.2% |
| ELV Elevance Health Inc. | 0.22% | 78,212 | $25.3M | Reduce -3.7% |
| CDNS Cadence Design SYS Inc. | 0.21% | 70,603 | $24.8M | Reduce -0.8% |
| TRV The Travelers Cos Inc. | 0.21% | 88,351 | $24.7M | Reduce -1.3% |
| FTNT Fortinet Inc. | 0.21% | 285,880 | $24.0M | Reduce -3.0% |
| INTC Intel Corp. | 0.21% | 714,511 | $24.0M | Add +1.7% |
Portfolio Sells Q2 2025 → Q3 2025
| WELL Welltower Inc. | Sold out | 0.00% | −0.21 |
| V Visa Inc. Class A | Reduce -1.5% | 1.58% | −0.21 |
| ARCH CAP GROUP LTD | Sold out | 0.00% | −0.18 |
| LLY Eli Lilly & Co. | Reduce -2.4% | 1.41% | −0.17 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.16 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 0.91% | −0.14 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.12 |
| PSA Public Storage | Sold out | 0.00% | −0.12 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.11 |
| ISRG Intuitive Surgical Inc. | Reduce -3.4% | 0.32% | −0.11 |
| O Realty Income Corp. | Sold out | 0.00% | −0.10 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.09 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.09 |
| GEV GE Vernova Inc. | Reduce -49.0% | 0.11% | −0.09 |
| ROP Roper Technologies Inc. | Reduce -8.5% | 0.28% | −0.09 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.09 |
| PCAR Paccar Inc. | Reduce -100.0% | 0.00% | −0.08 |
| TXN Texas Instruments Inc. | Reduce -1.4% | 0.36% | −0.08 |
| FTNT Fortinet Inc. | Reduce -3.0% | 0.21% | −0.08 |
| IBM Intl Business Machines Corp. | Reduce -2.7% | 0.51% | −0.08 |
| ELV Elevance Health Inc. | Reduce -3.7% | 0.22% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -1.6% | 0.30% | −0.07 |
| WCN Waste Connections Inc. | Reduce -15.6% | 0.19% | −0.07 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.07 |
| RSG Republic Services Inc. | Reduce -5.9% | 0.28% | −0.06 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.06 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.06 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.05 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.05 |
| LNG Cheniere Energy Inc. | Reduce -2.2% | 0.36% | −0.05 |
| IRM Iron Mountain Inc. | Sold out | 0.00% | −0.05 |
| L Loews Corp. | Reduce -46.4% | 0.06% | −0.05 |
| DIS The Walt Disney Co. | Reduce -0.1% | 0.28% | −0.04 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.04 |
| GLPI Gaming and Leisure Propertie | Sold out | 0.00% | −0.04 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −0.04 |
| MOH Molina Healthcare Inc. | Reduce -25.5% | 0.03% | −0.04 |
| CHD Church & Dwight Co. Inc. | Reduce -8.6% | 0.14% | −0.04 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -3.0% | 0.43% | −0.04 |
| CTSH Cognizant Tech Solutions-A | Reduce -4.0% | 0.12% | −0.04 |
| PNR Pentair PLC | Sold out | 0.00% | −0.04 |
| CPB The Campbell's Company | Sold out | 0.00% | −0.04 |
| CB Chubb Ltd. | Reduce -1.1% | 0.33% | −0.04 |
| VMRK Vivmark Residential | Sold out | 0.00% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.6% | 0.22% | −0.04 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.03 |
