News archive

On the brink of a new era

Global fixed-income and equity markets recovered in 2023, after the sharp market downturns of the previous year. The year alternated between substantial upturns and sharp market downturns as investors tried to assess interpret the situation, and deal with the increased volatility. With carefully considered portfolio positions and a steady focus on implementation, Första AP-fonden achieved a return of 9.1 per cent, which corresponds to net investment income of SEK 38.0 billion.

New board member in Första AP-fonden

The government has appointed Gunilla Hellqvist as new members of the Board of Directors at Första AP-fonden (AP1).

Looking ahead during a time of transition

In the first half of 2023, global-fixed income and equity markets recovered from the sharp market downturn of the previous year. It seemed as if the world’s investors struggled to interpret risk, and between prolonged periods of slow activity, the tentative upturns grew almost unnoticeably stronger. Despite an uncertain and volatile market, Första AP-fonden contributed positively to the stability of the income pension system with a return of 6.6 per cent and reported net investment income of SEK 27.8 billion. Assets under management totalled SEK 446.4 billion at mid-year.

New board members in Första AP-fonden

The government has appointed Lars Fresker and Linda Jonsson as new members of the Board of Directors at Första AP-fonden (AP1).

Anna Magnusson appointed new Chief Active Ownership Officer at Första AP-fonden

Anna Magnusson has been appointed the new Chief Active Ownership Officer at Första AP-fonden (AP1). Anna comes from a role as specialist in corporate governance at Alecta and will take up her position at AP1 on June 1st, 2023.

Jenny Gustafsson recruited as Head of the AP Funds’ Council on Ethics

Jenny Gustafsson has been appointed as the new Head of the AP Funds’ Council on Ethics. Jenny joins the Council from AMF and will lead the work of further strengthening the Council and contributing both to value creation in the income pension system and to more sustainable societies. The recruitment is part of the development of the Council.

AP Funds’ Council on Ethics playing a key role in enabling good outcomes when the focus is on sustainability

The AP Funds’ Council on Ethics had a highly active 2022, with more than 3,200 companies being screened for possible violations and incidents. One project that was successfully closed in 2022 centred on child labour in the cocoa sector. A further 16 new dialogues were initiated. In eight proactive projects the focus is on human rights, the climate and corporate governance and 86 reactive company dialogues are ongoing, aimed at addressing and preventing serious accidents and incidents linked to lack of sustainability.

Focus on the long term and portfolio protection amid high uncertainty

Global fixed income- and equity markets showed negative returns in 2022, driven by the breakout of war, lingering post-pandemic effects, high inflation and rising interest rates. Energy dependencies and climate transition ambitions posed difficult short-term and long-term trade-offs for societies and corporates. Through active asset management focused on protecting the portfolio and limiting downside risks, Första AP-fonden reports a return of minus 8.6 per cent corresponding to net investment income of SEK -39.9 bn during 2022. The Fund exceeds its target of 3 per cent real returns over rolling ten-year periods.

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.