Nordea Investment Management AB
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 8, 2026), Nordea Investment Management AB reported 859 stock positions worth $116.4 billion. Its top holding was Nvidia (NVDA) at 6.5% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Apple (AAPL, 5.1%). Compared with Q3 2025, it opened 42 new positions, sold out of 28, added to 385 and reduced 423. The biggest buy was Broadcom (AVGO, shares +48%) and the biggest sale Booking (BKNG, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- STOCKHOLM, V7
- CIK
- 0001218210
- Portfolio Value
- $116.4B (Q4 2025)
- SEC Filing
- 0001218210-26-000001 ↗ filed Jan 8, 2026
Holdings Value
Holdings 859 stocks · $116.4B
| NVDA Nvidia Corp. | 6.54% | 40,423,871 | $7.6B | Add +2.7% |
| MSFT Microsoft Corp. | 5.91% | 14,194,502 | $6.9B | Add +0.2% |
| AAPL Apple Inc. | 5.14% | 22,035,680 | $6.0B | Add +3.7% |
| AVGO Broadcom Inc. | 2.93% | 9,814,757 | $3.4B | Add +47.5% |
| AMZN Amazon.com Inc. | 2.76% | 13,892,942 | $3.2B | Add +8.3% |
| GOOGL Alphabet Inc. Class A | 2.49% | 9,263,225 | $2.9B | Reduce -20.1% |
| GOOG Alphabet Inc. Class C | 2.31% | 8,557,712 | $2.7B | Add +4.9% |
| LLY Eli Lilly & Co. | 1.37% | 1,479,977 | $1.6B | Add +8.0% |
| META Meta Platforms Inc. Class A | 1.28% | 2,255,736 | $1.5B | Reduce -10.7% |
| MA Mastercard Inc. Class A | 1.17% | 2,378,194 | $1.4B | Add +1.1% |
| CSCO Cisco Systems Inc. | 1.14% | 17,171,264 | $1.3B | Reduce -17.3% |
| LRCX Lam Research Corp. | 1.10% | 7,403,443 | $1.3B | Reduce -34.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.99% | 7,479,163 | $1.2B | Add +6.0% |
| JPM JPMorgan Chase & Co. | 0.99% | 3,566,046 | $1.2B | Add +6.6% |
| JNJ Johnson & Johnson | 0.97% | 5,460,452 | $1.1B | Reduce -10.6% |
| MRK Merck & Co. Inc. | 0.96% | 10,573,821 | $1.1B | Reduce -3.4% |
| TT Trane Technologies PLC | 0.87% | 2,586,506 | $1.0B | Add +2.9% |
| V Visa Inc. Class A | 0.83% | 2,743,482 | $967.2M | Reduce -2.8% |
| ABBV Abbvie Inc. | 0.82% | 4,149,959 | $950.6M | Reduce -7.7% |
| AMD Advanced Micro Devices | 0.81% | 4,362,317 | $938.8M | Add +11.7% |
| C Citigroup Inc. | 0.80% | 7,986,407 | $933.9M | Add +11.8% |
| AXP American Express Co. | 0.79% | 2,474,363 | $920.7M | Add +6.2% |
| LIN Linde PLC | 0.78% | 2,124,882 | $910.1M | Add +34.5% |
| NFLX Netflix Inc. | 0.78% | 9,667,997 | $902.8M | Reduce -1.3% |
| MCK McKesson Corp. | 0.76% | 1,071,733 | $885.3M | Reduce -2.0% |
| AMGN Amgen Inc. | 0.73% | 2,601,135 | $851.9M | Reduce -9.5% |
| EMR Emerson Electric Co. | 0.71% | 6,177,341 | $828.3M | Reduce -11.5% |
| WM Waste Management Inc. | 0.67% | 3,530,900 | $781.5M | Add +7.2% |
| NOW ServiceNow Inc. | 0.62% | 4,706,164 | $720.3M | Reduce -2.3% |
| WAB Wabtec Corp. | 0.57% | 3,069,340 | $659.9M | Add +55.5% |
| GILD Gilead Sciences Inc. | 0.54% | 5,138,699 | $630.1M | Add +16.5% |
