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Composition of the portfolio

We invest worldwide and in different asset classes

Första AP-fonden achieves a balanced asset portfolio by investing worldwide and in different types of assets. Our broad and global asset portfolio is spread across equities, fixed-income securities, real estate, infrastructure, private equity funds and hedge funds. 

The Swedish AP Funds Act governs how Första AP-fonden’s assets may be invested on the basis of its mandate to generate high long-term returns for the pension system:

  • No less than 20 per cent has to be invested in fixed-income securities with low credit and liquidity risk.
  • No more than 40 per cent may be exposed to currency risk.
  • No more than 40 per cent may be invested in illiquid assets.
  • No more than 10 per cent may be exposed to any one issuer or group of related issuers.
  • No more than 10 per cent ownership in any one listed company.
  • Equities in listed Swedish companies may not exceed 2 per cent of the total market value.

Technical management approach

We apply a technical management approach to equities, which means that we use mathematically driven solutions to optimise investment decisions. Diversification across asset classes provides us with opportunities for returns and diversification of risks. We have a long-term strategy, which allows us to take risks that may be beyond the reach of other stakeholders.

“We need to take market risks if we are to achieve a good return on pension capital.”

Asset classes and how we invest

Första AP-fonden’s managers invest worldwide and in many different types of assets and strategies.

Current holdings

Första AP-fonden transparently reports its asset allocation across various holdings twice a year, alongside its annual and semi-annual reports.

Monitoring and reports

Reports and publications of relevance to Första AP-fonden’s activities and mandate.