Sweden’s AP4 made a return of 4.9 per cent, after costs, for the first half of 2024.

The result amounted to SEK 20.6bn and the fund capital amounted to SEK 445.8bn at the end of the period.

Commenting on the result, AP2 CEO, Eva Halvarsson, said: “The equity and fixed income markets have developed well during the first half of 2024, which contributed to AP2’s total return of 4.9 per cent for the period.

“AP2’s dynamic investment strategy, with continuous adjustments of the fund’s currency exposure and allocation to equity versus fixed income assets, has contributed to this return. We also work to avoid concentrations in large companies or individual industries and place high financial and sustainability requirements on our investments.”

In addition, AP2 carried out a “comprehensive review” of its management strategy during the first half of 2024. This led to “significant” changes to its governance structure, organisation, investment beliefs, vision and values, with the “goal of creating returns and balancing risks in a more dynamic and efficient way”.

“We are convinced that these changes will strengthen our ability to deliver long-term sustainable returns that contribute to a good pension for today’s and tomorrow’s pensioners,” Halvarsson said. “By being more dynamic and proactive in our fund management, we can better adapt to a changing environment and create greater value.”

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