The Fourth Swedish National Pension Fund (AP4) reports a good return for the full year 2024 of 10.1 percent after costs. With a net result of SEK 50.7 billion, fund capital increased to SEK 548.2 billion after SEK 2.0 billion was transferred net to the pension system during the year.
As the urgency to address climate change increases, investors are recognising the importance of carbon neutrality and its impact on investment strategies. In a new report, AP4 and Invesco have joined forces to analyse the current landscape and explore the risks and opportunities associated with temperature alignment for investors.
The Fourth Swedish National Pension Fund's (AP4) return for the first half of 2024 amounted to 6.9 per cent after costs. As of the end of June 2024, AP4's fund capital amounted to SEK 533.3 billion, compared with SEK 499.6 billion at the beginning of the year. Profit for the first half of the year was SEK 34.6 billion. During the same period, SEK 0.9 billion was transferred net to the pension system.
The First-Fourth AP Funds performed well in 2023 and strengthened the financial position of the income pension system by SEK 142 billion. The result corresponds to an average return of 8.1 per cent. At year-end, the four funds managed total assets of SEK 1,880 billion. The net payments of the AP Funds to the pension system totalled SEK 19 billion. This contributes strongly to the stability of the income pension system and its mission to maximise benefits for current and future pensioners.
The Fourth Swedish National Pension Fund (AP4) reports a good return of 9.6 per cent after costs for the full year 2023. With a profit of SEK 43.9 billion, fund capital increased to SEK 499.6 billion after SEK 4.8 billion was transferred net to the pension system during the year. The portfolio's carbon dioxide emissions decreased by 11 per cent compared to 2022 and AP4 has reduced emissions by a total of 65 per cent since 2010. AP4 takes responsibility as owner and served on 56 nomination committees during the year.
The Fourth Swedish National Pension Fund’s (AP4’s) return for the first half of 2023 was 6.0% after costs. AP4’s fund capital as per 30 June 2023 amounted to SEK 485.6 billion, compared with SEK 460.5 billion at the start of the year. The result for the first half of the year was SEK 27.7 billion. During the same period, a net total of SEK 2.6 billion was paid by AP4 to the pension system.
2022 was characterised by financial turbulence with rapidly rising interest rates and sharply falling values for most asset classes. The Fourth Swedish National Pension Fund’s (AP4’s) return for the full year 2022 was SEK -11.9% after costs, and the net result for the year was SEK -62.5 billion. After a net transfer of SEK 4.7 billion to the pension system during the year, fund capital amounted to SEK 460.5 billion at year-end 2022. The portfolio’s CO2 emissions decreased by 3% in 2022, and the CO2 emissions have decreased by 61% since 2010. AP4 takes its responsibility as an owner and served on 46 nomination committees during 2022.
The Fourth Swedish National Pension Fund’s (AP4’s) return for the first half of 2022 was -12.6% after costs. AP4’s fund capital as per 30 June 2022 amounted to SEK 459.1 billion, compared with SEK 527.6 billion at the start of the year. The result for the first half of the year was SEK -66.6 billion. During the same period, a net total of SEK 2.0 billion was paid by AP4 to the pension system. The portfolio’s active return during the first half of the year was -2.3 percent.
Together, the AP Funds (AP1-AP4) achieved their best result ever of SEK 316 billion. This significantly contributes to the stability of the income pension system and the mission to be of the greatest possible benefit to current and future pensioners.
The Fourth Swedish National Pension Fund’s (AP4’s) return for the full year 2021 was 19.2% after costs, and the net result for the year was SEK 85.7 billion. This is the highest result ever achieved since AP4 began operating in 1974. Active management continued to be successful and contributed 3.5 percentage points to the return, corresponding to SEK 15.2 billion in 2021. After net transfers of SEK 7.5 billion to the pension system during the year, fund capital increased to SEK 527.6 billion at year-end 2021. AP4’s carbon emissions for the listed equity portfolio decreased by an additional 23% during the year.
The Fourth Swedish National Pension Fund’s (AP4) return for the first half of 2021 was 10.0 before costs, and 9.9% after costs. AP4’s total fund capital as per 30 June 2021 was SEK 489.8 billion, compared with SEK 449.4 billion at the start of the year. The result for the first half of 2021 was SEK 44.5 billion. During the same period, net payments from AP4 to the pension system totalled SEK 4.2 billion. The portfolio’s active return during the first half of the year was higher than the return for AP4’s benchmark portfolio, by 0.8 percentage points. Currency exposure at the end of the period was 21.0% of fund capital, which was unchanged since the beginning of the year.
