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FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND

P.O. BOX 3069, STOCKHOLM, V7 SE 10361 • 004687877500

Q4 2025 · Filed 2026-02-11
Market Value
$11.9B
+2.9%
Holdings
511
+23
New Purchases
55
Added To
139
Closed
21
Reduced
289
Top 10 Concentration
33.6%
Turnover
14.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IEMG 1.75% 0.00% +1.75% $208M
LLY 1.94% 1.42% +0.52% $231M
TIGO 0.47% 0.00% +0.47% $55M
GOOGL 2.68% 2.30% +0.38% $318M
GOOG 2.35% 2.03% +0.32% $279M
WELL 0.23% 0.00% +0.23% $28M
MU 0.43% 0.26% +0.17% $51M
PLD 0.17% 0.00% +0.17% $20M
APH 0.50% 0.34% +0.16% $59M
GEV 0.23% 0.11% +0.12% $28M
EQIX 0.11% 0.00% +0.11% $13M
LRCX 0.52% 0.42% +0.10% $61M
AMD 0.46% 0.36% +0.10% $54M
JNJ 1.39% 1.29% +0.09% $165M
SPG 0.09% 0.00% +0.09% $11M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 5.16% 5.77% -0.62% $613M
NVDA 6.61% 7.12% -0.51% $785M
META 2.39% 2.72% -0.34% $284M
NFLX 0.90% 1.20% -0.29% $107M
GE 0.42% 0.70% -0.29% $50M
ORCL 0.46% 0.68% -0.22% $54M
LIN 0.47% 0.65% -0.18% $55M
K 0.00% 0.16% -0.16% $0
LNG 0.21% 0.37% -0.16% $25M
UNH 0.67% 0.82% -0.15% $80M
NXPI 0.08% 0.21% -0.12% $10M
PG 0.89% 1.00% -0.11% $106M
HD 0.46% 0.57% -0.10% $55M
ADP 0.24% 0.34% -0.09% $29M
SHW 0.07% 0.16% -0.09% $8M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 32.3%
Financial Services 15.9%
Healthcare 12.0%
Communication Services 11.0%
Consumer Cyclical 8.4%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 51 $6.8B 56.9%
Large Cap 428 $5.1B 42.7%
Mid Cap 30 $46M 0.4%
Micro Cap 2 $88K 0.0%

Portfolio Analytics

Avg Market Cap
$136.7B
Median Market Cap
$36.1B
Avg P/E
36.5
Median P/E
26.0
Avg Dividend Yield
0.02%
Avg Beta
1.06
# Stocks
510
# ETFs / Funds
1

