Swedfund invests in businesses and in countries which, according to the OECD/DAC definition, qualify for development financing. Investments in lower income countries and in post-conflict countries should be given priority. Investments in upper middle income countries may be made under certain circumstances. Swedfund allows for investments in upper middle income countries primarily for renewable energy. About 58% of Swedfund's investments are in Africa, primarily in Sub-saharan Africa. Please see Swedfund's Integrated Reporting 2019 for detailed information on the market division of Swedfund's portfolio.
The DAC List of ODA Recipients shows all countries and territories eligible to receive official development assistance (ODA). These consist of all low and middle income countries based on gross national income (GNI) per capita as published by the World Bank, with the exception of G8 members, EU members, and countries with a firm date for entry into the EU. The list also includes all of the Least Developed Countries (LDCs) as defined by the United Nations (UN). (A significant number of countries Swedfund invests in are not included in MSCI's country classification, and thus a heavy exposure falls out on 'Other markets' according to this classification).