Fjarde Ap-Fonden /Fourth Swedish National Pension Fund
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Fjarde Ap-Fonden /Fourth Swedish National Pension Fund reported 499 stock positions worth $11.9 billion. Its top holding was Nvidia (NVDA) at 6.6% of the portfolio, followed by Apple (AAPL, 5.8%) and Microsoft (MSFT, 5.1%). Compared with Q3 2025, it opened 57 new positions, sold out of 24, added to 142 and reduced 293. The biggest buy was a new position in iShares Core MSCI Emerging (IEMG) and the biggest sale Microsoft (MSFT, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- STOCKHOLM, V7
- CIK
- 0001540880
- Portfolio Value
- $11.9B (Q4 2025)
- SEC Filing
- 0001540880-26-000005 ↗ filed Feb 11, 2026
Holdings Value
Holdings 499 stocks · $11.9B
| NVDA Nvidia Corp. | 6.58% | 4,211,049 | $785.4M | Reduce -4.5% |
| AAPL Apple Inc. | 5.78% | 2,538,148 | $690.0M | Reduce -4.6% |
| MSFT Microsoft Corp. | 5.13% | 1,267,509 | $613.0M | Reduce -1.6% |
| AMZN Amazon.com Inc. | 2.92% | 1,508,175 | $348.1M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 2.67% | 1,017,054 | $318.3M | Reduce -7.0% |
| META Meta Platforms Inc. Class A | 2.38% | 429,787 | $283.7M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 2.34% | 888,585 | $278.8M | Reduce -7.7% |
| AVGO Broadcom Inc. | 2.04% | 702,723 | $243.2M | Reduce -0.7% |
| LLY Eli Lilly & Co. | 1.93% | 214,536 | $230.6M | Add +0.0% |
| IEMG iShares Core MSCI Emerging | 1.74% | 3,090,192 | $207.7M | New |
| V Visa Inc. Class A | 1.58% | 537,177 | $188.4M | Add +0.1% |
| JNJ Johnson & Johnson | 1.38% | 796,200 | $164.8M | Reduce -1.2% |
| JPM JPMorgan Chase & Co. | 1.18% | 438,187 | $141.2M | Reduce -1.6% |
| MA Mastercard Inc. Class A | 1.09% | 228,070 | $130.2M | Add +1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.07% | 253,899 | $127.6M | Add +0.2% |
| WMT Walmart Inc. | 1.03% | 1,098,571 | $122.4M | Reduce -3.1% |
| NFLX Netflix Inc. | 0.90% | 1,145,670 | $107.4M | Reduce -0.6% |
| CSCO Cisco Systems Inc. | 0.89% | 1,373,517 | $105.8M | Reduce -4.5% |
| PG The Procter & Gamble Co. | 0.88% | 736,378 | $105.5M | Reduce -1.8% |
| COST Costco Wholesale Corp. | 0.83% | 114,416 | $98.7M | Add +0.8% |
| KO The Coca-Cola Co. | 0.77% | 1,307,606 | $91.4M | Add +2.6% |
| MRK Merck & Co. Inc. | 0.70% | 797,029 | $83.9M | Reduce -13.8% |
| UNH Unitedhealth Group Inc. | 0.67% | 241,578 | $79.7M | Reduce -11.6% |
| ABBV Abbvie Inc. | 0.62% | 324,644 | $74.2M | Reduce -2.6% |
| TSLA Tesla Inc. | 0.58% | 154,362 | $69.4M | Reduce -5.7% |
| PEP Pepsico Inc. | 0.58% | 482,084 | $69.2M | Add +3.3% |
| ABT Abbott Laboratories | 0.58% | 548,204 | $68.7M | Add +2.3% |
| CAT Caterpillar Inc. | 0.57% | 117,924 | $67.6M | Reduce -3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.53% | 355,523 | $63.2M | Reduce -1.1% |
| LRCX Lam Research Corp. | 0.51% | 357,960 | $61.3M | Reduce -0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 1,113,180 | $61.2M | Reduce -4.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.51% | 205,121 | $60.8M | Reduce -3.0% |
| APH Amphenol Corp. Class A | 0.50% | 437,489 | $59.1M | Add +38.1% |
| INTU Intuit Inc. | 0.49% | 88,500 | $58.6M | Add +3.0% |
| MCD McDonald's Corp. | 0.48% | 189,010 | $57.8M | Reduce -4.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.48% | 372,168 | $57.2M | Add +7.2% |
| T AT&T Inc. | 0.48% | 2,295,470 | $57.0M | Add +4.6% |
| TIGO Millicom Intl Cellular S.A. | 0.46% | 1,000,000 | $55.4M | New |
| LIN Linde PLC | 0.46% | 129,827 | $55.4M | Reduce -17.6% |
| HD Home Depot Inc. | 0.46% | 160,210 | $55.1M | Reduce -0.9% |
| ACN Accenture PLC Class A | 0.46% | 203,523 | $54.6M | Reduce -1.7% |
| PGR Progressive Corp. | 0.46% | 238,970 | $54.4M | Add +3.9% |
| AMD Advanced Micro Devices | 0.45% | 253,202 | $54.2M | Reduce -0.9% |
| ORCL Oracle Corp. | 0.45% | 277,832 | $54.2M | Reduce -0.5% |
| AMAT Applied Materials Inc. | 0.45% | 209,058 | $53.7M | Reduce -3.3% |
| CRM Salesforce Inc. | 0.43% | 194,655 | $51.6M | Reduce -1.6% |
| MU Micron Technology Inc. | 0.43% | 178,587 | $51.0M | Reduce -0.5% |
| GE General Electric filed as GE AEROSPACE | 0.42% | 161,101 | $49.6M | Reduce -40.5% |
| QCOM Qualcomm Inc. | 0.42% | 289,756 | $49.6M | Reduce -2.8% |
| BKR Baker Hughes Co. | 0.41% | 1,074,803 | $48.9M | Reduce -0.4% |
| WFC Wells Fargo & Co. | 0.41% | 521,879 | $48.6M | Add +0.2% |
| ADBE Adobe Inc. | 0.41% | 138,456 | $48.5M | Add +4.2% |
| ISRG Intuitive Surgical Inc. | 0.39% | 82,099 | $46.5M | Add +0.3% |
| MCK McKesson Corp. | 0.38% | 55,693 | $45.7M | Reduce -7.6% |
| VZ Verizon Communications Inc. | 0.38% | 1,121,313 | $45.7M | Reduce -1.6% |
| UBER Uber Technologies Inc. | 0.38% | 551,833 | $45.1M | Add +6.0% |
| GS Goldman Sachs Group Inc. | 0.37% | 50,745 | $44.6M | Add +1.6% |
| CME Cme Group Inc. | 0.37% | 161,477 | $44.1M | Add +29.7% |
| CB Chubb Ltd. | 0.36% | 136,746 | $42.7M | Add +1.4% |
| KLAC KLA Corp. | 0.35% | 34,562 | $42.0M | Add +1.1% |
| TMUS T-Mobile US Inc. | 0.34% | 200,754 | $40.8M | Reduce -1.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.34% | 89,062 | $40.4M | Reduce -0.6% |
| COR Cencora Inc. | 0.34% | 118,677 | $40.1M | Reduce -8.5% |
| ANET Arista Networks Inc. | 0.33% | 303,284 | $39.7M | Add +0.1% |
| MRSH Marsh & McLennan Cos | 0.33% | 213,231 | $39.6M | Reduce -4.0% |
| UNP Union Pacific Corp. | 0.32% | 166,226 | $38.5M | Reduce -3.5% |
| TXN Texas Instruments Inc. | 0.32% | 221,031 | $38.3M | Reduce -2.5% |
| BLK BlackRock Inc. | 0.30% | 33,919 | $36.3M | Reduce -2.2% |
| GILD Gilead Sciences Inc. | 0.30% | 295,063 | $36.2M | Reduce -1.1% |
| NOW ServiceNow Inc. | 0.30% | 235,430 | $36.1M | Add +1.6% |
| C Citigroup Inc. | 0.30% | 305,391 | $35.6M | Reduce -4.3% |
| AMGN Amgen Inc. | 0.28% | 103,892 | $34.0M | Reduce -3.5% |
| AXP American Express Co. | 0.28% | 91,823 | $34.0M | Reduce -3.4% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 57,433 | $33.3M | Reduce -1.6% |
| MS Morgan Stanley | 0.28% | 186,033 | $33.0M | Reduce -4.4% |
| WM Waste Management Inc. | 0.27% | 145,696 | $32.0M | Reduce -3.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 280,100 | $31.9M | Reduce -1.6% |
| CEG Constellation Energy | 0.26% | 88,014 | $31.1M | Reduce -0.9% |
| AZO AutoZone Inc. | 0.25% | 8,839 | $30.0M | Add +8.9% |
| ORLY O'reilly Automotive Inc. | 0.25% | 324,434 | $29.6M | Reduce -1.5% |
| ADP Automatic Data Processing | 0.24% | 112,938 | $29.1M | Reduce -14.9% |
| PANW Palo Alto Networks Inc. | 0.24% | 155,525 | $28.6M | Reduce -1.0% |
| BKNG Booking Holdings Inc. | 0.24% | 5,315 | $28.5M | Add +2.3% |
| ROP Roper Technologies Inc. | 0.24% | 63,928 | $28.5M | Reduce -0.2% |
| SCHW Schwab (charles) Corp. | 0.23% | 276,460 | $27.6M | Reduce -1.7% |
| RSG Republic Services Inc. | 0.23% | 130,174 | $27.6M | Reduce -7.9% |
| SPGI S&P Global Inc. | 0.23% | 52,760 | $27.6M | Reduce -1.9% |
| WELL Welltower Inc. | 0.23% | 148,420 | $27.5M | New |
| GEV GE Vernova Inc. | 0.23% | 42,107 | $27.5M | Add +98.0% |
| CL Colgate-Palmolive Co. | 0.23% | 345,724 | $27.3M | Add +4.6% |
| BSX Boston Scientific Corp. | 0.23% | 284,570 | $27.1M | Reduce -2.0% |
| ETN Eaton Corp. PLC | 0.23% | 84,825 | $27.0M | Reduce -11.5% |
| INTC Intel Corp. | 0.22% | 718,011 | $26.5M | Add +0.5% |
| BMY Bristol-Myers Squibb Co. | 0.22% | 489,806 | $26.4M | Reduce -4.1% |
| MNST Monster Beverage Corp. | 0.21% | 330,941 | $25.4M | Add +6.1% |
| COF Capital One Financial Corp. | 0.21% | 104,421 | $25.3M | Reduce -1.3% |
| TT Trane Technologies PLC | 0.21% | 64,223 | $25.0M | Reduce -1.6% |
| LNG Cheniere Energy Inc. | 0.21% | 127,800 | $24.8M | Reduce -28.9% |
| ELV Elevance Health Inc. | 0.20% | 68,952 | $24.2M | Reduce -11.8% |
| MCO Moody's Corp. | 0.20% | 46,763 | $23.9M | Add +2.2% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -1.6% | 5.13% | −0.62 |
| NVDA Nvidia Corp. | Reduce -4.5% | 6.58% | −0.52 |
| NFLX Netflix Inc. | Reduce -0.6% | 0.90% | −0.29 |
| GE General Electric | Reduce -40.5% | 0.42% | −0.29 |
| ORCL Oracle Corp. | Reduce -0.5% | 0.45% | −0.22 |
| LIN Linde PLC | Reduce -17.6% | 0.46% | −0.18 |
| K Kellanova | Sold out | 0.00% | −0.16 |
| LNG Cheniere Energy Inc. | Reduce -28.9% | 0.21% | −0.16 |
| UNH Unitedhealth Group Inc. | Reduce -11.6% | 0.67% | −0.15 |
| NXPI NXP Semiconductors NV | Reduce -57.7% | 0.08% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -1.8% | 0.88% | −0.11 |
| HD Home Depot Inc. | Reduce -0.9% | 0.46% | −0.10 |
| ADP Automatic Data Processing | Reduce -14.9% | 0.24% | −0.09 |
| SHW The Sherwin-Williams Co. | Reduce -53.6% | 0.07% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -11.5% | 0.23% | −0.08 |
| TMUS T-Mobile US Inc. | Reduce -1.9% | 0.34% | −0.08 |
| CSX CSX Corp. | Reduce -37.6% | 0.12% | −0.07 |
| KHC The Kraft Heinz Co. | Reduce -71.7% | 0.02% | −0.07 |
| AAPL Apple Inc. | Reduce -4.6% | 5.78% | −0.06 |
| CTVA Corteva Inc. | Reduce -37.4% | 0.09% | −0.06 |
| ORLY O'reilly Automotive Inc. | Reduce -1.5% | 0.25% | −0.06 |
| SNPS Synopsys Inc. | Reduce -27.3% | 0.12% | −0.06 |
| FISV Fiserv Inc. | Reduce -3.7% | 0.05% | −0.06 |
| FFIV F5 Inc. | Reduce -14.1% | 0.11% | −0.06 |
| AON Aon PLC Class A | Reduce -20.2% | 0.18% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -4.0% | 0.33% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -1.6% | 0.38% | −0.05 |
| CCK Crown Holdings Inc. | Reduce -41.9% | 0.07% | −0.05 |
| RSG Republic Services Inc. | Reduce -7.9% | 0.23% | −0.05 |
| AFL Aflac Inc. | Reduce -33.5% | 0.08% | −0.05 |
| TSLA Tesla Inc. | Reduce -5.7% | 0.58% | −0.05 |
| BMRN Biomarin Pharmaceutical Inc. | Sold out | 0.00% | −0.05 |
| BLK BlackRock Inc. | Reduce -2.2% | 0.30% | −0.04 |
| ABBV Abbvie Inc. | Reduce -2.6% | 0.62% | −0.04 |
| REGN Regeneron Pharmaceuticals | Reduce -44.3% | 0.13% | −0.04 |
| BKR Baker Hughes Co. | Reduce -0.4% | 0.41% | −0.04 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.8% | 0.18% | −0.04 |
| MELI MercadoLibre Inc. | Reduce -1.4% | 0.19% | −0.04 |
