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Investment rules

Our investments are governed by the rules of the National Pension Insurance Funds (AP Funds) Act, partly in regard to how large a percentage of the capital may be invested in each type of asset. Effective from January 1, 2019, new investment guidelines were implemented for the AP Funds. The new guidelines imply a higher ambition level regarding sustainability. It is now stated in law that the asset management operations are to be conducted exemplary by responsible investments and responsible ownership. When managing funds, special emphasis must be given to how a sustainable development can be promoted without compromising on the overall return objective.

Crowded parliament meeting in the Swedish Riksdag

Asset management goals

In the fund management, particular emphasis should be placed on how sustainable development can be promoted without compromising on the overall goal of return and risk. The AP funds will work together to achieve the goal of exemplary management and have therefore developed values ​​and guidelines for collaboration within sustainability:

 

The First, Second, Third and Fourth AP Funds’ common core values for managing funds

The First, Second, Third and Fourth AP Funds’ common guidelines for reporting on how the objective has been achieved

The First, Second, Third and Fourth AP Funds’ common guidelines on which assets funds should not be invested in

General rules of investments

  • Business policy or economic policy considerations shall not be taken into account in investment decisions.
  • At least 20% of the fund’s assets must be invested in fixed income securities with low credit and liquidity risk.
  • A maximum of 40 percent of the fund’s assets may be invested in illiquid assets. The previous restriction of a maximum of 5 percent unlisted assets in the portfolio has been removed.
  • Currency exposure may not exceed 40% of the fund’s assets.
  • The fund may not hold more than 10% of the voting rights in a single listed company.
  • The fund’s investments in Swedish regulated markets may not exceed 2% of the total market value.
  • The fund may not invest the fund assets in options, futures or other similar financial instruments with commodities as the underlying asset.

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