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A natural element in the portfolio

AP3 began investing in timberland in 2004 and now owns circa 210,000 hectares of production forest. These holdings are to a major part directly owned but also held through a smaller number of funds. The forests are sustainably managed and 99% are certified. The timber is used primarily for building materials, furniture and to manufacture paper products.

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Timberland investments

AP3 owns timberland in Sweden, North America, Latin America, Africa and Oceania, mainly directly through Three Tree and Gysinge Skog, but also through a dozen forest funds. Investing in different regions and tree species diversifies the risk.

Timberland, exposure, %. Return 7,7%. Contribution 0.2%. As of December 31, 2023.
Tallplantor i Gysingeskogen

Directly owned timberland investments

Gysinge Skog

Gysinge Skog manages approximately 70,000 hectares of productive forest land, mainly in Central Sweden in the counties of Dalarna, Uppsala, Gävleborg, Örebro and Västmanland. There is also a larger holding in Jämtland County. AP3 and Kåpan each own half of Gysinge Skog. The company conducts long-term and environmentally sound forestry with sustainable profitability. It also leases out land and water for hunting and fishing and leases land for gravel pits and wind power. Forestry is certified. Read more at

Three Tree

Three Tree invests strategically and long-term in forest assets in the United States. The company currently owns a total of approximately 140,000 hectares in Oregon and Texas, two regions with a long tradition of forestry and well-developed forest industries where the right conditions exist for sustainable modern forestry. The forest is managed long-term and sustainably by local partners and forest managers. Douglas fir and Loblolly pine grow mainly on the company’s land, tree species whose primary use is as structural lumber and pulpwood. The forestry is certified.

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The forest sequester carbon dioxide

As a long-term investment, timberland is an excellent fit for the AP3 portfolio. As the forests grows over the decades, it captures carbon dioxide independently of the business cycle. In 2023, AP3’s forests sequestered 2.600.000 tonnes of CO2e from the atmosphere through its growth. The Fund’s timberland investments are expected to generate strong returns also under negative climate scenarios. For example, increased atmospheric carbon and higher temperatures due to global warming are likely to promote faster tree growth in Sweden. The timberland investments adds to the stability to AP3’s overall investment returns over time.

New uses of sustainable forest raw materials

Historically, forests have provided raw material for the pulp and lumber industries and demand is now growing also from new products such as wood chips, biofuel, and other alternative materials. In building construction, interest is growing for replacing materials like concrete and steel with wood as a way to save energy and store carbon. Out of the products made from raw materials extracted from AP3's forests in 2023, about 560.000 tonnes of CO2e are stored in products with a life expectancy of at least 100 years. Through collaboration and strategic partnerships, AP3 sees great potential for providing sustainable timber and other wood-based raw material to the industry.

Geographical distribution of forest, percent 12/31-2023

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Ett mötesrum där en dörr öppnas

Uteslutna bolag

Följande bolag är uteslutna från AP3s investeringar.
Uteslutna bolag
Medarbetare på AP3 som jobbar går i kontorslandskap


Five-year summary
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AP3s värdepapper

AP3’s securities. Here, you can download AP3’s various securities holdings. For us, it is important to create long-term value when selecting investments and in the management of companies in the portfolio.
AP3s värdepapper