The path between Första AP-fonden’s mission and the returns generated by the Fund can be broken down into four steps. Read more about each step by moving the mouse over the picture.
As a first step, the Fund must decide which long-term allocation between equities and fixed income assets, sectors and currencies, will give the Fund the best prospects of fulfilling its mission. The Fund calls this optimal asset allocation its investment model.
The composition of the investment model is decisive for the Fund’s return performance over time.
Read more about the Fund’s role in the income pension system and about our mission.
Read more about how the Fund goes about establishing the long-term portfolio in the section about the ALM study.
The target portfolio is a forward-looking, desired portfolio that specifies the allocation between equities, fixed income and alternative investments over the coming 18-month period.
The guiding priciples for Första AP-fonden are long-term value creation, professionalism and a dedicated owner.
Read more about the Fund’s investment philosophy.
Read more about operating goals.
Read more about the Fund’s investment model
Should the Fund’s assets be managed in-house or by external asset managers? Should business support functions be performed by the Fund’s own staff or outsourced? How should the Fund deal with corporate governance matters?
The decisive factor is how central the function in question is to the investment process and the level of quality and cost-efficiency achievable through different alternatives.
The Fund’s internal management organization is currently focused on
For management of other assets, primarily non-European equities and alternative investments, the Fund uses external managers.
Twice a year, at the end of February and August, the Fund publishes a report on its asset management activities and the results of these. The Fund’s annual report is sent to the Swedish Government, which in turn evaluates the performance of the Fund and presents the results in a communication to Parliament. In this communication the Government states its view on the Fund’s management, views that are taken into consideration in the Fund’s ongoing operations. And with this, the circle is closed!
Read about the Fund’s portfolio and performance.
Read the latest annual report.