Institution

Fjarde Ap-Fonden /Fourth Swedish National Pension Fund

13F for the quarter to June 30, 2026, filed July 29, 2026 · SEC CIK 1540880

Reported value: $20.9bn
Positions we cover: 515
Copy, a year: +14.2%
Copy Sharpe ratio: 0.77

How copying its 13F would have done

CopyS&P 500 $10,000 copying Fjarde Ap-Fonden /Fourth Swedish National Pension Fund's filed holdings in companies we cover from July 19, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −31.8% (S&P 500 −31.8%); beta 1.02; alpha +0.2% a year (t = 0.35); last 12 months +10.6% against +12.1%.

Reported value by quarter

Fjarde Ap-Fonden /Fourth Swedish National Pension Fund: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$4.8B
2013-09-30	$4.6B
2013-12-31	$4.8B
2014-03-31	$5B
2014-06-30	$5B
2014-09-30	$4.7B
2014-12-31	$4.6B
2015-03-31	$4.4B
2015-06-30	$4.1B
2015-09-30	$3.6B
2015-12-31	$3.8B
2016-03-31	$4.3B
2016-06-30	$4.3B
2016-09-30	$4.6B
2016-12-31	$4.3B
2017-03-31	$4.2B
2017-06-30	$5B
2017-09-30	$5.2B
2017-12-31	$6.6B
2018-03-31	$6.5B
2018-06-30	$6.6B
2018-09-30	$6.8B
2018-12-31	$5.8B
2019-03-31	$8B
2019-06-30	$7.8B
2019-09-30	$7.7B
2019-12-31	$8.1B
2020-03-31	$6.2B
2020-06-30	$8B
2020-09-30	$9.2B
2020-12-31	$10.5B
2021-03-31	$11B
2021-06-30	$10.9B
2021-09-30	$10.8B
2021-12-31	$11.3B
2022-03-31	$10.2B
2022-06-30	$18.1B
2022-09-30	$7.9B
2022-12-31	$7T
2023-03-31	$7.4B
2025-12-31	$11.9B
2026-03-31	$18.3B
2026-06-30	$20.9B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.27%	$1.3bn	6.56M	−3.7% Reduced
AAPLApple Inc.	5.73%	$1.2bn	4.15M	+1.4% Added
MSFTMicrosoft Corporation	3.79%	$792.1m	2.12M	+2.5% Added
AMZNAmazon	2.86%	$599.3m	2.51M	+2.1% Added
GOOGLAlphabet Inc. (Class A)	2.80%	$585.2m	1.64M	−0.7% Reduced
AVGOBroadcom	2.49%	$521.3m	1.38M	+20.9% Added
METAMeta Platforms	1.88%	$393.9m	699.2K	+0.5%
MUMicron Technology	1.68%	$352.2m	305.1K	+4.9% Added
LLYLilly (Eli)	1.57%	$329.1m	274.4K	−20.4% Reduced
JNJJohnson & Johnson	1.52%	$319.2m	1.26M	+3.3% Added
VVisa Inc.	1.37%	$286.0m	833.5K	−3.8% Reduced
AMATApplied Materials	1.30%	$272.4m	376.7K	+13.2% Added
AMDAdvanced Micro Devices	1.22%	$254.8m	438.6K	+6.4% Added
LRCXLam Research	1.18%	$246.1m	568.0K	−2.6% Reduced
CSCOCisco	1.12%	$235.3m	2.00M	−8.5% Reduced
JPMJPMorgan Chase	1.08%	$225.1m	687.8K	−0.6% Reduced
WMTWalmart	0.94%	$197.8m	1.75M	−0.9% Reduced
CATCaterpillar Inc.	0.89%	$186.4m	175.1K	−6.7% Reduced
MAMastercard	0.86%	$179.6m	349.7K	−5.2% Reduced
PGProcter & Gamble	0.82%	$171.2m	1.17M	−1.5% Reduced
KLACKLA Corporation	0.80%	$167.2m	554.3K	+882.7% Added
COSTCostco	0.79%	$165.5m	177.0K	−3.0% Reduced
KOThe Coca-Cola Company	0.77%	$162.0m	1.99M	−3.2% Reduced
MRKMerck & Co.	0.77%	$160.9m	1.25M	+5.9% Added
INTCIntel	0.74%	$155.2m	1.11M	−1.9% Reduced
TSLATesla, Inc.	0.68%	$142.0m	337.6K	+27.2% Added
ABBVAbbVie	0.65%	$136.7m	543.2K	+1.9% Added
GEGE Aerospace	0.65%	$136.1m	364.2K	+39.5% Added
NFLXNetflix	0.64%	$134.7m	1.89M	+2.3% Added
APHAmphenol	0.57%	$118.4m	671.5K	+1.1% Added
PEPPepsiCo	0.55%	$114.7m	847.2K	+9.7% Added
