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AP3

PRI reporting framework 2019

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基本情報

OO 01. Signatory category and services

01.1. 組織または組織が提供するサービスに最もよく当てはまる種類を選択してください。

01.3. 補足情報 [任意]

The Fund, AP3,  is a governmental authority whose operations are regulated in the Swedish National Pension Funds Act (2000:192). The Act states that “ Environmental and ethical issues must be taken into account without compromising the goal of best possible return”. On 1 January 2019, the rules in the National Pension Insurance Funds (AP Funds) Act changed and a new goal was introduced. The Funds must contribute to sustainable development by managing their funds in an exemplary way.

AP3 is one of five so-called buffer funds in the Swedish national pension system. Together, the buffer funds hold around 14% of total pension system assets. AP3 is tasked by the Swedish Parliament to generating maximum possible benefit for the income pension system by managing the fund capital and deliver strong investment returns at a low level of risk. AP3 has two roles in the pension system:

  1. serve as a buffer when inflows and outflows cause imbalance in the system
  2. promote the overall financial stability of the system.

The Fund is more independent than most government agencies. The Board, appointed by the Government, has sole responsibility for the operations of the Fund and Sweden’s national pension funds are regulated solely by legislation. The Ministry of Finance reviews the national pension funds’ performance on an annual basis.

AP3 manages a diversified global portfolio of listed equities, fixed income assets and alternative investments. Alternative investments consist of private equity, real estate, timberland, infrastructure assets and new strategies and constitute almost 25% of the total portfolio.

The value of AP3's portfolio stood at SEK 340.7 bn on 31 December 2018.

AP3 bases its values on international conventions (environment, human rights, labour protection, anti-corruption and inhumane weapons) signed by the Swedish government. The values also include support provided by Sweden to initiatives such as the OECD's Principles of Corporate Governance and Guidelines for Multinational Enterprises, the UN Global Compact, and Sweden's stance on issues of international law. The Pension Funds Act requires the AP funds to take due account of environmental,social  corporate governance issues without compromising the ultimate objective of achieving high returns at a low level of risk.

AP3 strives to ensure that investee companies identify and manage environmental, ethical and social risks in a way that creates value for shareholders. Enterprises should conduct risk analysis and have governance and management systems and external reporting procedures in place. They should also have codes of conduct and policies that demonstrate their approach to ESG both internally and externally with regard to stakeholders, including business partners and suppliers.

AP3 prefers to use the term sustainability and not the acronym ESG. ESG is of course vital and constitutes the mayor part of sustainability but in our view it does not fully mirror the processes and work that we see define responsible and sustainable investing and investment management.

AP3 believes that well managed companies offer investors superior returns and lower risk over time. Sustainability gives rise to risks and opportunities for AP3, just as it does for all companies. The Fund has incorporated sustainability into its investment strategy for creating long-term value for the Swedish state pension system. AP3 has an holistic view on sustainability, meaning that it comprises the whole organisation and the whole portfolio, all asset classes. The responsible investment strategy has to be long term cost efficient and follow the mission of the fund and the strategy the fund has chosen to achieve its target return. It should consider the ownership and exposures of the fund. The asset management is responsible for sustainability and all asset management mandates include a sustainability perspective.It is a matter of risk assessment both on the downside and the upside (opportunities). On a daily basis a team of two people are responsible to see to that sustainability process continues to develop, both from a corporate governance angle as from an integration perspective.

Within the framework of the mission of the Fund our ambition is to have a process that is

  • Formalised with an overall process and principles how AP3 work with sustainability
  • Integrated with tools and means for the managers to fulfill their mandates, sustainability is a natural part of the investment discussions and decisions
  • Proactive, a dedicated group is responsible for the development of sustainability, a yearly review is carried to assess the work done and pinpoint areas for change and or improvement.
  • Reactive, how the Fund should act in connection with investee company incidents etc.

The overall strategy is

  • Risk diversification - a diversified portfolio
  • Risk limitation - Analytics and engagement
  • Risk elimination - exclusions, reduced exposure

Approach

  • Active ownership, engagement, dialogue and voting
  • Active selection both positive and negative (limited scope as divestments seldom solves the real problem)

The Sustainability team is, together with Strategic Allocation and Quant, part of the Portfolio Strategy team.

