FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND

New 13F: Q3 2026

FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND filed its 13F for the quarter ended Sep 30, 2026 on Oct 15, 2026: $10.2B in AI and semiconductor stocks; $89.6M bought and $659.0M sold against its previous quarter, at the quarter's prices.

• trimmed NVIDIA (NVDA): -$87.1M at the quarter's price
• trimmed Apple (AAPL): -$79.4M at the quarter's price
• trimmed Microsoft (MSFT): -$69.1M at the quarter's price
• opened a position in Sandisk (SNDK): +$67.0M at the quarter's price
• trimmed Alphabet (GOOGL): -$53.5M at the quarter's price
• trimmed Amazon (AMZN): -$34.0M at the quarter's price
• trimmed Meta Platforms (META): -$29.1M at the quarter's price
• trimmed Broadcom (AVGO): -$24.2M at the quarter's price
• trimmed IBM (IBM): -$17.8M at the quarter's price
• trimmed Micron (MU): -$17.4M at the quarter's price

FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND declares $10.3B in 98 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 49.4% of its $20.9B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $10.3B in 98 of these companies for Q2 2026, against $2.3B in 72 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $330.8M and sold $265.7M of these stocks, at the quarter's prices: a net purchase of $65.1M; 1 new position and 3 sold out.

Performance of its AI picks

The AI-stock portfolio FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%), ranked 811 of 1,785 active managers. Over the last 12 months, quarter after quarter: +28.8% (SMH +87.2%), ranked 668 of 1,360 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.3B, 6.6M shares, 0.03% of the company, 6.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.2B, 4.1M shares, 0.03% of the company, 5.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.1B, 3.0M shares, 0.02% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $792.1M, 2.1M shares, 0.03% of the company, 3.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $599.3M, 2.5M shares, 0.02% of the company, 2.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $521.3M, 1.4M shares, 0.03% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Meta Platforms (META): $393.9M, 699,247 shares, 0.03% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Micron (MU): $352.2M, 305,087 shares, 0.03% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Applied Materials (AMAT): $272.4M, 376,698 shares, 0.05% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $254.8M, 438,633 shares, 0.03% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Lam Research (LRCX): $246.1M, 568,010 shares, 0.05% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Cisco (CSCO): $235.3M, 2.0M shares, 0.05% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $186.4M, 175,084 shares, 0.04% of the company, 0.89% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. KLA (KLAC): $167.2M, 554,290 shares, 0.04% of the company, 0.80% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Intel (INTC): $155.2M, 1.1M shares, 0.02% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $4.0B, 39% of its AI holdings, 5 companies
• Chips & compute: $2.6B, 25% of its AI holdings, 13 companies
• Power, electrical & cooling: $759.5M, 7% of its AI holdings, 24 companies
• Equipment & test: $758.8M, 7% of its AI holdings, 7 companies
• AI software: $730.0M, 7% of its AI holdings, 19 companies
• Memory & storage: $512.1M, 5% of its AI holdings, 4 companies
• Interconnect: $490.6M, 5% of its AI holdings, 6 companies
• Servers & systems: $187.8M, 2% of its AI holdings, 7 companies
• Optics: $132.1M, 1% of its AI holdings, 4 companies
• Neoclouds & data centers: $124.3M, 1% of its AI holdings, 9 companies

Biggest changes this quarter

• added to Broadcom (AVGO): +$90.2M at the quarter's price
• trimmed NVIDIA (NVDA): -$50.0M at the quarter's price
• trimmed Alphabet (GOOGL): -$41.7M at the quarter's price
• added to Applied Materials (AMAT): +$31.7M at the quarter's price
• added to Western Digital (WDC): +$28.0M at the quarter's price
• trimmed Cisco (CSCO): -$21.8M at the quarter's price
• sold out of Southern Company (SO): -$20.0M at the quarter's price
• added to Microsoft (MSFT): +$19.6M at the quarter's price
• added to Micron (MU): +$16.4M at the quarter's price
• added to Apple (AAPL): +$16.4M at the quarter's price

Other holders of this size

• H&H International Investment, LLC: $10.3B in 10 of these companies
• Resona Asset Management Co.,Ltd.: $10.4B in 111 of these companies
• NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO: $10.3B in 196 of these companies
• UniSuper Management Pty Ltd: $10.6B in 97 of these companies
• JACOBS LEVY EQUITY MANAGEMENT, INC: $10.2B in 71 of these companies
• STATE OF MICHIGAN RETIREMENT SYSTEM: $10.6B in 128 of these companies
• EAGLE CAPITAL MANAGEMENT LLC: $10.2B in 10 of these companies
• First Eagle Investment Management, LLC: $10.8B in 39 of these companies

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