UNHUnitedHealth Group	0.51%	$107.2m	257.8K	−31.2% Reduced
TXNTexas Instruments	0.50%	$105.4m	353.7K	−0.2%
LINLinde plc	0.50%	$104.6m	201.6K	+2.8% Added
BACBank of America	0.47%	$98.6m	1.73M	−1.7% Reduced
IBMIBM	0.46%	$96.3m	342.3K	+4.6% Added
TJXTJX Companies	0.45%	$93.6m	617.9K	+4.5% Added
HDThe Home Depot	0.44%	$91.6m	259.8K	0.0%
PANWPalo Alto Networks	0.43%	$90.9m	266.7K	+4.4% Added
MCDMcDonald's	0.41%	$86.5m	320.2K	+6.1% Added
WDCWestern Digital	0.41%	$85.2m	133.3K	+49.1% Added
SPOTSpotify Technology S.a.	0.41%	$84.9m	185.0K	0.0%
GILDGilead Sciences	0.40%	$84.5m	668.7K	+43.4% Added
GEVGE Vernova	0.40%	$83.1m	70.7K	+4.1% Added
VZVerizon	0.39%	$80.8m	1.91M	+4.4% Added
PGRProgressive Corporation	0.38%	$79.1m	361.9K	−2.6% Reduced
BKRBaker Hughes	0.38%	$78.4m	1.41M	+21.8% Added
ANETArista Networks	0.37%	$78.2m	460.4K	−3.3% Reduced
MRVLMarvell Technology	0.37%	$77.3m	259.4K	−5.2% Reduced
GSGoldman Sachs	0.37%	$77.1m	76.2K	−2.0% Reduced
CBChubb Limited	0.37%	$77.0m	225.8K	+3.4% Added
VRTXVertex Pharmaceuticals	0.35%	$73.9m	148.7K	−0.9% Reduced
WELLWelltower	0.35%	$73.0m	321.8K	+31.2% Added
TAT&T	0.34%	$72.1m	3.48M	−1.1% Reduced
GLWCorning Inc.	0.34%	$71.5m	279.8K	+4.8% Added
QCOMQualcomm	0.34%	$70.6m	382.0K	−12.7% Reduced
WFCWells Fargo	0.33%	$69.8m	844.3K	+0.8% Added
ORCLOracle Corporation	0.33%	$69.0m	471.1K	+2.4% Added
AXPAmerican Express	0.33%	$68.9m	203.8K	+28.7% Added
UNPUnion Pacific Corporation	0.32%	$67.2m	247.2K	+13.6% Added
PLTRPalantir Technologies Inc.	0.32%	$66.4m	569.2K	−1.7% Reduced
AMGNAmgen	0.31%	$64.1m	177.0K	+6.6% Added
MSMorgan Stanley	0.30%	$63.4m	303.4K	+2.4% Added
STXSeagate Technology	0.30%	$63.1m	65.4K	+20.9% Added
CCitigroup	0.30%	$62.9m	449.4K	−5.3% Reduced
CMECME Group	0.30%	$62.8m	284.5K	+11.7% Added
ABTAbbott Laboratories	0.29%	$60.8m	670.0K	−24.3% Reduced
WMWaste Management	0.29%	$60.8m	272.7K	+19.7% Added
MCKMcKesson	0.29%	$60.6m	80.2K	+3.8% Added
MRSHMarsh McLennan	0.29%	$59.9m	359.4K	+8.3% Added
ETNEaton Corporation	0.28%	$58.4m	137.1K	+1.7% Added
TMUST-Mobile US	0.28%	$58.1m	346.5K	+13.0% Added
BMYBristol Myers Squibb	0.27%	$57.2m	993.2K	+66.9% Added
MNSTMonster Beverage	0.26%	$54.9m	570.9K	+0.1%
CRWDCrowdStrike	0.26%	$54.5m	71.5K	+2.4% Added
FTNTFortinet	0.26%	$53.6m	348.9K	−8.2% Reduced
ADIAnalog Devices	0.26%	$53.4m	134.5K	+7.5% Added
CORCencora	0.25%	$52.9m	186.8K	0.0%
TRVThe Travelers Companies	0.25%	$52.2m	158.2K	+16.8% Added
CLColgate-Palmolive	0.24%	$50.4m	549.3K	−2.1% Reduced
APPApplovin Corp	0.23%	$49.1m	95.4K	+57.4% Added
ISRGIntuitive Surgical	0.23%	$48.7m	122.5K	−5.4% Reduced
UBERUber	0.23%	$47.5m	658.8K	−28.5% Reduced
TMOThermo Fisher Scientific	0.22%	$46.8m	93.3K	+2.0% Added
PHParker Hannifin	0.22%	$46.3m	47.3K	+11.6% Added
PFEPfizer	0.22%	$45.7m	1.90M	+31.8% Added
ADBEAdobe Inc.	0.21%	$44.8m	218.5K	−6.2% Reduced
ORLYO'Reilly Automotive	0.21%	$44.6m	484.6K	+0.2%
TTTrane Technologies	0.21%	$44.6m	90.7K	−8.5% Reduced
SCHWCharles Schwab Corporation	0.21%	$44.4m	480.7K	+7.6% Added
