Tredje AP-fonden Portfolio holdings
Tredje AP-fonden, or AP3, is one of Sweden's state pension buffer funds, investing a globally diversified portfolio of stocks, bonds and alternatives such as unlisted shares, property, forests and infrastructure. It began as the Fifth Fund Board, set up in 1988 with permission to invest in shares, and took the name Tredje AP-fonden when the pension system was reformed. Its job is to act as a buffer when money flowing into and out of the income pension system is out of balance, and to help keep the system stable.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Franklin Systematic Style Premia ETF
FLSP
|
+$164M |
| 2 |
NYLIM Hedge Multi-Strategy Tracker ETF
QAI
|
+$164M |
| 3 |
Apple
AAPL
|
+$124M |
| 4 |
Amazon
AMZN
|
+$74.6M |
| 5 |
Micron Technology
MU
|
+$72.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amplify BlackSwan Growth & Treasure Core ETF
SWAN
|
+$203M |
| 2 |
Itaú Unibanco
ITUB
|
+$40.1M |
| 3 |
Kinder Morgan
KMI
|
+$29M |
| 4 |
Baker Hughes
BKR
|
+$24M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$20.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.57% |
| 2 | Financials | 12.28% |
| 3 | Communication Services | 10.23% |
| 4 | Consumer Discretionary | 9.38% |
| 5 | Healthcare | 8.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
NVIDIA
NVDA
$5.02T
| $1.5B | 6.78% |
7,483,918
+311,384
| +4% | +$64M |
2016 Q1
41 quarters
|
|
|
2
Apple
AAPL
$4.84T
| $1.38B | 6.25% |
4,769,889
+432,384
| +10% | +$124M |
2015 Q2
44 quarters
|
|
3
Microsoft
MSFT
$3.83T
| $841M | 3.81% |
2,255,278
+146,250
| +7% | +$59.2M |
2015 Q2
44 quarters
|
|
|
4
Amazon
AMZN
$2.68T
| $745M | 3.37% |
3,127,808
+297,357
| +11% | +$74.6M |
2015 Q2
44 quarters
|
|
5
Alphabet (Google) Class A
GOOGL
$3.43T
| $646M | 2.92% |
1,807,046
+194,783
| +12% | +$70.1M |
2015 Q4
42 quarters
|
|
6
Alphabet (Google) Class C
GOOG
$3.42T
| $561M | 2.54% |
1,587,685
+49,582
| +3% | +$17.7M |
2015 Q2
44 quarters
|
|
7
Broadcom
AVGO
$1.58T
| $551M | 2.5% |
1,459,596
+136,224
| +10% | +$54.6M |
2025 Q4
2 quarters
|
|
|
8
Micron Technology
MU
$962B
| $482M | 2.18% |
417,711
+96,497
| +30% | +$72.4M |
2025 Q3
3 quarters
|
|
9
Meta Platforms (Facebook)
META
$1.62T
| $410M | 1.85% |
727,002
+66,512
| +10% | +$40.7M |
2015 Q2
44 quarters
|
|
|
10
NYLIM Hedge Multi-Strategy Tracker ETF
QAI
$992M
| $397M | 1.8% |
10,860,000
+4,585,000
| +73% | +$164M |
2024 Q3
7 quarters
|
|
|
11
Franklin Systematic Style Premia ETF
FLSP
$1.1B
| $390M | 1.76% |
14,075,000
+6,025,000
| +75% | +$164M |
2024 Q4
6 quarters
|
|
12
Tesla
TSLA
$1.57T
| $376M | 1.7% |
893,250
+84,311
| +10% | +$33.5M |
2025 Q3
3 quarters
|
|
13
Advanced Micro Devices
AMD
$798B
| $331M | 1.5% |
569,493
+75,796
| +15% | +$31.1M |
2019 Q1
29 quarters
|
|
14
Eli Lilly
LLY
$1.27T
| $308M | 1.4% |
257,172
+21,283
| +9% | +$21.7M |
2021 Q3
19 quarters
|
|
15
JPMorgan Chase
JPM
$893B
| $285M | 1.29% |
869,560
-3,011
| -0.3% | -$935K |
2021 Q3
19 quarters
|
|
|
16
Berkshire Hathaway Class B
BRK.B
$1.2T
| $225M | 1.02% |
450,065
-42,730
| -9% | -$20.5M |
2015 Q2
44 quarters
|
|
17
Applied Materials
AMAT
$302B
| $202M | 0.91% |
278,914
+47,086
| +20% | +$21.7M |
2026 Q1
1 quarter
|
|
18
Intel
INTC
$323B
| $192M | 0.87% |
1,376,579
+17,898
| +1% | +$1.81M |
2026 Q1
1 quarter
|
|
19
Johnson & Johnson
JNJ
$647B
| $191M | 0.87% |
753,095
+47,620
| +7% | +$11.1M |
2025 Q2
4 quarters
|
|
20
Visa
V
$790B
| $191M | 0.87% |
557,405
+18,618
| +3% | +$5.98M |
2021 Q3
19 quarters
|
|
21
Lam Research
LRCX
$290B
| $181M | 0.82% |
417,222
+2,806
| +0.7% | +$852K |
2025 Q3
3 quarters
|
|
22
TSMC
TSM
$2.11T
| $170M | 0.77% |
356,521
+32,200
| +10% | +$13.1M |
2020 Q4
22 quarters
|
|
23
Cisco
CSCO
$406B
| $157M | 0.71% |
1,335,729
+2,916
| +0.2% | +$305K |
2025 Q4
2 quarters
|
|
24
Walmart Inc
WMT
$996B
| $157M | 0.71% |
1,382,854
+87,018
| +7% | +$10.8M |
2023 Q4
10 quarters
|
|
25
Caterpillar
CAT
$287B
| $154M | 0.7% |
144,911
+15,378
| +12% | +$13.5M |
2026 Q1
1 quarter
|
|
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Tredje AP-fonden's Q2 2026 Portfolio in Review
As of Q2 2026, Tredje AP-fonden held 573 positions worth $22.1B, up 21% from $18.3B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Tredje AP-fonden deployed $993M of net new capital in Q2 2026, opening 18 new positions and adding to 261 existing holdings. Its largest new stake was Honeywell Aerospace: 109,451 shares worth $24.2M.
By sector, the portfolio is most concentrated in Technology at 37% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Itaú Unibanco, an estimated $40.1M trimmed.
- Tredje AP-fonden's largest Q2 2026 buy was Honeywell Aerospace: 109,451 shares worth $24.2M.
- Tredje AP-fonden added most to Franklin Systematic Style Premia ETF in Q2 2026, an estimated $164M increase.
- Tredje AP-fonden's biggest Q2 2026 reduction was Itaú Unibanco, cutting an estimated $40.1M.
- Tredje AP-fonden fully exited Amplify BlackSwan Growth & Treasure Core ETF in Q2 2026, selling an estimated $203M.
- Tredje AP-fonden's ten largest holdings make up 34% of its $22.1B portfolio in Q2 2026.
- Tredje AP-fonden opened 18 new positions and closed 149 in Q2 2026.
- Tredje AP-fonden's portfolio value rose 21% quarter-over-quarter to $22.1B.
Based on Tredje AP-fonden's 13F filing for Q2 2026, filed 10 Aug 2026.