After a year dominated by the Covid-19 pandemic and exceptional market movements, AP4’s return for 2020 ended at 9.6% after costs. Successful asset management contributed 2.4 percentage points to the return. The net result for the year was SEK 39.3 billion, and during the year the fund capital increased to SEK 449.4 billion after a total of SEK 7.9 billion was paid out to the pension system. Total costs amounted to 0.09% of assets under management. AP4 has cut the carbon footprint of its investments in the listed equities portfolio in half since 2010 and has now concretised new, ambitious climate targets aiming to once again halve the carbon footprint by 2030 with a view to have net-zero emissions by 2040 at the latest.
The Fourth Swedish National Pension Fund’s (AP4) return for the first half of 2020 was -2.5% before and after costs. AP4’s total fund capital at 30 June 2020 amounted to SEK 403.2 billion, compared with SEK 418.0 billion at the start of the year. The result for the first half of the year was SEK -10.6 billion. During the same period, net payments from AP4 to the pension system totalled SEK 4.2 billion. The portfolio’s active return during the first half of the year was lower than the return for AP4’s benchmark portfolio, by -0.7 percentage points. Currency exposure at the end of the period was 19.7% of fund capital.
The return was very strong in 2019 and amounted to 21.7% after costs. Successful active management contributed 4.4 percentage points to the return. The result for the year totalled SEK 75.2 billion, and total fund capital increased to SEK 418.0 billion at year-end. Total costs amounted to 0.10% of assets under management. AP4’s cost level was 47% lower than for corresponding pension funds in an international comparison. During 2019 the carbon footprint of AP4’s equities portfolio decreased by a further 11% and is now 48% lower than for a broad global equities index.
With a return of 13.0% after costs, total fund capital increased to SEK 391.4 billion at the end of the first half of 2019. The portfolio’s active return during the first half of the year exceeded AP4’s benchmark portfolio by 1.7 percentage points. The half-year result amounted to SEK 45.2 billion. A net total of SEK 3.0 billion was paid out to the pension system during the first half of the year. Adjusted to a full-year basis, total costs amounted to 0.10% of average assets under management.
AP4 has decided to accept the public offer to Shareholders of Oriflame.
For more than 10 years, the AP Funds’ Council on Ethics has exercised influence on the AP Funds’ global portfolio of listed companies to improve their environmental, human rights and corporate governance work through engagement and dialogue. During 2018, the engagement and efforts of the Council on Ethics have been directed at problem areas such as Facebook and human rights; the use of pesticides threatening the survival of bees; and the legalisation of cannabis in Canada and the emergence of listed cannabis companies. Other focus areas have been oil companies’ long-term climate work, deforestation in South America, and tailings dams in Brazil.
AP1, AP3 and AP4 (Swedish National Pension Funds) form a joint company, Polhem Infra, for investments in unlisted Swedish companies focusing on infrastructure.
The return for the year was -0.1% before costs and -0.2% after costs. Active management contributed +2.3 percentage points to the return – a significant and important contribution during a year with weak market returns.
The Brazilian mining company Vale S.A has within a short timeframe been involved in two major accidents where tailings dams in Minas Gerais in Brazil has collapsed, with multiple fatalities and extensive environmental devastation. The Council, together with other investors, has conducted an extensive dialogue with Vale after the first accident at Mariana in late 2015. The focus has primarily been on ensuring that the company took responsibility for that accident but also that the company carried out a review regarding the safety of its other tailings dams in their operations.
Joint call issued by Church of England funds, Swedish Public Pension funds, Dutch funds APG and Robeco, New Zealand Super, UK’s LGPS Central and Canadian fund BMO Global Asset Management; together with combined assets over £1 / $1.3 / €1.1 trillion
AP4 has long experience in integrating sustainability in its asset management operations. AP4 is at the forefront internationally and was recently ranked as the leading pension fund internationally when it comes to addressing climate change in asset management. AP4 is of the view that by taking responsibility as owner and by lowering the climate risk in the portfolio, AP4 can contribute to higher long-term sustainable returns.
The Pension & Investment Europe Pension Conference was recently held in Dublin, Ireland. The annual conference brings together pension providers from all over Europe. At the conference, each year, industry-leading performances among pension funds are awarded in a prize-ceremony.
