Tredje AP-fonden

Tredje AP-fonden declares $11.2B in 91 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 50.5% of its $22.1B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $11.2B in 91 of these companies for Q2 2026, against $487.8M in 49 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.0B and sold $179.4M of these stocks, at the quarter's prices: a net purchase of $864.5M; 3 new positions and 10 sold out.

Performance of its AI picks

The AI-stock portfolio Tredje AP-fonden declared for Q2 2026 (Form 13F), held unchanged, returned +4.5% in Q3 2026 (SMH -7.1%), ranked 734 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.5% (SMH +87.2%), ranked 548 of 1,360 active managers. Over three years, quarter after quarter: +137.7% (SMH +325.8%), ranked 499 of 784 active managers. Over five years, quarter after quarter: +149.5% (SMH +389.8%). 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): $1.5B, 7.5M shares, 0.03% of the company, 6.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.4B, 4.8M shares, 0.03% of the company, 6.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.2B, 3.4M shares, 0.03% of the company, 5.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $841.3M, 2.3M shares, 0.03% of the company, 3.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $745.5M, 3.1M shares, 0.03% of the company, 3.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $551.4M, 1.5M shares, 0.03% of the company, 2.5% of its portfolio (added this quarter); held since Q4 2025
7. Micron (MU): $482.2M, 417,711 shares, 0.04% of the company, 2.2% of its portfolio (added this quarter); held since Q3 2025
8. Meta Platforms (META): $409.5M, 727,002 shares, 0.03% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $330.8M, 569,493 shares, 0.03% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Applied Materials (AMAT): $201.7M, 278,914 shares, 0.04% of the company, 0.91% of its portfolio (added this quarter); held since Q1 2026
11. Intel (INTC): $192.2M, 1.4M shares, 0.03% of the company, 0.87% of its portfolio (added this quarter); held since Q1 2026
12. Lam Research (LRCX): $180.8M, 417,222 shares, 0.03% of the company, 0.82% of its portfolio (added this quarter); held since Q3 2025
13. TSMC (TSM): $170.3M, 356,521 shares, 0.01% of the company, 0.77% of its portfolio (added this quarter); held since Q4 2020
14. Cisco (CSCO): $156.9M, 1.3M shares, 0.03% of the company, 0.71% of its portfolio (added this quarter); held since Q4 2025
15. Caterpillar (CAT): $154.3M, 144,911 shares, 0.03% of the company, 0.70% of its portfolio (added this quarter); held since Q1 2026

By sector

• Cloud & AI giants: $4.6B, 41% of its AI holdings, 5 companies
• Chips & compute: $3.1B, 28% of its AI holdings, 13 companies
• Power, electrical & cooling: $827.3M, 7% of its AI holdings, 22 companies
• Memory & storage: $638.6M, 6% of its AI holdings, 4 companies
• AI software: $601.2M, 5% of its AI holdings, 18 companies
• Equipment & test: $565.9M, 5% of its AI holdings, 6 companies
• Interconnect: $327.8M, 3% of its AI holdings, 6 companies
• Servers & systems: $207.9M, 2% of its AI holdings, 6 companies
• Neoclouds & data centers: $143.0M, 1% of its AI holdings, 6 companies
• Optics: $140.1M, 1% of its AI holdings, 5 companies

Biggest changes this quarter

• added to Apple (AAPL): +$125.1M at the quarter's price
• added to Micron (MU): +$111.4M at the quarter's price
• added to Alphabet (GOOGL): +$86.9M at the quarter's price
• added to Amazon (AMZN): +$70.9M at the quarter's price
• added to NVIDIA (NVDA): +$62.3M at the quarter's price
• added to Microsoft (MSFT): +$54.6M at the quarter's price
• added to Broadcom (AVGO): +$51.5M at the quarter's price
• added to AMD (AMD): +$44.0M at the quarter's price
• added to Meta Platforms (META): +$37.5M at the quarter's price
• added to Applied Materials (AMAT): +$34.0M at the quarter's price

Other holders of this size

• ING GROEP NV: $11.1B in 97 of these companies
• CAPITOLIS LIQUID GLOBAL MARKETS LLC: $11.2B in 64 of these companies
• Rathbones Group PLC: $11.1B in 79 of these companies
• Whale Rock Capital Management LLC: $11.2B in 29 of these companies
• Candriam S.C.A.: $11.0B in 102 of these companies
• Life Cycle Investment Partners Ltd: $11.2B in 45 of these companies
• Janney Montgomery Scott LLC: $11.0B in 178 of these companies
• CIBC WORLD MARKET INC.: $11.3B in 134 of these companies

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