We invest pension capital to make it grow.

This is
Första AP-fonden

Första AP-fonden (AP1) manages part of the capital in Sweden’s national income pension system. The fund’s medium-term return target on the total portfolio after costs is 3.0 per cent real per year measured over rolling ten-year periods starting in 2020. The long-term return target (over 40 years) is 4 per cent average annual real return after costs.

Our assets of SEK 420.1 billion are distributed across a global portfolio consisting of equities, fixed-income securities, real estate, infrastructure, private equity funds and hedge funds.

We invest sustainably and long-term, and practise responsible ownership.

Net assets (SEK)
as of June 30 2022

420 bn

Average real annual return
last ten years

8.7 %

Transfers to pension system
as of June 30 2022

2 bn

Latest news

News archive

AP Funds’ Council on Ethics to drive positive change even more effectively

The AP Funds' Council on Ethics is expanding in response to an audit conducted during the year. The Council on Ethics has decided to recruit an executive director whose duties will include establishing an administrative office to continue to drive positive change in companies in which the AP Funds have holdings.

AP-fondernas etikråd utvecklas för att driva positiv förändring än mer effektivt

AP-fondernas etikråd utvecklas som en följd av en översyn som gjorts under året. Beslut har tagits att rekrytera en chef för AP-fondernas etikråd som bland annat ska forma ett kansli för att fortsätta driva positiv förändring i bolag där AP-fonderna har ägande. 

Long-term focus amid global uncertainty

The first half of 2022 was marked by Russia’s invasion of Ukraine. The war, in conjunction with lingering pandemic lockdowns, disrupted supply chains and led to a shortage of energy and intermediate goods. Soaring inflation prompted global central banks to tighten their monetary policies more than previously expected. Uncertainty over future developments and the complex risk landscape led to a sharp and simultaneous drop in fixed income and equity markets, a historically unusual pattern.

Two new board members of Första AP-fonden

The Government has appointed Annika Andersson and Erica Sjölander as new members of the Board of Directors at Första AP-fonden (AP1).

Meet AP1 on LinkedIn

On AP1’s LinkedIn page you will find news, comments and vacancies. You can also meet some of our employees, who share what it’s like to work at AP1.

AP1 on LinkedIn

Emil Danmo

Exceeding the long-term goal

The average annual real return after expenses for the past ten-year period is 9.0 per cent, which is higher than the target of 3.0 per cent.

New law paves the way for higher returns

Första AP-fonden’s range of investments is governed by the National Pension Insurance Funds (AP Funds) Act. A change in the law is expected to improve the ability to act in pensioners’ best interests.

“The Fund is persistent and makes demands”

“AP1 is a good owner that is persistent, but also places clear demands on sustainability and profitability,” says Mikael Granath, MD of real estate company Willhem.

Photo: Willhem