AP4 CEO Niklas Ekvall has been invited to attend the Investor Forum that is part of the G20 meeting this week in Buenos Aires.
During 2016 AP4 made a business decision not to invest in tobacco companies, since we anticipate that rising long-term risks will have a negative effect on tobacco company valuations in the future. Now, AP4 joins the initiative Tobacco-Free Finance Pledge that aims to highlight financial institutions that have implemented tobacco-free finance polices and encourage others to do the same.
AP4 has been ranked first in an analysis of 100 global pension funds based on an analysis of the funds’ approach to climate-related risks and opportunities.
With a positive net result of SEK 13.7 billion, total fund capital grew to SEK 366.9 billion during the first half of 2018. The return was 3.8 % after costs (3.9 % before costs). AP4 exceeded both its medium-term and its long-term return target. During the first half of 2018 a net total of SEK 3.3 billion was paid out to the pension system.
Today the Fourth Swedish National Pension Fund (AP4) published a climate report in accordance with the Task Force on Climate-related Disclosures’ (TCFD) recommendations. The report is structured in accordance with the TCFD’s four thematic areas: Governance, Strategy, Risk Management, and Metrics and Targets. In addition, the report provides examples of AP4’s climate-related risks and opportunities.
The Council on Ethics of the Swedish National Pension Funds (the Council) celebrated ten years in 2017. During these ten years, the Council has influenced global portfolio companies to improve their work and information regarding environmental, social issues and corporate governance through corporate dialogues. During 2017 the dialogues have included discussions and meetings with companies relating to corruption, human rights and workplace issues in several industries, where the AP Funds as active owners have worked to bring about positive changes.
With a net result of SEK 30.1 billion for 2017, AP4’s fund capital increased to SEK 356.6 billion by the end of the year. The net return was 9.1 per cent (9.2 per cent gross of costs), and AP4 outperformed both the income index and the long-term return target. Net outflows to the national pension system totalled SEK 7.4 billion during the year.
With a positive result of almost SEK 17 billion, the Fourth Swedish National Pension Fund (AP4) fund capital increased to SEK 348 billion - a new record level. The return for the first six months amounted to 5.2 percent after costs. Over the past ten years, AP4 has returned 88 percent after costs, which equates to an average annual return of 6.5 percent.
AP4 has been awarded the highest rating (AAA) and positioned itself in eight place out of 500 institutional investors in the Asset Owners Disclosure Project (AODP) Global Climate 500 Index.
The Ethical Council of the Swedish AP Funds celebrates ten years 2017. During these ten years the Council has through engagement encouraged the AP Funds' global portfolio companies to improve their work on environmental issues, human rights and corruption. In 2016 dialogues have covered companies regarding the fishing industry in Thailand and the guest workers' situation in Qatar.
A profit of over SEK 31 billion increased the Fourth Swedish National Pension Fund’s (AP4) fund capital to SEK 334 billion in 2016. This amounted to a return of 10.0 percent after expenses. AP4 exceeded both the income index and the long-term return target.
Sustainability affects us and our planet. It also has a financial impact on AP4's investments and thus affects the possibility of positively contributing to safeguarding pensions.
130 investors - including AP4 - has signed a letter demanding that the leaders of the so-called G20 countries ratify the climate agreement that was reached in Paris last December. The signatories to this letter are investors with more than USD 13 trillion in combined assets under management.
With a profit of SEK 5.7 billion, the Fourth Swedish National Pension Fund (AP4) increases fund capital to a record level of SEK 312 billion after net outflows of three billion kronor to the pension system. The total return for the first half of 2016 amounted to 1.9 after expenses.
The Board of the Fourth Swedish National Pension Fund (AP4) has appointed Niklas Ekvall as the new CEO of AP4.
In order to reduce its exposure to climate risk, AP4 has allocated 21.8 % (US$3.2 billion of US$14.7 billion as per 1 June 2016) of its global equity portfolio to low carbon strategies and AP4 is now prepared to proceed with its long-term target to decarbonize its entire global equity portfolio by 2020.
The Swedish Government appointed Sara McPhee as Chairwoman of the Board of AP4.
Mats Andersson has today informed the Board that he has decided to leave his position as CEO of AP4 after nearly ten years.
With a positive profit of SEK 20 billion the Fourth Swedish National Pension Fund (AP4) increased fund capital to SEK 310 billion in 2015. Total return amounted to 6.8 percent after expenses. Active management outperformed the Index for the seventh consecutive year.
