Investment rules according to law

Investment rules for the First - Fourth AP Funds are specified in law (2000: 192) National Pension Funds Act (AP Funds).

  • Investments may be made in all listed and tradable instruments except commodity-related investments.
  • At least 30 percent of the assets are invested in fixed income securities with low credit- and liquidity risk.
  • Currency risk exposure may not exceed 40 percent of the assets.
  • Exposure to a single issuer or group of related issuers may be no more than 10 percent of assets.
  • Shares in listed Swedish companies may not exceed 2 percent of the market’s total capitalization.
  • Holdings should not exceed 10 percent of the voting rights of a single listed company.
  • No more than 5 percent of the assets may be invested in unlisted securities. These investments must be made indirectly via venture capital companies or similar.
  • Shares and participations in real estate companies may be directly owned.
  • External managers should manage at least 10 percent of assets.