DISThe Walt Disney Company	0.21%	$43.8m	455.3K	−3.7% Reduced
CRMSalesforce	0.21%	$43.5m	277.9K	−13.6% Reduced
CDNSCadence Design Systems Inc	0.20%	$42.6m	113.4K	+1.4% Added
RSGRepublic Services	0.20%	$42.4m	199.0K	−1.0% Reduced
ADPAutomatic Data Processing	0.20%	$41.6m	185.8K	−4.7% Reduced
LNGCheniere Energy, Inc.	0.19%	$40.4m	168.9K	+14.0% Added
AONAon plc	0.19%	$40.1m	121.0K	+29.7% Added
ACNAccenture	0.19%	$40.1m	322.0K	−0.2%
ELVElevance Health	0.19%	$39.9m	103.1K	−2.8% Reduced
AZOAutoZone	0.19%	$39.3m	12.3K	−0.8% Reduced
NOWServiceNow	0.19%	$38.9m	391.8K	−0.6% Reduced
HWMHowmet Aerospace	0.18%	$38.8m	144.3K	+10.7% Added
BKNGBooking Holdings	0.18%	$38.8m	217.6K	+2353.1% Added
EXCExelon	0.18%	$37.9m	814.0K	+5.2% Added
CMICummins	0.18%	$37.8m	53.0K	−4.3% Reduced
PLDPrologis	0.18%	$37.8m	278.7K	+9.6% Added
DDominion Energy	0.18%	$37.5m	549.1K	+25.5% Added
MDLZMondelez International	0.18%	$37.4m	646.2K	−1.4% Reduced
DEDeere & Company	0.18%	$37.3m	58.8K	−4.3% Reduced
ECLEcolab	0.18%	$37.0m	132.9K	+13.5% Added
BLKBlackRock	0.17%	$36.5m	37.9K	−29.2% Reduced
CBOECboe Global Markets	0.17%	$36.2m	149.0K	+4.6% Added
FFIVF5, Inc.	0.17%	$36.0m	86.6K	−0.9% Reduced
CVSCVS Health	0.17%	$35.7m	345.4K	+2.3% Added
INTUIntuit	0.17%	$35.6m	136.6K	−3.6% Reduced
ROPRoper Technologies	0.17%	$35.4m	104.7K	+3.0% Added
SPGIS&P Global	0.17%	$35.0m	86.1K	−2.8% Reduced
TERTeradyne	0.17%	$34.8m	72.0K	+22.3% Added
YUMYum! Brands	0.17%	$34.6m	216.3K	+8.3% Added
LOWLowe's	0.16%	$33.5m	151.9K	+3.1% Added
COFCapital One	0.16%	$33.5m	166.9K	−4.6% Reduced
KRKroger	0.16%	$33.1m	595.9K	+6.8% Added
DELLDell Technologies	0.16%	$32.8m	76.0K	−0.7% Reduced
MMM3M	0.15%	$31.9m	197.0K	−1.0% Reduced
SBUXStarbucks	0.15%	$31.5m	308.4K	+6.0% Added
VRTVertiv	0.15%	$31.3m	93.4K	+4.9% Added
FIXComfort Systems USA	0.15%	$30.8m	15.6K	+1.0% Added
DHRDanaher Corporation	0.15%	$30.8m	161.6K	−2.0% Reduced
MELIMercadolibre Inc	0.15%	$30.6m	18.0K	+3.1% Added
MCOMoody's Corporation	0.14%	$30.4m	67.1K	−13.4% Reduced
USBU.S. Bancorp	0.14%	$30.4m	502.7K	+20.7% Added
NETCloudflare, Inc.	0.14%	$30.3m	123.4K	+13.3% Added
ACGLArch Capital Group	0.14%	$29.8m	306.7K	+6.9% Added
PWRQuanta Services	0.14%	$29.6m	41.0K	+10.9% Added
STLDSteel Dynamics	0.14%	$29.5m	128.7K	+31.4% Added
NEENextEra Energy	0.14%	$28.8m	328.4K	−3.0% Reduced
CTVACorteva, Inc.	0.14%	$28.2m	333.3K	+42.1% Added
RCLRoyal Caribbean Group	0.14%	$28.2m	88.9K	+29.4% Added
VRSNVerisign Inc	0.13%	$28.1m	111.7K	+9.0% Added
ALLAllstate	0.13%	$28.0m	117.7K	+0.5% Added
NUENucor	0.13%	$27.9m	125.1K	+32.1% Added
TDYTeledyne Technologies	0.13%	$27.5m	41.3K	−0.5%
EQIXEquinix	0.13%	$27.3m	26.2K	−2.4% Reduced
GMGeneral Motors	0.13%	$27.2m	352.9K	+24.8% Added
ROSTRoss Stores	0.13%	$27.1m	127.4K	+46.1% Added
SNOWSnowflake Inc.	0.13%	$26.7m	104.9K	+6.2% Added
CSXCSX Corporation	0.13%	$26.7m	561.4K	+4.1% Added
REGNRegeneron Pharmaceuticals	0.13%	$26.7m	42.7K	+39.2% Added
HCAHCA Healthcare	0.13%	$26.5m	68.0K	+0.7% Added
CHDChurch & Dwight	0.13%	$26.5m	273.2K	+3.2% Added