Integrating sustainability into asset management is absolutely necessary for long-term management. For AP4, Sustainability and Corporate Governance is about taking responsibility and helping companies to become successful and generate a solid return in the long-term. This helps to safeguard pensions.
The Portfolio Decarbonization Coalition (PDC) is run by AP4 along with the United Nations Economic Programme (UNEP), Amundi and the Carbon Decarbonization Project (CDP). The aim is to get investors worldwide to measure and disclose their carbon footprint and to reduce their carbon footprint.
The Global Child Impact Equities Fund is the first fund to focus on children's rights. The fund is developed in partnership between RobecoSAM and the Swedish Royal family's foundation Global Child Forum. The Fourth Swedish National Pension Fund (AP4) is one of the first large investors.
The Swedish AP Funds, the First, Second, Third, Fourth, Sixth and Seventh AP Funds, have agreed to coordinate the way carbon footprints are reported. The AP Funds will all report their carbon footprints with three indicators.
Together with a profit of SEK 18 billion, the Fourth Swedish National Pension Fund (AP4) increased fund capital to SEK 310 billion, a new record level. The total return was 6.1 percent after expenses. AP4 has thereby exceeded the long-term return target.
Total return for the Fourth Swedish National Pension Fund (AP4) was 15.7% after expenses in 2014. AP4 delivered its best earnings to date of over SEK 40 billion. AP4’s active management outperformed the index for the twelfth consecutive six-month interim period. AP4 overshot both short- and long-term return targets.
UNEP FI, AP4, Amundi and CDP launch global Portfolio Decarbonization Coalition at Ban Ki-moon’s Summit on Climate Change.
The Fourth Swedish National Pension Fund's (AP4) positive result provided a contribution of close to SEK 19 billion to the pension system. AP4’s active management outperformed the index for the eleventh consecutive six-month period. Fund capital increased to SEK 276 billion.
AP4, the Fourth National Pension Insurance Fund, has decided to hand in its shareholding in Scania (corresponding to about 0.6% of the capital in Scania) in accordance with Volkswagen’s offer.
The Ethical Council is developing its preventive dialogues in order to get companies to act more responsibly and thereby reduce the risk that they violate international conventions. The focus areas for the Ethical Council in 2013 included human rights, business ethics and environmental issues in the telecom, pharmaceutical, tobacco and cocoa industry.
The Fourth Swedish National Pension Fund (AP4) has decided to decline the SEK 200 per share offer for Scania presented by Volkswagen.
The Fourth Swedish National Pension Fund (“AP4”) made substantial investments during Q1 2014 into two engagement funds established by GO Investment Partners (“GO”).
The Fourth Swedish National Pension Fund's (AP4) will carefully assess and evaluate the bid that now has been placed on Scania. It is an important task. Scania is a world-class company and holds a long track record of positive development as an independent and listed company. There are good reasons to believe that this can be upheld also in the future.
AP4’s total return was 16.4% after expenses for 2013. AP4 posted its best ever earnings, overshooting SEK 37 billion. A strong reason for last year’s upbeat performance was opting for a high proportion of listed equities.
Bank of America Corporation announced today that it has issued a “green bond” consisting of a three-year, fixed-rate bond that is $500 million in aggregate principal amount. This issuance of bonds is part of the company’s ongoing commitment to advance renewable energy initiatives and promote energy efficiency.
On Wednesday, 6th November 2013, the Nederlandse Financierings-Maatschappij voorOntwikkelingslanden N.V. (FMO ), the international development bank of the Netherlands ratedAAA (negative) by S&P, has priced its successful inaugural Sustainability Bond, a 5-year EUR 500 million RegS transaction.
On Thursday, 10th October 2013, the African Development Bank (AfDB), rated Aaa/AAA/AAA, launched its inaugural Green Bond transaction.
The Fourth Swedish National Pension Fund is to invest in a new emerging markets fund with companies that have both lower carbon emissions and less fossil fuel reserves.
The First, Second, Third and Fourth AP Funds (AP1-AP4) are to divest their holdings in Walmart, Freeport McMoRan, Incitec Pivot and Potash after being advised by their Ethical Council that several years of engagement with the companies had failed to deliver the desired results.
A group of 44 international investors representing more than $5.6 trillion in assets under management (AUM) has written to Mary Jo White, Chairman of the U.S. Securities and Exchange Commission (SEC), to voice its support for the SEC and concern at the potential rollback of a key disclosure provision in US law.