Top Holdings (511 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 6.61% 4,211,049 $785M $186.50 -$38M -200,400 -4.5%
2 AAPL 5.80% 2,538,148 $690M $271.86 $13M -122,600 -4.6%
3 MSFT 5.16% 1,267,509 $613M $483.62 -$54M -20,600 -1.6%
4 AMZN 2.93% 1,508,175 $348M $230.82 $12M -21,900 -1.4%
5 GOOGL 2.68% 1,017,054 $318M $313.00 $52M -77,000 -7.0%
6 META 2.39% 429,787 $284M $660.09 -$31M +1,220 +0.3%
7 GOOG 2.35% 888,585 $279M $313.80 $44M -73,700 -7.7%
8 AVGO 2.05% 702,723 $243M $346.10 $10M -4,980 -0.7%
9 LLY 1.94% 214,536 $231M $1,074.68 $67M +60 +0.0%
10 IEMG 1.75% 3,090,192 $208M $67.22 +3,090,192 NEW
11 V 1.58% 537,177 $188M $350.71 $5M +760 +0.1%
12 JNJ 1.39% 796,200 $165M $206.95 $15M -9,800 -1.2%
13 JPM 1.19% 438,187 $141M $322.22 $742K -7,080 -1.6%
14 MA 1.10% 228,070 $130M $570.88 $2M +2,280 +1.0%
15 BRK-B 1.07% 253,899 $128M $502.65 $248K +540 +0.2%
16 WMT 1.03% 1,098,571 $122M $111.41 $6M -35,000 -3.1%
17 NFLX 0.90% 1,145,670 $107M $93.76 -$31M +1,030,384 +893.8%
18 CSCO 0.89% 1,373,517 $106M $77.03 $7M -65,500 -4.5%
19 PG 0.89% 736,378 $106M $143.31 -$10M -13,800 -1.8%
20 COST 0.83% 114,416 $99M $862.34 -$6M +860 +0.8%
21 KO 0.77% 1,307,606 $91M $69.91 $7M +32,700 +2.6%
22 MRK 0.71% 797,029 $84M $105.26 $6M -127,100 -13.8%
23 UNH 0.67% 241,578 $80M $330.11 -$15M -31,740 -11.6%
24 ABBV 0.62% 324,644 $74M $228.49 -$3M -8,700 -2.6%
25 TSLA 0.58% 154,362 $69M $449.72 -$3M -9,400 -5.7%
26 PEP 0.58% 482,084 $69M $143.52 $4M +15,400 +3.3%
27 ABT 0.58% 548,204 $69M $125.29 -$3M +12,300 +2.3%
28 CAT 0.57% 117,924 $68M $572.87 $9M -4,560 -3.7%
29 PLTR 0.53% 355,523 $63M $177.75 -$2M -4,000 -1.1%
30 LRCX 0.52% 357,960 $61M $171.18 $13M -1,900 -0.5%
31 BAC 0.51% 1,113,180 $61M $55.00 $1M -46,200 -4.0%
32 IBM 0.51% 205,121 $61M $296.21 $1M -6,360 -3.0%
33 APH 0.50% 437,489 $59M $135.14 $20M +120,800 +38.1%
34 INTU 0.49% 88,500 $59M $662.42 -$65K +2,560 +3.0%
35 MCD 0.49% 189,010 $58M $305.63 -$3M -9,560 -4.8%
36 TJX 0.48% 372,168 $57M $153.61 $7M +24,900 +7.2%
37 T 0.48% 2,295,470 $57M $24.84 -$5M +101,400 +4.6%
38 TIGO 0.47% 1,000,000 $55M $55.44 +1,000,000 NEW
39 LIN 0.47% 129,827 $55M $426.39 -$20M -27,769 -17.6%
40 HD 0.46% 160,210 $55M $344.10 -$10M -1,500 -0.9%
41 ACN 0.46% 203,523 $55M $268.30 $4M -3,500 -1.7%
42 PGR 0.46% 238,970 $54M $227.72 -$2M +8,900 +3.9%
43 AMD 0.46% 253,202 $54M $214.16 $13M -2,300 -0.9%
44 ORCL 0.46% 277,832 $54M $194.91 -$24M -1,420 -0.5%
45 AMAT 0.45% 209,058 $54M $256.99 $9M -7,200 -3.3%
46 CRM 0.43% 194,655 $52M $264.91 $5M -3,200 -1.6%
47 MU 0.43% 178,587 $51M $285.41 $21M -800 -0.5%
48 GE 0.42% 161,101 $50M $308.03 -$32M -109,640 -40.5%
49 QCOM 0.42% 289,756 $50M $171.05 -$38K -8,400 -2.8%
50 BKR 0.41% 1,074,803 $49M $45.54 -$4M -4,200 -0.4%
51 WFC 0.41% 521,879 $49M $93.20 $5M +1,200 +0.2%
52 ADBE 0.41% 138,456 $48M $349.99 $2M +5,620 +4.2%
53 ISRG 0.39% 82,099 $46M $566.36 $10M +240 +0.3%