| CRM Salesforce Inc. | 0.54% | 2,356,075 | $624.1M | Add +2.4% |
| ZTS Zoetis Inc. | 0.53% | 4,932,787 | $622.2M | Add +79.2% |
| EBAY eBay Inc. | 0.53% | 7,015,881 | $612.0M | Reduce -12.5% |
| HIG Hartford Insurance Group Inc. | 0.52% | 4,389,329 | $607.0M | Add +1.9% |
| TSLA Tesla Inc. | 0.50% | 1,281,857 | $581.9M | Reduce -8.4% |
| AMAT Applied Materials Inc. | 0.50% | 2,242,015 | $580.5M | Reduce -9.1% |
| WFC Wells Fargo & Co. | 0.48% | 5,982,559 | $561.1M | Reduce -3.4% |
| FTNT Fortinet Inc. | 0.47% | 6,905,674 | $550.3M | Reduce -0.2% |
| BDX Becton Dickinson and Co. | 0.46% | 2,773,058 | $541.3M | Reduce -14.2% |
| ANET Arista Networks Inc. | 0.46% | 4,021,514 | $532.0M | Reduce -35.0% |
| BKNG Booking Holdings Inc. | 0.45% | 98,242 | $528.5M | Reduce -55.5% |
| CTAS Cintas Corp. | 0.44% | 2,729,394 | $517.5M | Add +6.2% |
| DASH DoorDash Inc. Class A | 0.44% | 2,264,568 | $515.2M | Add +2.0% |
| HCA HCA Healthcare Inc. | 0.44% | 1,084,590 | $507.4M | Add +11.2% |
| RSG Republic Services Inc. | 0.42% | 2,288,636 | $490.1M | Reduce -2.0% |
| NEM Newmont Corp. | 0.41% | 4,784,777 | $482.2M | Add +10.3% |
| MU Micron Technology Inc. | 0.40% | 1,631,149 | $469.2M | Reduce -10.4% |
| GIS General Mills Inc. | 0.40% | 9,980,850 | $464.5M | Add +0.2% |
| PANW Palo Alto Networks Inc. | 0.40% | 2,505,894 | $464.3M | Add +3.1% |
| NEE Nextera Energy Inc. | 0.40% | 5,763,447 | $463.6M | Reduce -10.9% |
| ZBRA Zebra Technologies Corp. Class A | 0.39% | 1,874,206 | $457.4M | Add +87.9% |
| SNA Snap-on Inc. | 0.39% | 1,310,198 | $454.2M | Add +4.1% |
| ECL Ecolab Inc. | 0.39% | 1,718,633 | $453.9M | Add +4.0% |
| SNPS Synopsys Inc. | 0.38% | 944,143 | $444.6M | Reduce -3.3% |
| ADBE Adobe Inc. | 0.38% | 1,250,642 | $438.3M | Reduce -11.3% |
| SYF Synchrony Financial | 0.37% | 5,134,903 | $432.0M | Add +13.1% |
| COR Cencora Inc. | 0.37% | 1,256,356 | $426.7M | Add +3.8% |
| UPS United Parcel Service Class B | 0.37% | 4,284,342 | $426.2M | Add +1.0% |
| CFG Citizens Financial Group | 0.36% | 7,220,986 | $423.2M | Add +7.5% |
| DHR Danaher Corp. | 0.36% | 1,826,112 | $420.7M | Reduce -1.0% |
| TEL Te Connectivity PLC | 0.36% | 1,836,123 | $419.9M | Add +10.4% |
| INTU Intuit Inc. | 0.36% | 631,567 | $419.9M | Reduce -23.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 825,834 | $416.4M | Add +16.1% |
| TMUS T-Mobile US Inc. | 0.36% | 2,034,292 | $413.8M | Add +3.8% |
| VLTO Veralto Corp. | 0.35% | 4,065,069 | $409.9M | Reduce -3.1% |
| CEG Constellation Energy | 0.35% | 1,147,831 | $409.0M | Reduce -13.4% |
| EQIX Equinix Inc. | 0.35% | 526,994 | $403.4M | Add +9.0% |
| KO The Coca-Cola Co. | 0.35% | 5,753,813 | $402.5M | Reduce -9.7% |
| IEX Idex Corp. | 0.34% | 2,255,150 | $401.4M | Reduce -4.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.34% | 840,828 | $398.1M | Add +0.7% |
| GEV GE Vernova Inc. | 0.34% | 594,749 | $391.8M | Add +6.0% |
