Andra AP-fonden Portfolio holdings
Andra AP-fonden, known as AP2, is one of Sweden's national pension funds, set up in 2001 to manage Swedish public pensions. Together with two sister funds, AP2 manages the reserve that covers gaps between pension contributions and payments, and it decides its own investment strategy. Its stated aim is to limit, over a 30-year horizon, the effects of the system slowing the growth of pensions when its liabilities exceed its assets. The fund invests globally across many asset classes; its board sets the long-term mix, and it can temporarily hold more or fewer stocks than normal. Individual securities are picked using company analysis and model-based strategies. In 2023 it wound down large parts of its external management, and AP6, a fund that invested only in private equity, closed at the end of 2025 and moved its assets and liabilities to AP2.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AstraZeneca
AZN
|
+$54.6M |
| 2 |
Toronto Dominion Bank
TD
|
+$29.6M |
| 3 |
Salesforce
CRM
|
+$29M |
| 4 |
Lumentum
LITE
|
+$18.2M |
| 5 |
XPO
XPO
|
+$17.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$113M |
| 2 |
Apple
AAPL
|
+$72.2M |
| 3 |
Advanced Micro Devices
AMD
|
+$53.5M |
| 4 |
Microsoft
MSFT
|
+$53M |
| 5 |
Amazon
AMZN
|
+$43M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 40.03% |
| 2 | Healthcare | 12.29% |
| 3 | Financials | 11.43% |
| 4 | Communication Services | 10.47% |
| 5 | Consumer Discretionary | 8.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$4.83T
| $595M | 6.83% |
2,972,998
-549,800
| -16% | -$113M |
2013 Q2
52 quarters
|
|
|
2
Apple
AAPL
$5.1T
| $558M | 6.41% |
1,927,327
-252,340
| -12% | -$72.2M |
2024 Q1
9 quarters
|
|
|
3
Microsoft
MSFT
$4.13T
| $336M | 3.87% |
902,052
-131,000
| -13% | -$53M |
2024 Q1
9 quarters
|
|
|
4
Amazon
AMZN
$2.88T
| $291M | 3.34% |
1,220,051
-171,400
| -12% | -$43M |
2024 Q1
9 quarters
|
|
5
Alphabet (Google) Class A
GOOGL
$3.55T
| $270M | 3.1% |
755,022
-100,113
| -12% | -$36M |
2019 Q4
26 quarters
|
|
6
Broadcom
AVGO
$1.55T
| $224M | 2.57% |
591,860
-57,840
| -9% | -$23.2M |
2020 Q4
22 quarters
|
|
7
Alphabet (Google) Class C
GOOG
$3.53T
| $214M | 2.46% |
605,817
-114,560
| -16% | -$40.9M |
2024 Q1
9 quarters
|
|
8
Micron Technology
MU
$900B
| $196M | 2.25% |
169,962
-33,800
| -17% | -$25.3M |
2025 Q1
5 quarters
|
|
9
Meta Platforms (Facebook)
META
$1.64T
| $160M | 1.84% |
284,301
-40,600
| -12% | -$24.8M |
2013 Q2
52 quarters
|
|
10
Eli Lilly
LLY
$1.26T
| $136M | 1.56% |
113,513
-13,720
| -11% | -$14M |
2024 Q1
9 quarters
|
|
|
11
Advanced Micro Devices
AMD
$798B
| $108M | 1.24% |
185,688
-130,500
| -41% | -$53.5M |
2024 Q4
6 quarters
|
|
12
JPMorgan Chase
JPM
$935B
| $105M | 1.21% |
322,085
-60,600
| -16% | -$18.8M |
2013 Q2
52 quarters
|
|
13
Applied Materials
AMAT
$293B
| $91.3M | 1.05% |
126,229
+32,340
| +34% | +$14.9M |
2024 Q1
9 quarters
|
|
14
Johnson & Johnson
JNJ
$665B
| $89.7M | 1.03% |
353,177
-44,700
| -11% | -$10.4M |
2024 Q1
9 quarters
|
|
15
Lam Research
LRCX
$277B
| $82.1M | 0.94% |
189,539
+10,800
| +6% | +$3.28M |
2024 Q4
6 quarters
|
|
|
16
AstraZeneca
AZN
$293B
| $74.3M | 0.85% |
526,714
+290,412
| +123% | +$54.6M |
2026 Q1
1 quarter
|
|
17
Walmart Inc
WMT
$1.02T
| $72.7M | 0.84% |
641,940
-57,100
| -8% | -$7.09M |
2024 Q3
7 quarters
|
|
18
Intel
INTC
$310B
| $72.1M | 0.83% |
516,521
-61,100
| -11% | -$6.18M |
2025 Q1
5 quarters
|
|
19
AbbVie
ABBV
$521B
| $67.6M | 0.78% |
268,811
-15,000
| -5% | -$3.23M |
2021 Q3
19 quarters
|
|
20
Visa
V
$816B
| $67.3M | 0.77% |
196,174
-30,800
| -14% | -$9.9M |
2013 Q2
52 quarters
|
|
21
Cisco
CSCO
$408B
| $65.6M | 0.75% |
558,067
-16,100
| -3% | -$1.68M |
2013 Q2
52 quarters
|
|
22
Mastercard
MA
$586B
| $60.5M | 0.7% |
117,889
-21,600
| -15% | -$10.8M |
2013 Q2
52 quarters
|
|
23
Bank of America
BAC
$356B
| $51.2M | 0.59% |
899,209
+84,191
| +10% | +$4.48M |
2024 Q3
7 quarters
|
|
24
Costco
COST
$464B
| $51.2M | 0.59% |
54,742
-7,880
| -13% | -$7.85M |
2013 Q2
52 quarters
|
|
25
Coca-Cola
KO
$412B
| $50.3M | 0.58% |
618,584
-50,200
| -8% | -$3.96M |
2024 Q1
9 quarters
|
|
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Andra AP-fonden's Q2 2026 Portfolio in Review
As of Q2 2026, Andra AP-fonden held 448 positions worth $8.7B, up 3.7% from $8.39B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Andra AP-fonden withdrew a net $618M in Q2 2026, closing 55 positions and reducing 182 holdings. Its most notable exit was Labcorp, an estimated $14.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 35% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Andra AP-fonden opened a new position in Toronto Dominion Bank worth $46.7M.
- Andra AP-fonden's largest Q2 2026 buy was Toronto Dominion Bank: 270,579 shares worth $46.7M.
- Andra AP-fonden added most to AstraZeneca in Q2 2026, an estimated $54.6M increase.
- Andra AP-fonden's biggest Q2 2026 reduction was NVIDIA, cutting an estimated $113M.
- Andra AP-fonden fully exited Labcorp in Q2 2026, selling an estimated $14.6M.
- Andra AP-fonden's ten largest holdings make up 34% of its $8.7B portfolio in Q2 2026.
- Andra AP-fonden opened 52 new positions and closed 55 in Q2 2026.
- Andra AP-fonden's portfolio value rose 3.7% quarter-over-quarter to $8.7B.
Based on Andra AP-fonden's 13F filing for Q2 2026, filed 22 Sep 2026.