Company	Bought (value)	Shares
KLACKLA Corporation	$150.2m	497.9K
AVGOBroadcom	$90.2m	238.9K
GEGE Aerospace	$38.5m	103.0K
BKNGBooking Holdings	$37.2m	208.7K
AMATApplied Materials	$31.7m	43.8K
TSLATesla, Inc.	$30.4m	72.2K
WDCWestern Digital	$28.0m	43.9K
GILDGilead Sciences	$25.6m	202.3K
BMYBristol Myers Squibb	$22.9m	398.2K
MSFTMicrosoft Corporation	$19.6m	52.5K
APPApplovin Corp	$17.9m	34.8K
WELLWelltower	$17.4m	76.5K
MUMicron Technology	$16.4m	14.2K
AAPLApple Inc.	$16.4m	56.6K
AMDAdvanced Micro Devices	$15.4m	26.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
LLYLilly (Eli)	−$84.1m	−70.1K
NVDANVIDIA Corporation	−$50.0m	−249.8K
UNHUnitedHealth Group	−$48.5m	−116.7K
CSCOCisco	−$21.8m	−185.8K
SOSouthern Company	−$20.0m	−207.7K
ABTAbbott Laboratories	−$19.5m	−214.7K
UBERUber	−$18.9m	−262.6K
BLKBlackRock	−$15.0m	−15.6K
CATCaterpillar Inc.	−$13.3m	−12.5K
NEMNewmont	−$12.4m	−114.9K
MPWRMonolithic Power Systems, Inc.	−$12.1m	−8.8K
GDDYGodaddy Inc.	−$11.9m	−140.4K
VVisa Inc.	−$11.3m	−32.8K
DUKDuke Energy	−$11.0m	−83.7K
PCARPaccar	−$10.5m	−91.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
SOSouthern Company	$20.0m	207.7K
NEMNewmont	$12.4m	114.9K
DUKDuke Energy	$11.0m	83.7K
PCARPaccar	$10.5m	91.1K
WTRGEssential Utilities, Inc.	$7.3m	181.3K
APDAir Products	$6.8m	23.3K
EXPDExpeditors International	$6.4m	44.8K
ATOAtmos Energy	$6.0m	32.5K
TUTelus Corp	$3.3m	254.1K
FEFirstEnergy	$2.7m	54.1K
PSNYPolestar Automotive Holding UK PLC	$2.7m	145.6K
SOLVSolventum	$2.4m	36.3K
ZBRAZebra Technologies	$2.2m	10.4K
JBHTJ.B. Hunt	$1.4m	6.4K
MNDYMonday.com Ltd.	$1.3m	19.1K
NRGNRG Energy	$548,025	3.8K
GLBEGlobal-e Online Ltd.	$1,419	46

Technology39.3%
Financials12.3%
Health Care11.7%
Industrials9.1%
Consumer Discretionary8.3%
Communication Services7.9%
Consumer Staples5.9%
Real Estate1.9%
Materials1.7%
Utilities1.2%
Energy0.7%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestJuly 19, 2013 to November 2, 2026	+14.2%	+13.8%	0.77	0.77	−31.8%	1.02
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.7%	+13.9%	0.64	0.66	−31.8%	1.02
Last three yearsNovember 3, 2023 to November 2, 2026	+20.5%	+21.8%	1.10	1.16	−16.9%	0.98
Last yearNovember 7, 2025 to November 2, 2026	+12.7%	+14.2%	0.75	0.84	−8.9%	0.93

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.