FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
The Fjarde Ap-Fonden /Fourth Swedish National Pension Fund is an investment management firm based out of Stockholm, Sweden. The fund is one of the five buffer funds in the national pension system of Sweden, which is a “distribution system in which pension contributions paid in by the gainfully employed during the year are used to pay out pensions to pensioners the same year.” The surpluses and deficits from contribution deviations from disbursements are handled by the buffer funds. The Fourth Swedish National Pension Fund’s investment goal is to average 4.5% per year over a 10 year period, which would allow the pension system’s assets and liabilities to balance in the long run. The strategic management active return should average 0.75% per year with an investment horizon of 3 to 15 years. The fund’s tactical management annual active return strives to average 0.5% over a 3 year period. The Fourth Swedish National Pension Fund has had a most recent net profit of SEK 18 billion, bringing its total amount in fund capital to over SEK 310 billion. The fund is currently outperforming its long term return target and has a 6.1% total return after expenses in 2015 with an average of 7.4% post expense that corresponds to a real average return of 6.2%. The Fourth Swedish National Pension Fund has the highest assets allocated in global equities, which alone makes up 40% of its asset allocations, and also allocates in the fixed income assets, Swedish Equities, real estate, and alternative assets, in order of decreasing asset allocations. The fund invests most heavily in the information technology sector, which alone makes up over a fifth of its total asset allocations, and also invests in the health care, consumer discretionary, finance, consumer staples, industrials, energy, and utilities and telecommunications sectors, among other sectors to a lesser degree, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 517 stocks valued at a total of $7.03Bil. The top holdings were
AAPL(5.58%),
MSFT(4.53%),
and
JNJ(2.01%).
According to GuruFocus data, these were FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND’s top five trades of the quarter.
iShares MSCI USA Value Factor ETF
FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND reduced their investment in BATS:VLUE by 3,410,000 shares. The trade had a 3.89% impact on the equity portfolio. During the quarter, the stock traded for an average price of $91.03.
On 02/17/2023, iShares MSCI USA Value Factor ETF traded for a price of $97.29000000000001 per share and a market cap of $7.79Bil. The stock has returned -5.21% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares MSCI USA Value Factor ETF has
a price-earnings ratio of 11.25 and
a price-book ratio of 1.63.
Alphabet Inc
During the quarter, FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND bought 1,118,686 shares of NAS:GOOGL for a total holding of 1,181,710. The trade had a 1.4% impact on the equity portfolio. During the quarter, the stock traded for an average price of $95.03.
On 02/17/2023, Alphabet Inc traded for a price of $93.8425 per share and a market cap of $1,203.42Bil. The stock has returned -29.38% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Alphabet Inc has
a price-earnings ratio of 20.62,
a price-book ratio of 4.74,
a price-earnings-to-growth (PEG) ratio of 0.81,
a EV-to-Ebitda ratio of 13.02 and
a price-sales ratio of 4.37.
The price-to-GF Value ratio is 0.65, earning the stock a GF Value rank of 8.
Alphabet Inc
During the quarter, FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND bought 1,046,506 shares of NAS:GOOG for a total holding of 1,106,473. The trade had a 1.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $95.44.
On 02/17/2023, Alphabet Inc traded for a price of $94.285 per share and a market cap of $1,205.69Bil. The stock has returned -29.05% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Alphabet Inc has
a price-earnings ratio of 20.72,
a price-book ratio of 4.75,
a price-earnings-to-growth (PEG) ratio of 0.82,
a EV-to-Ebitda ratio of 13.04 and
a price-sales ratio of 4.35.
The price-to-GF Value ratio is 0.64, earning the stock a GF Value rank of 8.
Dominion Energy Inc
FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND reduced their investment in NYSE:D by 811,175 shares. The trade had a 0.8100000000000001% impact on the equity portfolio. During the quarter, the stock traded for an average price of $62.8.
On 02/17/2023, Dominion Energy Inc traded for a price of $58.625 per share and a market cap of $48.85Bil. The stock has returned -22.72% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Dominion Energy Inc has
a price-earnings ratio of 53.78,
a price-book ratio of 1.82,
a EV-to-Ebitda ratio of 15.64 and
a price-sales ratio of 2.86.
The price-to-GF Value ratio is 0.67, earning the stock a GF Value rank of 10.
Calliditas Therapeutics AB
The guru established a new position worth 2,663,000 shares in NAS:CALT, giving the stock a 0.57% weight in the equity portfolio. Shares traded for an average price of $17 during the quarter.
On 02/17/2023, Calliditas Therapeutics AB traded for a price of $17.63 per share and a market cap of $525.20Mil. The stock has returned -12.49% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10. There is insufficient data to calculate the stock’s profitability rating.
In terms of valuation, Calliditas Therapeutics AB has
a price-book ratio of 6.46,
a EV-to-Ebitda ratio of -6.93 and
a price-sales ratio of 11.95.
The price-to-GF Value ratio is 0.24, earning the stock a GF Value rank of 2.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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