# FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1540880. Source: https://holderbook.com/funds/1540880-fjarde-ap-fonden-fourth-swedish-national-pension-fund/

- Reported value: $20.9B
- Positions: 525
- Weight of the ten largest: 31.4%
- Filed: 2026-07-29

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.3B | 6,560,099 | 6.3% | 30 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.2B | 4,147,208 | 5.7% | 30 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $792.1M | 2,123,559 | 3.8% | 30 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $599.3M | 2,514,375 | 2.9% | 30 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $585.2M | 1,637,434 | 2.8% | 30 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $521.3M | 1,379,883 | 2.5% | 30 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $467.8M | 1,324,032 | 2.2% | 30 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $393.9M | 699,247 | 1.9% | 30 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $352.2M | 305,087 | 1.7% | 30 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $345.0M | 4,165,043 | 1.6% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $329.1M | 274,422 | 1.6% | 30 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $319.2M | 1,256,669 | 1.5% | 30 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $286.0M | 833,530 | 1.4% | 30 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $272.4M | 376,698 | 1.3% | 30 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $254.8M | 438,633 | 1.2% | 30 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $246.1M | 568,010 | 1.2% | 7 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $235.3M | 2,002,917 | 1.1% | 30 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $225.1M | 687,767 | 1.1% | 30 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $206.4M | 412,534 | 1.0% | 30 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $197.8M | 1,746,421 | 0.9% | 10 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $186.4M | 175,084 | 0.9% | 30 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $179.6M | 349,732 | 0.9% | 30 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $171.2M | 1,167,628 | 0.8% | 30 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $167.2M | 554,290 | 0.8% | 30 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $165.5M | 176,966 | 0.8% | 30 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $162.0M | 1,993,456 | 0.8% | 30 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $160.9M | 1,252,379 | 0.8% | 30 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $155.2M | 1,111,634 | 0.7% | 30 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $142.0M | 337,648 | 0.7% | 30 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $136.7M | 543,225 | 0.7% | 30 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $136.1M | 364,204 | 0.7% | 19 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $134.7M | 1,885,865 | 0.6% | 30 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $118.4M | 671,539 | 0.6% | 30 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $114.7M | 847,234 | 0.5% | 30 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $107.2M | 257,828 | 0.5% | 30 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $105.4M | 353,731 | 0.5% | 30 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $104.6M | 201,607 | 0.5% | 13 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $98.6M | 1,730,530 | 0.5% | 30 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $96.3M | 342,321 | 0.5% | 30 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $93.6M | 617,918 | 0.4% | 30 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $91.6M | 259,760 | 0.4% | 30 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $90.9M | 266,698 | 0.4% | 30 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $86.5M | 320,160 | 0.4% | 30 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $85.2M | 133,316 | 0.4% | 30 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $84.9M | 185,000 | 0.4% | 2 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $84.5M | 668,663 | 0.4% | 30 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $83.1M | 70,733 | 0.4% | 8 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $80.8M | 1,908,488 | 0.4% | 30 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $79.1M | 361,870 | 0.4% | 30 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $78.4M | 1,412,480 | 0.4% | 15 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $78.2M | 460,434 | 0.4% | 6 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $77.3M | 259,447 | 0.4% | 20 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $77.1M | 76,205 | 0.4% | 30 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $77.0M | 225,846 | 0.4% | 30 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $73.9M | 148,682 | 0.4% | 30 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $73.0M | 321,820 | 0.3% | 3 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $72.1M | 3,481,220 | 0.3% | 30 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $71.5M | 279,771 | 0.3% | 30 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $70.6M | 382,006 | 0.3% | 30 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $69.8M | 844,329 | 0.3% | 13 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $69.0M | 471,142 | 0.3% | 30 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $68.9M | 203,773 | 0.3% | 30 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $67.2M | 247,176 | 0.3% | 30 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $66.4M | 569,173 | 0.3% | 20 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $64.1M | 176,962 | 0.3% | 30 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $63.4M | 303,415 | 0.3% | 30 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $63.1M | 65,428 | 0.3% | 20 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $62.9M | 449,441 | 0.3% | 30 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $62.8M | 284,507 | 0.3% | 30 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $60.8M | 669,954 | 0.3% | 30 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $60.8M | 272,746 | 0.3% | 18 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $60.6M | 80,197 | 0.3% | 30 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $59.9M | 359,381 | 0.3% | 30 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $58.4M | 137,105 | 0.3% | 30 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $58.1M | 346,454 | 0.3% | 30 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $57.2M | 993,206 | 0.3% | 30 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $54.9M | 570,891 | 0.3% | 30 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $54.5M | 71,477 | 0.3% | 24 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $53.6M | 348,930 | 0.3% | 30 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $53.4M | 134,506 | 0.3% | 30 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $52.9M | 186,812 | 0.3% | 30 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $52.2M | 158,161 | 0.2% | 30 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $50.4M | 549,324 | 0.2% | 30 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $49.1M | 95,380 | 0.2% | 9 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $48.7M | 122,499 | 0.2% | 30 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $47.5M | 658,783 | 0.2% | 28 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $46.8M | 93,258 | 0.2% | 30 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $46.3M | 47,300 | 0.2% | 30 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $45.7M | 1,898,971 | 0.2% | 30 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $44.8M | 218,486 | 0.2% | 30 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $44.6M | 484,584 | 0.2% | 30 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $44.6M | 90,713 | 0.2% | 25 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $44.4M | 480,711 | 0.2% | 30 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $43.8M | 455,300 | 0.2% | 30 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $43.5M | 277,879 | 0.2% | 30 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $42.6M | 113,443 | 0.2% | 30 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $42.4M | 198,974 | 0.2% | 30 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $41.6M | 185,768 | 0.2% | 30 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $40.4M | 168,880 | 0.2% | 10 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $40.1M | 120,985 | 0.2% | 24 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.9% | +14.8% | +0.1% | 100% |
| Q1 2026 | -5.2% | -4.6% | -0.5% | 100% |
| Q4 2025 | +1.9% | +2.4% | -0.5% | 100% |
| Q3 2025 | +6.2% | +7.8% | -1.6% | 100% |
| Q2 2025 | +9.6% | +10.5% | -0.8% | 100% |
| Q1 2025 | -4.3% | -4.6% | +0.2% | 100% |
| Q4 2024 | +2.0% | +2.1% | -0.1% | 100% |
| Q2 2024 | +2.8% | +4.0% | -1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $20.9B | 525 |
| Q1 2026 | $18.3B | 538 |
| Q4 2025 | $11.9B | 499 |
| Q3 2025 | $11.6B | 463 |
| Q2 2025 | $10.8B | 492 |
| Q1 2025 | $8.3B | 522 |
| Q4 2024 | $9.9B | 525 |
| Q3 2024 | $9.8B | 525 |
| Q1 2024 | $9.0B | 534 |
| Q4 2023 | $8.0B | 551 |
| Q3 2023 | $7.5B | 548 |
| Q2 2023 | $8.2B | 540 |