54 MCK 0.38% 55,693 $46M $820.29 -$864K -4,560 -7.6%
55 VZ 0.38% 1,121,313 $46M $40.73 -$4M -18,100 -1.6%
56 UBER 0.38% 551,833 $45M $81.71 -$6M +31,200 +6.0%
57 GS 0.38% 50,745 $45M $879.00 $5M +820 +1.6%
58 CME 0.37% 161,477 $44M $273.08 $10M +36,960 +29.7%
59 CB 0.36% 136,746 $43M $312.12 $5M +1,920 +1.4%
60 KLAC 0.35% 34,562 $42M $1,215.08 $5M +360 +1.1%
61 TMUS 0.34% 200,754 $41M $203.04 -$8M -4,000 -1.9%
62 VRTX 0.34% 89,062 $40M $453.36 $5M -560 -0.6%
63 ABC 0.34% 118,677 $40M $337.75 -$445K -11,000 -8.5%
64 ANET 0.33% 303,284 $40M $131.03 -$4M +400 +0.1%
65 MMC 0.33% 213,231 $40M $185.52 -$5M -8,800 -4.0%
66 UNP 0.32% 166,226 $38M $231.32 -$2M -6,100 -3.5%
67 TXN 0.32% 221,031 $38M $173.49 -$3M -5,700 -2.5%
68 BLK 0.31% 33,919 $36M $1,070.34 -$4M -750 -2.2%
69 GILD 0.30% 295,063 $36M $122.74 $3M -3,200 -1.1%
70 NOW 0.30% 235,430 $36M $153.19 -$7M +189,074 +407.9%
71 C 0.30% 305,391 $36M $116.69 $3M -13,700 -4.3%
72 AMGN 0.29% 103,892 $34M $327.31 $4M -3,780 -3.5%
73 AXP 0.29% 91,823 $34M $369.95 $2M -3,240 -3.4%
74 TMO 0.28% 57,433 $33M $579.45 $5M -960 -1.6%
75 MS 0.28% 186,033 $33M $177.53 $2M -8,500 -4.4%
76 WM 0.27% 145,696 $32M $219.71 -$1M -5,000 -3.3%
77 DIS 0.27% 280,100 $32M $113.77 -$731K -4,600 -1.6%
78 CEG 0.26% 88,014 $31M $353.27 $2M -780 -0.9%
79 AZO 0.25% 8,839 $30M $3,391.50 -$5M +720 +8.9%
80 ORLY 0.25% 324,434 $30M $91.21 -$6M -5,000 -1.5%
81 ADP 0.24% 112,938 $29M $257.23 -$10M -19,740 -14.9%
82 PANW 0.24% 155,525 $29M $184.20 -$3M -1,500 -1.0%
83 BKNG 0.24% 5,315 $28M $5,355.33 $415K +120 +2.3%
84 ROP 0.24% 63,928 $28M $445.13 -$3M -120 -0.2%
85 SCHW 0.23% 276,460 $28M $99.91 $769K -4,800 -1.7%
86 RSG 0.23% 130,174 $28M $211.93 -$5M -11,200 -7.9%
87 SPGI 0.23% 52,760 $28M $522.59 $1M -1,040 -1.9%
88 WELL 0.23% 148,420 $28M $185.61 +148,420 NEW
89 GEV 0.23% 42,107 $28M $653.57 $14M +20,841 +98.0%
90 CL 0.23% 345,724 $27M $79.02 $897K +15,200 +4.6%
91 BSX 0.23% 284,570 $27M $95.35 -$1M -5,800 -2.0%
92 ETN 0.23% 84,825 $27M $318.51 -$9M -10,980 -11.5%
93 INTC 0.22% 718,011 $26M $36.90 $3M +3,500 +0.5%
94 BMY 0.22% 489,806 $26M $53.94 $3M -20,800 -4.1%
95 MNST 0.21% 330,941 $25M $76.67 $4M +19,100 +6.1%
96 COF 0.21% 104,421 $25M $242.36 $3M -1,400 -1.3%
97 TT 0.21% 64,223 $25M $389.20 -$3M -1,020 -1.6%
98 LNG 0.21% 127,800 $25M $194.39 -$17M -51,990 -28.9%
99 ANTM 0.20% 68,952 $24M $350.55 -$1M -9,260 -11.8%
100 MCO 0.20% 46,763 $24M $510.85 $2M +1,020 +2.2%

New Positions

SymbolValue% Port
IEMG $208M 1.75%
TIGO $55M 0.47%
WELL $28M 0.23%
PLD $20M 0.17%
EQIX $13M 0.11%
SPG $11M 0.09%
FIX $11M 0.09%
SE $11M 0.09%
PSA $10M 0.09%
O $10M 0.08%
TEVA $10M 0.08%
DLR $9M 0.08%
INSM $9M 0.07%
CIEN $7M 0.06%
SBAC $6M 0.05%

Sold Out Positions

SymbolValue% Port
ACI —%
OC —%
BEN —%
AVTR —%
FDS —%
DVA —%
CPT —%
MOH —%
RAL —%
TAP —%
BMRN —%
LKQ —%
MTCH —%
ALGN —%
POOL —%
View SEC EDGAR Filings for FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms