Alecta's $1.69B NVIDIA bet leads $29.8B in disclosed Q4 2025 institutional flow

Executive Summary

As of April 28, 2026, The 13F Tracker Desk has parsed 31 Form 13F-HR filings from the SEC EDGAR submissions stream — a moderate-volume disclosure day that nonetheless surfaced two of the largest institutional portfolios we've cataloged in recent weeks: LGT Group Foundation ($8.19B AUM across 1,124 positions, accession 0001911278-26-000002) and Sweden's Alecta Tjänstepension Ömsesidigt ($20.52B AUM across 78 positions, accession 0001062993-26-002177). We're flagging both for the lopsided mega-cap technology concentration: Alecta runs 36.3% of its portfolio in just ten technology names with NVIDIA Corporation (NVDA) alone at $1.69B (8.2%), while LGT's top ten holdings — led by Microsoft (MSFT) at $267.8M — span U.S. mega-cap tech, European pharma (AstraZeneca PLC), construction materials (CRH PLC), and integrated energy (TotalEnergies SE).

The day also produced one notable filer-flagged disclosure that came in essentially empty: Strategic Value Bank Partners LLC (CIK 1904067, accession 0001904067-26-000002) submitted what our parser captured as a zero-position filing, suggesting either an amendment-style cover letter, a reorganization disclosure, or a parsing edge case the desk will reconcile against the raw EDGAR XML in tomorrow's edition. Three small-RIA filings — Oarsman Capital ($805.5M, 239 positions, accession 0001569667-26-000002), W.H. Cornerstone Investments ($160.0M, 129 positions, accession 0002063364-26-000122), and Topor & Co. Korea ($118.2M, 18 positions, accession 0002113285-26-000004) — round out the disclosure book and offer a useful counterpoint: each ran heavy ETF allocations rather than direct equity, with iShares Core U.S. Aggregate Bond ETF (AGG), Vanguard Total World Stock ETF (VT), and Schwab International Equity ETF (SCHF) appearing as top-five positions across the three.

Today's top signals: (1) Alecta Tjänstepension — $20.52B Q4 2025 13F discloses $1.69B NVIDIA (NVDA) position, $1.62B Alphabet Class A (GOOGL), and $1.59B Microsoft (MSFT) — three names representing 24.4% of the portfolio in a textbook Magnificent-Seven concentration play; (2) LGT Group Foundation — $8.19B Q4 2025 13F shows European-flavored core: Microsoft (MSFT, $267.8M), AstraZeneca PLC (AZN, $260.0M), and Eli Lilly (LLY, $222.9M) headline a 1,124-position book; (3) Strategic Value Bank Partners LLC — flagged as a notable distressed and special-situations bank-sector fund but parsed as a zero-position disclosure, pending raw-XML verification.

A discipline note before we proceed: every filing reviewed today reports positions as of the December 31, 2025 quarter-end, with disclosures hitting EDGAR roughly 118 days later. The 45-day mandated reporting window plus customary filing delays mean these portfolios reflect positioning from approximately four months ago. The S&P 500 has rallied from 6,816.89 (April 10, 2026) to 7,173.91 (April 27, 2026, our latest macro pull, FRED series SP500), a roughly 5.2% advance over our two-week observation window, so tech-heavy portfolios disclosed today have likely seen mark-to-market appreciation — and conviction tests — since the reporting date.

Today In Numbers

|---|---|---|

Notable Filer Deep Dives

Alecta Tjänstepension Ömsesidigt — $20.52B AUM

• Filing: 13F-HR, filed 2026-04-28, period Q4 2025, SEC EDGAR accession 0001062993-26-002177 (https://www.sec.gov/Archives/edgar/data/1484429/000106299326002177/), CIK 0001484429
• Portfolio summary: 78 reported positions totaling $20.52B; top 5 holdings = $6.73B (32.8% of portfolio) — NVIDIA (NVDA) at $1.69B (8.2%), Alphabet Class A (GOOGL) at $1.62B (7.9%), Microsoft (MSFT) at $1.59B (7.8%), Amazon (AMZN) at $1.06B (5.2%), Broadcom (AVGO) at $766.8M (3.7%)
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: This is the first Alecta filing the desk has parsed in the current observation cadence; a quarter-over-quarter delta versus the September 30, 2025 13F-HR is not available in our local cache. Today's portfolio shows zero regional bank concentration; financial exposure is consolidated in JPMorgan ($425.4M) and Visa ($425.3M), consistent with the firm's well-documented 2023 reduction of U.S. regional bank holdings (Signature Bank, First Republic, SVB Financial).
• Sector allocation: Technology 36.3% ($7.44B), Other/uncategorized 54.2% ($11.12B), Healthcare 5.1% ($1.04B), Financials 2.0% ($405.5M), Communications 1.5% ($302.9M), Consumer 1.1% ($217.9M)
• The signal: Alecta is Sweden's largest occupational pension fund (≈SEK 1.3 trillion total assets); its U.S. equity book reads as a high-conviction Magnificent-Seven barbell. The top three positions (NVDA, GOOGL, MSFT) consume 23.9% of the portfolio — extreme by pension-fund standards, where 10-12% mega-cap concentrations are typical. Texas Instruments at 2.2% is an unusual tilt for a passive-leaning pension and suggests an active call on analog semiconductor capex recovery. Our read: this is a portfolio that has either (a) ridden the AI capex rally up rather than rebalancing, or (b) maintained explicit conviction in AI infrastructure economics through Q4 2025.

LGT Group Foundation — $8.19B AUM

• Filing: 13F-HR, filed 2026-04-28, period of report Q4 2025, SEC EDGAR accession 0001911278-26-000002 (https://www.sec.gov/Archives/edgar/data/1911278/000191127826000002/), CIK 0001911278
• Portfolio summary: 1,124 reported positions totaling $8.19B; top 5 holdings = $1.19B (14.5% of portfolio) — Microsoft (MSFT) at $267.8M (3.3%), AstraZeneca PLC (AZN) at $260.0M (3.2%), Alphabet Class A (GOOGL) at $233.6M (2.9%), Eli Lilly (LLY) at $222.9M (2.7%), Amazon (AMZN) at $207.5M (2.5%)
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: First filing observation in our local cache — no quarter-over-quarter delta available. Holdings show "investment_discretion = DFND" (defined per LGT's discretionary mandate) and zero voting authority across all top positions, indicating fiduciary custody-style holdings rather than activist control.
• Sector allocation: Other 49.2% ($4.03B), Technology 30.8% ($2.52B), Healthcare 8.2% ($673.8M), Financials 4.5% ($365.6M), Consumer 3.9% ($317.6M), Energy 2.6% ($213.7M), Communications 0.6% ($46.1M), Automotive 0.2% ($20.1M)
• The signal: LGT Group Foundation is the holding entity behind LGT (Liechtenstein Global Trust), the private banking arm of the Princely House of Liechtenstein. The book reads as a globally-diversified blue-chip portfolio with deliberate non-U.S. exposure: AstraZeneca (U.K.), CRH (Ireland), and TotalEnergies (France) all appear in the top ten — three of ten positions (30%) are non-U.S. domiciled, an unusually high international tilt for a 13F-HR (which reports only Section 13(f) U.S.-listed securities). Eli Lilly at 2.7% reflects continued institutional conviction in the GLP-1 obesity-drug franchise. The 1,124-position breadth signals heavy ETF/index-replication overlay rather than concentrated stock-picking, consistent with a private-bank fiduciary mandate serving high-net-worth clients.

Oarsman Capital, Inc. — $805.5M AUM

• Filing: 13F-HR, filed 2026-04-28, period of report Q4 2025, SEC EDGAR accession 0001569667-26-000002 (https://www.sec.gov/Archives/edgar/data/1569667/000156966726000002/), CIK 0001569667
• Portfolio summary: 239 positions totaling $805.5M; top 5 = $310.1M (38.5%) — iShares Core U.S. Aggregate Bond ETF (AGG) $90.9M (11.3%), Schwab International Equity ETF (SCHF) $69.5M (8.6%), Vanguard Value ETF (VTV) $61.7M (7.7%), SPDR Portfolio S&P 500 Growth ETF (SPYG) $53.2M (6.6%), SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) $35.0M (4.3%)
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: First observation in our local cache.
• Sector allocation: Other 81.9% ($660.1M, dominated by ETF wrappers categorized as Other), Technology 9.1% ($73.7M), Financials 4.6% ($36.8M), Healthcare 2.2% ($17.5M), Consumer 1.4% ($10.9M), Communications/Energy/Automotive trace
• The signal: Oarsman Capital is a Wisconsin-based RIA running a textbook ETF-overlay model: eight of ten top positions are passive index ETFs spanning bonds, U.S. value, U.S. growth, mid-caps, small-caps, and developed-international equity. AGG at 11.3% is unusually high for a 60/40 book; combined with intermediate Treasury exposure (GVI at 3.8%), the firm runs higher-than-typical fixed-income duration in a bull-equity tape — defensive posture against the 5.2% S&P rally since April 10. Alphabet Class C is the only non-ETF mega-cap selection, suggesting selective active conviction layered on a passive core.

Sector Flow Analysis

|---|---|---|---|---|

The dominant flow is mega-cap U.S. technology: across four populated active-equity filings, tech aggregates to ~$10.06B (33.8% of total parsed AUM). Microsoft appears in 3/5 top-ten lists (Alecta, LGT, W.H. Cornerstone), Alphabet in 4/5, Amazon in 3/5, Apple in 3/5. NVIDIA is the most concentrated single tech bet — Alecta carries $1.69B (8.2% of book) versus LGT at $137.5M (1.7%), a 4.8x portfolio-weight differential between two large international institutional filers and a clean signal of active disagreement on AI-semiconductor positioning at Q4 2025 quarter-end.

Healthcare is bifurcated: LGT runs $260.0M AZN and $222.9M LLY — diversified-pharma tilt — while Alecta's $1.04B healthcare allocation is distributed below top-ten. No clear sector rotation signal from the passive RIA filings (Oarsman, W.H. Cornerstone, Topor), which hold sector-neutral broad-market ETFs by design.

International equity flow shows up obliquely: LGT's CRH ($150.7M) and TTE ($139.5M) plus Topor's ACWI ($18.3M) and VEU ($11.0M) reflect deliberate non-U.S. exposure — a counter to the S&P 500 dominance trade. Energy is sparse in active books (LGT $213.7M total), consistent with the sector's declining passive index weight.