| FICO Fair Isaac Corp. | Reduce -8.9% | 0.08% | −0.03 |
| KDP Keurig Dr Pepper Inc. | Reduce -0.3% | 0.09% | −0.03 |
| TTD Trade Desk Inc./the Class A | Reduce -23.7% | 0.03% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +0.9% | 5.84% | +0.85 |
| NVDA Nvidia Corp. | Add +2.4% | 7.09% | +0.81 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 2.29% | +0.52 |
| GOOG Alphabet Inc. Class C | Add +2.5% | 2.02% | +0.48 |
| LIN Linde PLC | Add +184.0% | 0.65% | +0.41 |
| AVGO Broadcom Inc. | Add +2.3% | 2.01% | +0.25 |
| TSLA Tesla Inc. | Add +27.7% | 0.63% | +0.25 |
| ACGL Arch Capital Group Ltd. | New | 0.17% | +0.17 |
| JNJ Johnson & Johnson | Add +1.0% | 1.29% | +0.16 |
| ECL Ecolab Inc. | Add +1097.7% | 0.18% | +0.16 |
| PLTR Palantir Technologies Inc. Class A | Add +6.0% | 0.57% | +0.14 |
| ORCL Oracle Corp. | Add +2.8% | 0.68% | +0.13 |
| NXPI NXP Semiconductors NV | Add +167.5% | 0.20% | +0.13 |
| CTVA Corteva Inc. | Add +493.2% | 0.15% | +0.12 |
| GM General Motors Co. | Add +593.5% | 0.13% | +0.12 |
| CCK Crown Holdings Inc. | Add +1392.9% | 0.12% | +0.11 |
| ANET Arista Networks Inc. | Add +1.3% | 0.38% | +0.10 |
| APTV Aptiv PLC | Add +1259.2% | 0.10% | +0.09 |
| CAT Caterpillar Inc. | Add +3.3% | 0.50% | +0.08 |
| SHW The Sherwin-Williams Co. | Add +103.8% | 0.15% | +0.07 |
| INTC Intel Corp. | Add +1.7% | 0.21% | +0.06 |
| SOFI Sofi Technologies Inc. | New | 0.06% | +0.06 |
| ORLY O'reilly Automotive Inc. | Add +10.9% | 0.31% | +0.06 |
| MU Micron Technology Inc. | Add +2.2% | 0.26% | +0.06 |
| F Ford Motor Co. | Add +361.2% | 0.07% | +0.05 |
| CRH CRH PLC | Add +213.2% | 0.07% | +0.05 |
| NUE Nucor Corp. | Add +653.0% | 0.06% | +0.05 |
| PANW Palo Alto Networks Inc. | Add +30.4% | 0.28% | +0.05 |
| STLD Steel Dynamics Inc. | Add +149.6% | 0.08% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.7% | 1.10% | +0.04 |
| TEL Te Connectivity PLC | Add +16.3% | 0.15% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.8% | 1.21% | +0.04 |
| RKLB Rocket Lab Corp. | New | 0.04% | +0.04 |
| AFRM Affirm Holdings Inc. | New | 0.04% | +0.04 |
| T AT&T Inc. | Add +18.2% | 0.53% | +0.04 |
| AZO AutoZone Inc. | Add +5.6% | 0.30% | +0.04 |
| TPR Tapestry Inc. | New | 0.04% | +0.04 |
| RBLX Roblox Corp. Class A | Add +5.8% | 0.14% | +0.03 |
| C Citigroup Inc. | Add +1.6% | 0.28% | +0.03 |
| HD Home Depot Inc. | Add +2.5% | 0.56% | +0.03 |
| BNY Bank of New York Mellon Corp. | Add +21.9% | 0.12% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +19.9% | 0.12% | +0.03 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +0.7% | 0.12% | +0.03 |
| STX Seagate Technology Holdings | Add +6.7% | 0.07% | +0.03 |
| PWR Quanta Services Inc. | Add +34.4% | 0.10% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +0.1% | 0.81% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +0.7% | 0.24% | +0.03 |
| HCA HCA Healthcare Inc. | Add +13.9% | 0.17% | +0.03 |
| WDC Western Digital Corp. | Add +5.6% | 0.06% | +0.03 |
| EME Emcor Group Inc. | Add +22.6% | 0.09% | +0.03 |
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 |