Rising stock markets, strategies seeking returns above performance benchmarks and a high proportion of equities boosted assets at AP-Fonden 1, the Swedish state pension buffer fund, by more than 10% to Skr207.1bn (€22.3bn) by the close of last year.

Revenues from its portfolio of investments reached Skr18.2bn, equal to a total return before expenses of 9.8%. The pension fund outperformed its strategic benchmark, by a total of 0.6 percentage points, corresponding to more than Skr1bn in investment earnings.