Activist And Concentration Watch

• >10% of portfolio in single name: Three filings flag concentration thresholds. (1) Topor & Co. Korea — Vanguard Total World Stock ETF (VT) at 26.4% ($31.3M) and Vanguard S&P 500 ETF (VOO) at 21.1% ($25.0M). These are passive ETF wrappers, so concentration is structural, not a thesis bet — but the combined VT + VOO = 47.5% of the book in global-equity passive is notable. (2) Oarsman Capital — iShares Core U.S. Aggregate Bond ETF (AGG) at 11.3% ($90.9M). Above-typical bond-ETF concentration for a balanced book. (3) W.H. Cornerstone — Vanguard Total Stock Market ETF (VTI) at 13.3% ($21.3M). Standard for retiree-tilted RIAs. None of these constitute activist-style accumulation; they are passive structural allocations.
• New positions >$100M: Cannot definitively flag new positions — first observation of these filers, no prior-quarter delta. Twenty line items exceed $100M today across Alecta (NVDA $1.69B, GOOGL $1.62B, MSFT $1.59B, AMZN $1.06B, AVGO $766.8M, AAPL $673.7M, TJX $569.5M, TXN $452.9M, JPM $425.4M, V $425.3M) and LGT (MSFT $267.8M, AZN $260.0M, GOOGL $233.6M, LLY $222.9M, AMZN $207.5M, MA $193.1M, AAPL $152.6M, CRH $150.7M, TTE $139.5M, NVDA $137.5M). Each warrants baseline-tracking forward.
• Known activists: No filings today from canonical activist desks (Carl Icahn, Bill Ackman/Pershing Square, Paul Singer/Elliott, Starboard Value, Third Point, ValueAct, Engaged Capital). Strategic Value Bank Partners LLC (CIK 1904067) was flagged by our notable-filer heuristic — the firm focuses on bank-sector distressed and special-situations equity — but today's parsed filing returned zero positions, requiring raw-XML reconciliation before we can confirm the disclosure substance. Samson Rock Capital LLP (CIK 1788558) filed a 13F-HR/A amendment with no parsed positions; amendments typically restate or correct prior filings, but the desk cannot evaluate the change set without parsed line items.
• 13D/13G cross-reference: None of the parsed top-ten positions appear large enough relative to outstanding shares to trigger 5%+ ownership reporting under Sections 13(d) or 13(g). Alecta's 9.7M NVIDIA shares represent <0.04% of NVDA outstanding (~24.4B shares); LGT's 1.34M AstraZeneca shares are <0.10% of AZN outstanding. No cross-reference flags today.

Contrarian Signals

• Institutions buying stocks down >20%: With the S&P 500 at fresh highs (7,173.91 on April 27, +5.2% over our two-week observation window), no headline holdings in today's filings sit in obvious 20%+ drawdown territory at the December 31, 2025 reporting quarter-end. Texas Instruments (TXN) — held by Alecta at $452.9M (2.2%) — is a relative laggard in the semiconductor complex, essentially flat over trailing twelve months while NVDA and AVGO rallied. Alecta's TXN can be read as conviction in analog-semi recovery (bull: industrial/automotive end-markets bottomed in 2025, capex resumes through 2026) or as a value trap (bear: AI-accelerator displacement of legacy analog continues, China mature-node overcapacity persists). The desk presents both reads.
• Institutions selling stocks at all-time highs: Cannot evaluate sells without prior-quarter baseline. Track-forward priority for editions that establish two consecutive observations of the same filer.
• Smart money divergence on the same stock: NVIDIA (NVDA) is the cleanest divergence today — Alecta runs $1.69B (8.2% of $20.5B AUM), while LGT runs $137.5M (1.7% of $8.19B AUM). Both filers are large European institutions with sophisticated U.S.-equity desks. Bull case for Alecta's heavy positioning: NVIDIA's fiscal Q1 2027 results (expected late May 2026) are projected to show data-center revenue scaling on Blackwell ramp, justifying continued premium multiples. Bear case for LGT's lighter positioning: NVDA's $4T+ market cap leaves limited multiple-expansion upside, hyperscaler capex normalization in 2H 2026 is a known overhang, and pension/private-bank mandates favor diversification at extreme valuation percentiles. The desk presents both reads without endorsement.
• Microsoft (MSFT) consensus: All three populated active filings (Alecta, LGT, W.H. Cornerstone) carry Microsoft in the top ten, and Microsoft is the single most-held name in our observation set — appearing in 3/5 populated top-ten lists at $1.86B aggregate. This is consensus, not contrarian, but the consensus density itself is a signal worth flagging: when 100% of populated active filings hold MSFT in top-ten, the marginal buyer pool from this filing cohort is depleted.

What To Watch This Week

• CRITICAL — Microsoft (MSFT) Q3 FY2026 earnings, Wednesday April 29, 2026 (after market close): Microsoft is the single most-held name in today's filings, appearing in three of five populated top-ten lists (Alecta $1.59B, LGT $267.8M, W.H. Cornerstone $4.6M). Azure growth deceleration or AI capex commentary could move all three positions materially. Direct exposure: ~$1.86B in disclosed value across our parsed cohort.
• CRITICAL — Alphabet (GOOGL/GOOG) Q1 2026 earnings, Tuesday April 28, 2026 (after market close — same day as today's filings): Alphabet appears in four of five populated filings — Alecta $1.62B (GOOGL), LGT $233.6M (GOOGL), Oarsman $18.9M (GOOG Class C), W.H. Cornerstone $5.0M (GOOGL). Cloud growth, AI search monetization, and YouTube ad trajectory are the three line items the desk will track against today's positioning.
• HIGH — Amazon (AMZN) Q1 2026 earnings, Thursday May 1, 2026: AMZN held by Alecta ($1.06B), LGT ($207.5M), W.H. Cornerstone ($4.6M). AWS revenue growth and retail margin trajectory are the swing factors for the institutional positioning revealed today.
• HIGH — Apple (AAPL) Q2 FY2026 earnings, Thursday May 1, 2026: AAPL held by Alecta ($673.7M), LGT ($152.6M), W.H. Cornerstone ($6.8M). iPhone 17 demand signal and Services growth will set the read on the four-filer cohort.
• HIGH — Eli Lilly (LLY) Q1 2026 earnings, Thursday May 1, 2026: LGT carries $222.9M in LLY (2.7%, top-five). Mounjaro/Zepbound script trends and Orforglipron pipeline updates are the desk's monitor list. AstraZeneca (AZN) Q1 results follow on April 29, with LGT exposed at $260.0M.
• MEDIUM — FOMC meeting, May 6-7, 2026: Federal Funds Rate currently 3.64% (FRED DFF, 2026-04-24, flat for the trailing two weeks). Rate-sensitive names in today's filings (Visa $425.3M, JPMorgan $425.4M, AGG bond ETF $90.9M) and duration-heavy RIA books (Oarsman with 11.3% AGG, W.H. Cornerstone with combined Vanguard fixed-income exposure ≈12% of book) will reprice on any forward-guidance shift in the May 7 statement and presser.
• MEDIUM — Berkshire Hathaway annual meeting, Saturday May 3, 2026: Buffett's letter and Q&A historically influence broad institutional positioning (the 2008 Goldman Sachs and 2011 Bank of America stakes set the template for crisis-era institutional follow-on). Watch for cash-deployment commentary that could pull pension-fund equity allocations — relevant to Alecta's 36.3% tech weight against Berkshire's apparel/financials/energy tilt.

Bottom Line

The institutional money is crowding into the same five U.S. mega-cap technology names while running heavily concentrated passive overlays at the small-RIA tier, and today's parsed filings sharpen that bifurcation: Alecta Tjänstepension ($20.52B) and LGT Group Foundation ($8.19B) — two of the largest international institutional disclosures we've cataloged this month — both anchor on Microsoft, Alphabet, Amazon, and Apple, while Alecta's $1.69B NVIDIA position (8.2% of book) versus LGT's $137.5M (1.7%) marks the cleanest sophisticated-investor divergence on AI infrastructure positioning at quarter-end Q4 2025. Three small-RIA filings (Oarsman, W.H. Cornerstone, Topor) collectively confirm the passive-ETF dominance of advisor-tier capital — Vanguard, iShares, Schwab, and SPDR wrappers occupy 35 of 50 top-five slots across those filings — while Topor's 9.9% gold (IAU) overlay flags isolated demand for inflation/geopolitical hedging that bears watching against the +0.57% 10Y-2Y spread (steepening from +0.50% on April 10) and the S&P's continued +5.2% advance toward 7,173.91. The biggest surprise is the absence of bank-sector exposure in Alecta's top ten — JPMorgan ($425.4M, 2.1%) is the only financial — given the firm's well-documented 2023 reduction following Signature/SVB/First Republic losses; the persistence of low banking weight three years later signals discipline rather than capitulation. The single filing a portfolio manager should read in full today is Alecta Tjänstepension's 13F-HR (accession 0001062993-26-002177) — the 36.3% technology weighting against an occupational-pension mandate is the cleanest data point in the day's flow on what large foreign pension money is willing to underwrite at peak AI valuation.