Första AP-fonden

Rapid economic rebound and high market activity enabled a strong financial result


The first half of 2021 was characterised by high global capital market activity backed by a rapid economic rebound and strong risk appetite. Första AP-fonden’s (AP1) financial return for the first half of 2021 was 11.0 per cent before expenses and 10.9 per cent after expenses. A total of SEK 4.2 billion was transferred to the income pension system and at the end of June 2021 the Fund had assets under management of SEK 431.5 billion.

CEO Kristin Magnusson Bernard comments on the result:

“As a long-term investor with a strong balance sheet, AP1 has good capacity to bear risk effectively. The Fund’s constructive view of risk-taking was well rewarded financially during the first six months of the year.We have been well positioned to benefit from the prevailing market situation, and most asset classes in the portfolio contributed positively. Our considerable exposure to global and Swedish equities, where especially the latter have shown outstanding performance year-to-date, was the main return driver, although real estate and other alternative investments also contributed positively.

Sustainability and especially “green” investments continue to be a dominant market theme, and AP1 is fully focused on utilising this trend to fulfil its objectives. During spring 2021 AP1 invested in Northvolt jointly with AP2, AP3 and AP4, for a total of USD 400 million. The Northvolt investment is a good example of how we as a long-term investor can invest in companies who might serve as a transformative and profitable force in the global climate transition and thus contribute positively both to the Swedish income pension system and to society at large.

While risk-taking has been rewarded financially during the spring, the overall upwards market direction has not been without its hiccups. A key tug-of-war originated in diverging views of future inflation developments, especially in the U.S. Where some investors see major risks for overheating from huge monetary and fiscal stimulus measures, others consider those issues negligible and expect instead that low-for-long interest rates will enable of large-scale investments, increased employment and value creation. Valuations in certain market segments have at times seemed potentially exaggerated, but over time market and valuation froth has subsided in a controlled manner. At AP1 we look forward to an exciting remainder of the year, where we aim to respond nimbly to changes in market direction while being firmly focused on our long-term mission: to create high returns through exemplary asset management, at low cost.”

Key ratios

30 Jun 2021

30 Jun 2021

31 Dec 2020

Closing net assets, SEK bn




Net investment income for the period, SEK bn




Net flow to the pension system, SEK bn




Opening net assets, SEK bn




Expense ratio, operating expenses, %*




Expense ratio, commission expenses, %*




Total expense ratio, %*




Return after expenses, %




Real return after expenses, %




Annualised return after expenses, 5 years, %




Annualised return after expenses, 10 years, %**




Real annualised return after expenses, 10 years, %**




* In the six-month interim report, the expense ratio is calculated as the full-year effect.
** Also in six-month interim reports, the annualised return is calculated for 10 and 5 years respectively.

AP1’s Interim report 2021 will be available in English here in short.



About Första AP-fonden

Första AP-fonden
Första AP-fonden
Regeringsgatan 67
111 56 Stockholm

08-566 202 00https://www.ap1.se/

Första AP-fonden (AP1)

Första AP-fonden (AP1) is one of five pension funds in the Swedish national income pension system (the AP Funds). AP1 has assets under management of SEK 431,5 billion (30 June 2021) in a portfolio consisting of listed equities, fixed income securities, currency, real estate, hedge funds, private equity funds, infrastructure and high yield. Investments are made worldwide. AP1 is a long-term investor and an active, engaged owner. As an owner the Fund imposes stringent demands in the areas of Environment, Social and Governance. www.ap1.se

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