| SYK Stryker Corp. | 0.33% | 1,095,377 | $386.7M | Reduce -0.6% |
| PEP Pepsico Inc. | 0.33% | 2,688,460 | $385.2M | Reduce -10.3% |
| LKQ LKQ Corp. | 0.32% | 12,469,556 | $378.0M | Reduce -2.3% |
| CRH CRH PLC | 0.32% | 3,014,443 | $377.7M | Reduce -3.8% |
| PLTR Palantir Technologies Inc. Class A | 0.32% | 2,057,733 | $370.7M | Reduce -9.0% |
| CL Colgate-Palmolive Co. | 0.32% | 4,667,298 | $370.5M | Reduce -7.8% |
| STT State Street Corp. | 0.32% | 2,829,271 | $367.0M | Add +15.4% |
| RCL Royal Caribbean Cruises Ltd. | 0.32% | 1,306,784 | $366.9M | Add +135.0% |
| PNR Pentair PLC | 0.32% | 3,484,915 | $366.8M | Add +22.8% |
| MET Metlife Inc. | 0.31% | 4,630,165 | $366.5M | Add +2.6% |
| STLD Steel Dynamics Inc. | 0.31% | 2,140,819 | $361.8M | Reduce -8.5% |
| WELL Welltower Inc. | 0.31% | 1,930,894 | $358.9M | Add +11.8% |
| CI The Cigna Group | 0.30% | 1,277,393 | $353.8M | Reduce -12.4% |
| EXC Exelon Corp. | 0.30% | 8,048,355 | $352.4M | Add +14.6% |
| UBER Uber Technologies Inc. | 0.30% | 4,291,356 | $350.5M | Reduce -4.6% |
| PG The Procter & Gamble Co. | 0.30% | 2,430,758 | $349.3M | Reduce -1.3% |
| APTV Aptiv PLC | 0.30% | 4,579,726 | $349.1M | Add +34.2% |
| SCHW Schwab (charles) Corp. | 0.30% | 3,437,222 | $344.4M | Add +13.0% |
| NUE Nucor Corp. | 0.29% | 2,103,000 | $342.6M | Add +11.1% |
| KHC The Kraft Heinz Co. | 0.29% | 13,801,453 | $336.1M | Add +0.8% |
| CVS CVS Health Corp. | 0.28% | 4,127,035 | $327.9M | Reduce -2.1% |
| KR Kroger Co. | 0.28% | 5,204,987 | $325.7M | Add +11.2% |
| EW Edwards Lifesciences Corp. | 0.27% | 3,642,618 | $312.6M | Reduce -14.2% |
| AMT American Tower Corp. | 0.26% | 1,743,321 | $306.3M | Add +10.4% |
| ADP Automatic Data Processing | 0.26% | 1,174,898 | $303.9M | Reduce -0.8% |
| MRVL Marvell Technology Inc. | 0.26% | 3,538,278 | $302.6M | Reduce -40.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 2,600,216 | $295.8M | Add +3.2% |
| WTRG Essential Utilities Inc. | 0.25% | 7,625,755 | $292.9M | Reduce -15.0% |
Portfolio Sells Q3 2025 → Q4 2025
| BKNG Booking Holdings Inc. | Reduce -55.5% | 0.45% | −0.59 |
| META Meta Platforms Inc. Class A | Reduce -10.7% | 1.28% | −0.34 |
| ANET Arista Networks Inc. | Reduce -35.0% | 0.46% | −0.33 |
| VRT Vertiv Holdings Co. Class A | Reduce -85.7% | 0.05% | −0.25 |
| NFLX Netflix Inc. | Reduce -1.3% | 0.78% | −0.24 |
| IQV Iqvia Holdings Inc. | Reduce -69.2% | 0.14% | −0.23 |
| LRCX Lam Research Corp. | Reduce -34.6% | 1.10% | −0.23 |
| QCOM Qualcomm Inc. | Reduce -58.7% | 0.14% | −0.20 |
| MRVL Marvell Technology Inc. | Reduce -40.0% | 0.26% | −0.17 |
| LH Labcorp Holdings Inc. | Reduce -36.4% | 0.21% | −0.17 |
| HOLX Hologic Inc. | Reduce -99.2% | 0.00% | −0.17 |
| NOW ServiceNow Inc. | Reduce -2.3% | 0.62% | −0.16 |
| WDAY Workday Inc. Class A | Reduce -43.4% | 0.15% | −0.15 |
| INTU Intuit Inc. | Reduce -23.0% | 0.36% | −0.13 |
