Fjarde Ap-fonden /fourth Swedish National Pension Fund
Fjärde AP-fonden (AP4), the Fourth Swedish National Pension Fund, is a Swedish government pension fund based in Stockholm managing buffer capital for Sweden’s national income pension system. Founded in 1974, AP4 is a public institutional investor with a highly professional organizational structure and broad investment mandates. As of 2025, AP4 manages over 550 billion SEK and employs approximately 60 people, focusing on pension security for Sweden's 5.2 million members through active management and sustainable investing.
Investment Strategy
AP4 implements a diversified investment strategy with a major allocation to equities, including global equities, fixed income, and alternative unlisted assets. Over time, the fund has developed significant flexibility regarding allocations to illiquid investments and direct unlisted holdings. Its philosophy centers climate risk and ESG integration, actively managing and engaging with portfolio companies—particularly in high-emission sectors—to support the climate transition and sustainability. Portfolio construction includes quantitative methods, carbon emissions scenario analysis, and the AP4 Alignment score to ensure climate goals and financial returns are jointly pursued.
Top Holdings
Equity Positions (487)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 6.28% | $680.8M | 4,309,000 | $127.73 | $157.99 | +$294.1M |
M MSFT | MICROSOFT CORP | 5.78% | $627.1M | 1,260,780 | $441.83 | $497.41 | +$235.2M |
A AAPL | APPLE INC | 4.99% | $540.9M | 2,636,499 | $228.62 | $205.17 | +$55.5M |
A AMZN | AMAZON COM INC | 3.06% | $332.0M | 1,513,246 | $191.86 | $219.39 | +$92.3M |
M META | META PLATFORMS INC | 2.90% | $314.9M | 426,598 | $601.14 | $738.09 | +$111.6M |