Navigare costantemente in avanti: analisi dei risultati intermedi dell'AP3 e delle loro implicazioni per gli impegni sul clima
Il Fondo Pensione Nazionale Svedese Terzo (AP3) ha segnalato un rendimento del 0.7% dopo le spese per il primo semestre del 2025, con un patrimonio di SEK 550,6 miliardi (oltre $58 miliardi).
despite the fund's equity management has underperformed its benchmark in H1 2025 due to volatility in global equity markets, AP3's fixed income portfolio has outperformed its benchmark index by 0.56%. The positive fixed-income returns for H1 2025 and above-average, long-term timberland returns contribute to AP3's climate commitment.
AP3's sustainable bond tilt is a defining characteristic of its fixed income allocations. By 2024, AP3's green bond holdings increased to SEK 24.8bn. The fund's green bond investments align with its goal of transitioning towards a net-zero portfolio emissions by 2045.
Timberland forms part of AP3's alternative investments portfolio, currently accounting for 27.5% of the fund's exposure. Over the past five years, AP3's timberland portfolio has averaged a return of 9.3% per year, according to the spokesperson. This performance exceeded fund expectations, with the portfolio continuing to perform well. The percentage of AP3's timberland holdings located in the US is 67%.
Listed equities accounted for 52.1% of the fund's exposure in H1 2025. Half-year returns for AP3's timberland portfolio are not considered insightful indicators of performance due to annual revaluations. However, the spokesperson confirmed that the timberland portfolio has returned well above expectations over the past five years.
The 10-year average return for AP3 is 7.8%. Over the same period, AP3 reported an average return of 8.5%. These consistent returns, combined with AP3's commitment to sustainable investments, underscore the fund's long-term success.
Profits for H1 2025 stood at SEK 3.94m (approximately $0.4m). While these profits may not be record-breaking, they are a testament to AP3's resilience in a challenging market environment.
In conclusion, AP3's Q2 2025 performance demonstrates the fund's ability to navigate market volatility while staying committed to its sustainability goals. The fund's focus on green bonds, timberland investments, and sustainable allocations positions AP3 well for the future, as it continues its journey towards a net-zero portfolio emissions by 2045.
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