| EBAY eBay Inc. | Reduce -12.5% | 0.53% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -17.3% | 1.14% | −0.11 |
| CDNS Cadence Design SYS Inc. | Reduce -46.0% | 0.10% | −0.11 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -84.3% | 0.02% | −0.10 |
| PYPL PayPal Holdings Inc. | Reduce -24.2% | 0.16% | −0.09 |
| MKSI MKS Inc. | Reduce -62.4% | 0.08% | −0.09 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.09 |
| UBER Uber Technologies Inc. | Reduce -4.6% | 0.30% | −0.08 |
| EMR Emerson Electric Co. | Reduce -11.5% | 0.71% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -16.6% | 0.25% | −0.08 |
| AZO AutoZone Inc. | Reduce -19.0% | 0.12% | −0.07 |
| ABBV Abbvie Inc. | Reduce -7.7% | 0.82% | −0.07 |
| PGR Progressive Corp. | Reduce -17.1% | 0.22% | −0.07 |
| MSCI MSCI Inc. | Reduce -21.6% | 0.24% | −0.07 |
| NXPI NXP Semiconductors NV | Reduce -45.3% | 0.07% | −0.07 |
| CI The Cigna Group | Reduce -12.4% | 0.30% | −0.06 |
| ADBE Adobe Inc. | Reduce -11.3% | 0.38% | −0.06 |
| SLB SLB Ltd. | Reduce -95.5% | 0.00% | −0.06 |
| WTRG Essential Utilities Inc. | Reduce -15.0% | 0.25% | −0.06 |
| VST Vistra Corp. | Reduce -94.4% | 0.00% | −0.06 |
| FCX Freeport-McMoran Inc. | Reduce -95.2% | 0.00% | −0.06 |
| OC Owens Corning | Reduce -53.3% | 0.03% | −0.06 |
| HWM Howmet Aerospace Inc. | Reduce -26.0% | 0.18% | −0.06 |
| CMG Chipotle Mexican Grill Inc. | Reduce -67.5% | 0.02% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -14.2% | 0.46% | −0.05 |
| GPN Global Payments Inc. | Reduce -22.5% | 0.13% | −0.05 |
| XEL Xcel Energy Inc. | Reduce -16.5% | 0.16% | −0.05 |
| FFIV F5 Inc. | Reduce -70.8% | 0.01% | −0.05 |
| RSG Republic Services Inc. | Reduce -2.0% | 0.42% | −0.05 |
| MNDY Monday.com Ltd. | Reduce -85.0% | 0.01% | −0.05 |
| BABA Alibaba Group Holding-SP ADR | Reduce -4.1% | 0.16% | −0.05 |
| SOLV Solventum Corp. | Reduce -98.1% | 0.00% | −0.05 |
| ALLE Allegion PLC | Reduce -9.6% | 0.18% | −0.04 |
| ORCL Oracle Corp. | Reduce -2.9% | 0.09% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -25.8% | 0.10% | −0.04 |
| HD Home Depot Inc. | Reduce -19.9% | 0.09% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| AVGO Broadcom Inc. | Add +47.5% | 2.93% | +1.02 |
| GOOG Alphabet Inc. Class C | Add +4.9% | 2.31% | +0.58 |
| LLY Eli Lilly & Co. | Add +8.0% | 1.37% | +0.50 |
| AAPL Apple Inc. | Add +3.7% | 5.14% | +0.39 |
| AMZN Amazon.com Inc. | Add +8.3% | 2.76% | +0.29 |
| AMD Advanced Micro Devices | Add +11.7% | 0.81% | +0.25 |
| WAB Wabtec Corp. | Add +55.5% | 0.57% | +0.22 |
| ZTS Zoetis Inc. | Add +79.2% | 0.53% | +0.19 |
| C Citigroup Inc. | Add +11.8% | 0.80% | +0.18 |
| RCL Royal Caribbean Cruises Ltd. | Add +135.0% | 0.32% | +0.16 |
| CMI Cummins Inc. | Add +103.8% | 0.24% | +0.14 |
| ZBRA Zebra Technologies Corp. Class A | Add +87.9% | 0.39% | +0.14 |
| AME Ametek Inc. | Add +825.0% | 0.15% | +0.14 |