In December 2015 AP3 announced four sustainability targets to be fullfillled by end 2018:

- The carbon footprint of our holdings in listed equities and credits will be halved by 2018 compared to 2014. AP3 also urges all companies to issue reports regularly on their carbon footprint by 2018 at the latest. The target is met.

- AP3 intends to help develop the market for green bonds in accordance with COP21. We will more than triple our holdings of green bonds from SEK 4.5 billion to SEK 15 billion by the end of 2018.  Market value was SEK 16.5 bn by end 2018..

- AP3 will double its strategic sustainability investments, for example in water treatment, from SEK 10 billion to SEK 20 billion, by the end of 2018. The target has been met.

- AP3 will work to ensure that Vasakronan, Scandinavia's largest real estate company (in which AP3 owns a 25% equity stake), will continue to lead the way in sustainability in the real estate sector in Sweden.The Fund will also make it a priority to ensure that its other real estate investees (Hemsö, Trophi, Regio et al) adopt ambitious sustainability policies as they mature. Continued good progress is being achieved.

 


OO 02. Headquarters and operational countries

02.1. 組織の拠点がある場所を選択してください。

Sweden

02.2. オフィスが所在している国数を記載してください(本部を含む)。

02.3. 組織が正規雇用しているスタッフのおおよその人数を記載してください。

58 正規職員

02.4. 補足情報 [任意]

By year end 2018 the number of staff was 59 people. 

 


OO 03. Subsidiaries that are separate PRI signatories

03.1. 組織内に単独でPRI署名機関となっている子会社があるかどうかを記載してください。

03.3. 補足情報 [任意]

AP3 does not have any subsidiaries.


OO 04. Reporting year and AUM

04.1. 報告年度の最終日を記載してください。

31/12/2018

04.2. 報告年度末のAUM合計を記載してください。

子会社のAUM(顧問業務/執行のみの資産を除きます)を含みますが、(OO 03.2で「いいえ」と回答した)報告しないことを選択したPRIの署名機関である子会社のAUMを除きます。
Total AUM
10億 100万
Currency
Assets in USD
10億 100万

04.5. 補足情報 [任意]

The AuM is impacted of both the result of the year and net payments to the pension system of almost SEK 7 bn.


OO 06. How would you like to disclose your asset class mix

06.1. どのように資産クラス構成を開示したいかについて記載してください。

組織内で運用
組織外で運用

 

上場株式 10-50% 22 10-50% 16
債券 10-50% 38 0 0
プライベートエクイティ 0 0 <10% 4
不動産 10-50% 13 <10% 1
インフラ 0 0 <10% 4
コモディティ 0 0 0 0
ヘッジファンド 0 0 0 0
ファンドオブヘッジファンズ 0 0 0 0
森林 0 0 <10% 2
農地 0 0 0 0
包括的な金融 0 0 0 0
現金 0 0 0 0
短期金融市場商品 0 0 0 0
その他(1)(以下に具体的に記入してください) 0 0 0 0
その他(2)(以下に具体的に記入してください) 0 0 0 0

06.2. 添付の画像に従って組織の資産クラス構成を公表する

06.3. 組織にオフバランスシート資産はありますか?

06.5. 組織がフィデューシャリー・マネージャーを使うかどうかを記載してください。

06.6. AUM資産クラス分割について説明する情報を記載してください。 [任意]

AP3 divides its asset management in a risk class structure rather than the traditional asset class structure thus the division into asset classes is calculated.

The picture will be found in the AP3 Annual Report (available in English late March 2019).

https://www.ap3.se/wp-content/uploads/2019/02/Årsredovisning-2018.pdf

 


OO 07. Fixed income AUM breakdown

07.1. 以下のカテゴリを使用して、報告年度末時点の組織の債券AUMを5%単位での概算内訳を記載してください。

組織内で運用

85 SSA
5 社債(金融)
10 社債(非金融)
0 証券化商品
債券AUM合計 100%

OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. 組織のAUMの内訳を市場別に示してください。

94 先進国市場
6 新興国市場
0 フロンティア
0 その他の市場
合計100% 100%

09.2. 補足情報 [任意]

The absolute major part of the EM exposure is listed equity.

https://www.ap3.se/wp-content/uploads/2019/02/%c3%85rsredovisning-2018.pdf


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