Stable management in an uncertain market

All asset classes had a positive return and contributed to the total return in the first half of 2026. Global equities had the highest return and made the largest positive contribution to AP4’s total return. The weakening of the Swedish krona meant that AP4’s open currency exposure made a positive contribution to the return.

AP4’s return exceeded both the Board’s established return target and the development of the income index over AP4’s two evaluation horizons. The return has thus contributed to the pension system, both since the start of the income pension system in 2001 as well as over the last ten years. AP4’s return since its inception in 2001 has exceeded the development of the income index by more than SEK 410 billion, which has helped strengthen the pension system accordingly.

“The half-year result is satisfactory and demonstrates stable management in an uncertain operating environment. Market developments have been characterised by the capricious, transactional way in which the US administration conducts politics, with the US and Israel’s war of aggression against Iran the major factor. AP4’s organisation has continued to manage its investment portfolio in a professional and ambitious manner. As always, this makes me proud,” says Niklas Ekvall, CEO of AP4.

“Major political and economic uncertainty, combined with the rapid development of artificial intelligence, has led to a fast-moving market trend in recent years in which a fairly narrow range of companies, sectors and regions have had very good returns, while large parts of the rest of the market have experienced significantly weaker performance,” continues Ekvall.

“In recent years, AP4 has focused intensively on simultaneously implementing a new portfolio system and consolidating the Stockholm-based buffer funds. The first half of 2026 was also largely characterised by a focus on completing these two major projects. The combination of professional operations and the strength that AP4 has built up over the past decade, a new state-of-the-art portfolio system, a broader capital base and skilled new employees have strengthened and improved our operating conditions. AP4 now has everything in place to be able to continue providing world-class professional and cost-efficient pension management for a long time to come,” says Niklas Ekvall.

“Finally, I would like to thank all of AP4’s employees for their hard work during a labour-intensive, eventful first half of 2026. With great professionalism, skill and collegiality, they have impressively tackled and implemented the major change work of recent years while continuing to focus on the day-to-day management of our investment portfolio,” concludes Niklas Ekvall, CEO of AP4.

Key ratios for AP4’s operations	30 June 2026	30 June 2025	31 December 2025
Fund capital, opening balance (SEK bn)	578.1	548.2	548.2
Net flows to the pension system (SEK bn)	-4.5	-2.4	-4.6
Assets transferred from AP1 (SEK bn)	255.8	-	-
Net result for the period (SEK bn)	56.1	11.9	34.4
Fund capital, closing balance (SEK bn)	885.5	557.7	578.1
Return, total portfolio after costs (%)	6.8	2.2	6.4
Return, total portfolio after costs, (%) annualised 5 yrs	5.5	7.8	6.1
Return, total portfolio after costs, (%) annualised 10 yrs	8.5	7.6	8.0
Asset management costs, operating expenses (%)	0.044	0.059	0.064
Asset management costs, commission expenses (%)	0.012	0.016	0.016
Total management cost ratio (%)	0.056	0.075	0.080

AP4’s annual report for 2026 will be published in February 2027.

AP4’s mission is to contribute to the financial security of current and future pensioners by managing part of the Swedish national pension system’s buffer capital. AP4’s long-term perspective, responsibility as owner and great commitment to sustainability create opportunities for high returns at low cost. In this way, AP4 promotes safer pensions.