| LIN Linde PLC | Add +34.5% | 0.78% | +0.12 |
| DY Dycom Industries Inc. | Add +5603.6% | 0.12% | +0.12 |
| CLH Clean Harbors Inc. | Add +120.8% | 0.21% | +0.12 |
| AXP American Express Co. | Add +6.2% | 0.79% | +0.11 |
| GILD Gilead Sciences Inc. | Add +16.5% | 0.54% | +0.11 |
| ILMN Illumina Inc. | Add +2792.2% | 0.11% | +0.10 |
| TJX TJX Companies Inc. | Add +6.0% | 0.99% | +0.10 |
| CAH Cardinal Health Inc. | Add +328.3% | 0.11% | +0.09 |
| NEM Newmont Corp. | Add +10.3% | 0.41% | +0.09 |
| NVDA Nvidia Corp. | Add +2.7% | 6.54% | +0.09 |
| SYF Synchrony Financial | Add +13.1% | 0.37% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +6.6% | 0.99% | +0.08 |
| INTC Intel Corp. | Add +550.2% | 0.09% | +0.08 |
| HCA HCA Healthcare Inc. | Add +11.2% | 0.44% | +0.07 |
| NUE Nucor Corp. | Add +11.1% | 0.29% | +0.07 |
| DELL Dell Technologies -C | Add +437.4% | 0.08% | +0.07 |
| STT State Street Corp. | Add +15.4% | 0.32% | +0.07 |
| ROK Rockwell Automation Inc. | Add +20.7% | 0.25% | +0.06 |
| ADI Analog Devices Inc. | Add +247.3% | 0.08% | +0.06 |
| REGN Regeneron Pharmaceuticals | Add +118.1% | 0.09% | +0.06 |
| CRM Salesforce Inc. | Add +2.4% | 0.54% | +0.06 |
| UPS United Parcel Service Class B | Add +1.0% | 0.37% | +0.06 |
| GFL GFL Environmental Inc.-Sub VT | Add +40.8% | 0.25% | +0.05 |
| CFG Citizens Financial Group | Add +7.5% | 0.36% | +0.05 |
| CBOE Cboe Global Markets Inc. | Add +33.5% | 0.21% | +0.05 |
| VRTX Vertex Pharmaceuticals Inc. | Add +23.8% | 0.17% | +0.05 |
| GM General Motors Co. | Add +1224.4% | 0.05% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +16.1% | 0.36% | +0.05 |
| APTV Aptiv PLC | Add +34.2% | 0.30% | +0.04 |
| TWLO Twilio Inc. Class A | Add +2.1% | 0.14% | +0.04 |
| EXPD Expeditors Intl Wash Inc. | Add +35.2% | 0.11% | +0.04 |
| MTD Mettler-Toledo International | Add +11.9% | 0.19% | +0.04 |
| PNR Pentair PLC | Add +22.8% | 0.32% | +0.04 |
| TEL Te Connectivity PLC | Add +10.4% | 0.36% | +0.04 |
| COF Capital One Financial Corp. | Add +239.5% | 0.06% | +0.04 |
| PRU Prudential Financial Inc. | Add +16.6% | 0.20% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +13.0% | 0.30% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 921 | $122.6B | NVDA, AAPL, MSFT, AVGO, AMZN |
| Q1 2026 | 864 | $107.2B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q4 2025 | 859 | $116.4B | NVDA, MSFT, AAPL, AVGO, AMZN |
| Q3 2025 | 845 | $114.2B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q2 2025 | 861 | $107.8B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q1 2025 | 875 | $94.7B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q4 2024 | 882 | $95.6B | AAPL, MSFT, NVDA, GOOGL, AMZN |
| Q3 2024 | 893 | $88.0B | MSFT, AAPL, NVDA, GOOGL, AMZN |
| Q2 2024 | 910 | $85.2B | MSFT, AAPL, NVDA, GOOGL, AMZN |
| Q1 2024 | 928 | $84.6B | MSFT, AAPL, NVDA, GOOGL, V |