| GIS General Mills Inc. | Reduce -15.0% | 0.13% | −0.04 |
| AJG Arthur J Gallagher & Co. | Reduce -0.1% | 0.16% | −0.04 |
| EXC Exelon Corp. | Reduce -16.4% | 0.14% | −0.04 |
| ACM Aecom | Reduce -19.6% | 0.05% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -2.5% | 0.32% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -0.2% | 0.24% | −0.04 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.04 |
| FAST Fastenal Co. | Reduce -8.6% | 0.10% | −0.04 |
| NKE Nike Inc. Class B | Reduce -10.0% | 0.15% | −0.04 |
| FTNT Fortinet Inc. | Reduce -10.1% | 0.17% | −0.04 |
| MCD McDonald's Corp. | Reduce -4.8% | 0.48% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| IEMG iShares Core MSCI Emerging | New | 1.74% | +1.74 |
| LLY Eli Lilly & Co. | Add +0.0% | 1.93% | +0.52 |
| TIGO Millicom Intl Cellular S.A. | New | 0.46% | +0.46 |
| WELL Welltower Inc. | New | 0.23% | +0.23 |
| PLD Prologis Inc. | New | 0.17% | +0.17 |
| APH Amphenol Corp. Class A | Add +38.1% | 0.50% | +0.16 |
| GEV GE Vernova Inc. | Add +98.0% | 0.23% | +0.12 |
| EQIX Equinix Inc. | New | 0.11% | +0.11 |
| SPG Simon Property Group Inc. | New | 0.09% | +0.09 |
| FIX Comfort Systems USA Inc. | New | 0.09% | +0.09 |
| SE Sea Ltd.-ADR | New | 0.09% | +0.09 |
| PSA Public Storage | New | 0.09% | +0.09 |
| O Realty Income Corp. | New | 0.08% | +0.08 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.08% | +0.08 |
| CME Cme Group Inc. | Add +29.7% | 0.37% | +0.08 |
| DLR Digital Realty Trust Inc. | New | 0.08% | +0.08 |
| ISRG Intuitive Surgical Inc. | Add +0.3% | 0.39% | +0.07 |
| INSM Insmed Inc. | New | 0.07% | +0.07 |
| CIEN Ciena Corp. | New | 0.06% | +0.06 |
| SBAC SBA Communications Corp. | New | 0.05% | +0.05 |
| ALB Albemarle Corp. | New | 0.05% | +0.05 |
| VICI Vici Properties Inc. | New | 0.05% | +0.05 |
| VTR Ventas Inc. | New | 0.05% | +0.05 |
| TJX TJX Companies Inc. | Add +7.2% | 0.48% | +0.05 |
| EXR Extra Space Storage Inc. | New | 0.05% | +0.05 |
| NUE Nucor Corp. | Add +55.5% | 0.10% | +0.05 |
| FLEX Flex Ltd. | New | 0.04% | +0.04 |
| ODFL Old Dominion Freight Line | Add +29.8% | 0.15% | +0.04 |
| HIG Hartford Insurance Group Inc. | Add +125.2% | 0.08% | +0.04 |
| ALAB Astera Labs Inc. | New | 0.04% | +0.04 |
| WMB Williams Cos Inc. | New | 0.04% | +0.04 |
| CRDO Credo Technology Group Holdi | New | 0.04% | +0.04 |
| RKT Rocket Cos Inc. Class A | New | 0.04% | +0.04 |
| STLD Steel Dynamics Inc. | Add +29.2% | 0.12% | +0.04 |
| ADSK Autodesk Inc. | Add +39.4% | 0.19% | +0.04 |
| CRH CRH PLC | Add +58.7% | 0.11% | +0.04 |
| KO The Coca-Cola Co. | Add +2.6% | 0.77% | +0.04 |
| ELS Equity Lifestyle Properties | New | 0.04% | +0.04 |
| IRM Iron Mountain Inc. | New | 0.04% | +0.04 |
| PNR Pentair PLC | New | 0.04% | +0.04 |
| EA Electronic Arts Inc. | Add +23.8% | 0.19% | +0.03 |
| KLAC KLA Corp. | Add +1.1% | 0.35% | +0.03 |
| SUI Sun Communities Inc. | New | 0.03% | +0.03 |
| NLY Annaly Capital Management Inc. | New | 0.03% | +0.03 |
| VMRK Vivmark Residential | New | 0.03% | +0.03 |
| MNST Monster Beverage Corp. | Add +6.1% | 0.21% | +0.03 |
| WFC Wells Fargo & Co. | Add +0.2% | 0.41% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +1.6% | 0.37% | +0.03 |
| GLW Corning Inc. | Add +25.4% | 0.13% | +0.03 |
| CB Chubb Ltd. | Add +1.4% | 0.36% | +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 |