The Board of AP4 has appointed the Fund’s Chief Investment Officer Magnus Eriksson to the position of Deputy CEO. He will also continue to work as AP4’s Chief Investment Officer.
AP4’s total return was 6.3 %, contributing over SEK 14 billion to profit for the period January–June 2013. AP4 benefited from its high proportion of equities in the upbeat performance of equity markets in Sweden and around the world.
Wal-Mart insiders own over half of the company’s outstanding shares, making it virtually impossible that a shareholder proposal not supported by management would receive the support of a majority of votes cast.
Focus areas in 2012 included human rights, business ethics and environmental issues in the extractive, tobacco and cocoa industries. The Ethical Council has seen many examples where dialogue can be an effective tool to influence companies towards sustainable stewardship.
AP4’s total return was just over 11% in 2012. The positive outcome made a contribution of SEK 23 billion to the pension system, of which SEK 1.8 billion was generated by AP4’s active management. It was the fourth consecutive year in which AP4’s active management outperformed the benchmark index, thus delivering a better return than passive management. Fund capital increased to SEK 230 billion.
Pension Funds Recover $2.425 Billion for Shareholders in Bank of America Securities Class Action: A Historic and Outstanding Result for Investors.
AP4’s total return was 5.8% for the period January – June 2012. Fund capital increased to just over SEK 220 billion. The Fund’s active management outperformed the benchmark indexes by over 0.8 percentage points, contributing SEK 1.6 billion to the return.
In a weak stock market, in which the fund capital decreased slightly compared to the previous year, the Fund's active management made a positive contribution of close to SEK 0.5 billion.
Press release 27 January 2012 from Sustainable Value Creation initiative.
AP4 has now published our Interim Report from January - June 2011.
AP4 has now published our Annual Report for 2010.
AP4 has now published our Interim Report for January - June 2010.
The Ethical Council of the First, Second, Third and Fourth AP Funds has today published its annual report for 2009. The report details the dialogues that the Council holds with companies where indications exist that the companies in question have violated the AP funds’ ethical guidelines.
AP4 has now published our Annual Report for 2009.
The Ethical Council of Sweden’s AP funds has strengthened its operations by appointing John Howchin as Secretary-General. His primary role will be to coordinate the Ethical Council’s corporate dialogues and the investor initiatives which the Council supports. He will also help to develop the Council’s strategies and focus areas.
AP4 has now published our Interim Report for January - June 2009.
AP4 has now published our Annual report for 2008.
Through a constructive dialogue, the Ethical Council of the Swedish AP-Funds has encouraged Sodexo, a world-leading service company with 330,000 employees in 80 countries, to address inhumane conditions at a detainee centre in the UK.
The Fourth Swedish National Pension Fund (AP4) is selling its holdings in companies that market cluster munitions. These holdings are being sold on the advice of the Ethical Council of the Swedish National Pension Funds, which has studied the convention banning cluster munitions, a convention endorsed by Sweden in May 2008.
The Ethical Council of Sweden’s First-Fourth AP Funds has today presented its first annual report. In connection with this, the Ethical Council has published the names of the companies with which it is currently engaged in dialogue.
AP4 has now published our Annual Report for 2007.
AP4 has now published our Interim Report for January - June 2007.
Through the formation of an Ethical Council, Sweden’s national pension buffer funds, AP1, AP2, AP3 and AP4, have coordinated their SRI analysis of environmental and ethical compliance in the foreign companies where the funds have holdings.
AP4 has now published our Interim Report for January - June 2006.
The Board of Directors of the Fourth National Swedish Pension Fund has appointed Mats Andersson as new President of the Fund.
AP4 has now published our Annual Report for 2005.
The Fourth National Swedish Pension Fund’s holding in Skandia is long-term. The Fund rejects Old Mutual’s offer for Skandia. The reasons given by Skandia’s Board of Directors are shared fully by the Fund
AP4 has now published our Interim Report for January-June 2005.
AP4 has now published our Interim Report for January-June 2004.
AP4 has now published our Annual Report for 2003.
AP4 has now published our Interim Report for January-June 2003.
AP4 has now published our Annual Report for 2002.
Fjärde AP-fonden (the Fourth Swedish National Pension Fund) has appointed external managers for equity investments in Japan and Pacific.
Fjärde AP-fonden (the Fourth Swedish National Pension Fund) has, in the beginning of April, announced two external equity mandates in EU´s central public procurement database, Tender Electronic Daily