Welcome to AP4
The Fourth Swedish National Pension Fund's (AP4) brief is to manage Fund capital for the best possible return over time and thus support the stability of the pension system.
The Board has decided that AP4 will best fulfill its long-term asset management brief by holding a large proportion of publicly quoted equities, Swedish and foreign.
AP4 overshot short- and long-term return targets 2012.
- Fund capital totalled SEK 230 billion at the end of 2012.
- Total return after expenses was 11.2%. AP4 benefited from its high proportion of equities and the upbeat performance of equity markets globally, including in Sweden.
- AP4’s real (inflation-adjusted) return over a ten-year period was 5.8% annually on average. Thus, the long-term target of 4.5% average real return set by the Board was overshot. The Fund thus contributed positively to the stability of the pension system.
- Active management outperformed the benchmark by 1.0 percentage points before expenses. This equals SEK 1.8 billion. It was the fourth consecutive year in which AP4’s active management outperformed the benchmark index, thus delivering a better return than passive management. The management also overshot the active return target set by the Board.
- Net profit for the year totalled SEK 23.4 billion.
Read the annual report 2012 >>online