Fourth Swedish National Pension Fund

Established in 1974, the Fourth Swedish National Pension Fund (AP4) is a government agency responsible for managing a portion of Sweden's public pension capital. Its primary mission is to contribute to the financial security of current and future pensioners by achieving long-term high returns through responsible investments and ownership. AP4's portfolio includes a diverse range of assets, such as listed shares, both global and Swedish, fixed income investments, and real assets. The fund's investment strategy focuses on maintaining a long-term perspective, enabling resilience against short-term market fluctuations and ensuring sustainable returns over time. AP4's commitment to responsible investment practices is evident in its integration of sustainability considerations across all investment activities. This approach encompasses proactive engagement on systemic issues like antimicrobial resistance and the extraction of critical metals for the green transition. By adhering to these principles, AP4 aims to strengthen the Swedish pension system and provide financial security for today's and tomorrow's pensioners.

In recent years, AP4 has demonstrated strong financial performance, with a reported return of 10.1% after costs for the full year 2024. As of June 30, 2025, the fund's capital amounted to SEK 557.7 billion, reflecting a net result of SEK 11.9 billion for the first half of the year. During this period, SEK 2.4 billion was transferred net from AP4 to the pension system, underscoring its role in supporting the financial stability of Sweden's public pension system. The fund's proactive approach to responsible investment and ownership continues to contribute to its mission of ensuring financial security for current and future pensioners.

AP4's investment philosophy emphasizes a long-term investment horizon with integrated sustainability, allowing the fund to navigate market volatility effectively. This strategy is grounded in the design of Sweden's pension system, which enables AP4 to focus on long-term returns without being unduly influenced by short-term market fluctuations. The fund's commitment to responsible investments and ownership is integral to its operations, ensuring that its activities align with the broader goal of providing financial security for Swedish pensioners. Through its diversified portfolio and sustainable investment practices, AP4 continues to play a pivotal role in strengthening the Swedish pension system and supporting the financial well-being of its beneficiaries.