Fjärde AP-fonden

AP4 reports good return for 2020


After a year dominated by the Covid-19 pandemic and exceptional market movements, AP4’s return for 2020 ended at 9.6% after costs. Successful asset management contributed 2.4 percentage points to the return. The net result for the year was SEK 39.3 billion, and during the year the fund capital increased to SEK 449.4 billion after a total of SEK 7.9 billion was paid out to the pension system. Total costs amounted to 0.09% of assets under management. AP4 has cut the carbon footprint of its investments in the listed equities portfolio in half since 2010 and has now concretised new, ambitious climate targets aiming to once again halve the carbon footprint by 2030 with a view to have net-zero emissions by 2040 at the latest.

Niklas Ekvall. Photo: Peter Knutson
Niklas Ekvall. Photo: Peter Knutson

“AP4 commendably navigated the exceptionally turbulent market situation during the year and generated a return of 9.6% after costs. Active management also continued to be successful and made a return contribution of 2.4 percentage points, which corresponds to more than SEK 10 billion in added value from the asset management,” comments Niklas Ekvall, CEO of AP4.  

AP4’s favourable historical result is due in large part to the ability to leverage the unique conditions that exist in the buffer funds’ statutory mandate: to act long-term and thereby have the ability to withstand large market movements where it favours long-term returns. Our long-term approach was an enormous asset for us during the very difficult, disordered and turbulent market that we experienced during the first half of the year. For example, we increased our investments in both equities and corporate bonds when prices of these fell indiscriminately during the month of March. 

The carbon footprint of AP4’s equities portfolio decreased by a further 15% during 2020 and is now less than half of what it is for a broad global equities index. During 2020 AP4 further advanced its positions in the areas of the climate and environment, and carried out a number of important initiatives. Among other things we have built a new fundamental, thematic global equities management, and we have started to use new, forward-looking data to assess how portfolio companies are acting in relation to the Paris Agreement. During the year an analysis of the climate transition and its impact on fossil fuel–based companies was conducted, and as a consequence of this, companies whose plans and targets are deemed to be not in line with the Paris Agreement have been divested from the portfolio.  

“AP4’s management costs amount to a low 0.09% of managed assets, which is roughly half the cost level for comparable pension funds in an international comparison. AP4 will continue to develop its operations with strong focus on cost-efficiency,” concludes Niklas Ekvall. 

Key ratios for AP4’s operations 



Fund capital at end of period, SEK bn 



Net result for the year, SEK bn 



Net flow to national pension system, SEK bn 



Fund capital at start of period, SEK bn 



Asset management costs, operating expenses, % 



Asset management costs, commission expenses, % 



Total asset management costs, % 



Return after costs, % 



Real return after costs, % 



Annualised return after costs, 5 years, % 



Annualised return after costs, 10 years, % 






Niklas Ekvall. Photo: Peter Knutson
Niklas Ekvall. Photo: Peter Knutson


About Fjärde AP-fonden

Fjärde AP-fonden
Fjärde AP-fonden
Jakobsbergsgatan 16
111 44 Stockholm

+46 8 787 75 00

AP4's mission is to contribute to the financial security of current and future pensioners in Sweden by managing part of the 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 a low cost. In this way AP4 works for more secure pensions.

Subscribe to releases from Fjärde AP-fonden

Subscribe to all the latest releases from Fjärde AP-fonden by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Fjärde AP-fonden

A turbulent and challenging first half of 202212.7.2022 16:30:00 CEST | Press release

The Fourth Swedish National Pension Fund’s (AP4’s) return for the first half of 2022 was -12.6% after costs. AP4’s fund capital as per 30 June 2022 amounted to SEK 459.1 billion, compared with SEK 527.6 billion at the start of the year. The result for the first half of the year was SEK -66.6 billion. During the same period, a net total of SEK 2.0 billion was paid by AP4 to the pension system. The portfolio’s active return during the first half of the year was -2.3 percent.

Ett turbulent och utmanande första halvår 202212.7.2022 16:30:00 CEST | Pressmeddelande

Fjärde AP-fondens (AP4) avkastning för första halvåret 2022 uppgick till -12,6 procent efter kostnader. AP4:s fondkapital uppgick per sista juni 2022 till 459,1 miljarder kronor, att jämföra med 527,6 miljarder kronor vid årets början. Resultatet för första halvåret blev -66,6 miljarder kronor. Under samma period betalades netto 2,0 miljarder kronor från AP4 till pensionssystemet. Portföljens aktiva avkastning under första halvåret var -2,3 procent.

Very good return for AP4 against the background of strong economic recovery23.2.2022 07:00:00 CET | Press release

The Fourth Swedish National Pension Fund’s (AP4’s) return for the full year 2021 was 19.2% after costs, and the net result for the year was SEK 85.7 billion. This is the highest result ever achieved since AP4 began operating in 1974. Active management continued to be successful and contributed 3.5 percentage points to the return, corresponding to SEK 15.2 billion in 2021. After net transfers of SEK 7.5 billion to the pension system during the year, fund capital increased to SEK 527.6 billion at year-end 2021. AP4’s carbon emissions for the listed equity portfolio decreased by an additional 23% during the year.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom