Equities are the largest individual asset class in the portfolio. Equities have a high risk and higher expected return in the long term than many other asset classes. The difference in expected return between bonds and equities, the equity risk premium, is usually estimated at between 3 and 5 percentage points annually.

Första AP-fonden has a concentrated equity portfolio that is managed internally, with relatively few companies based on active selection ensuing from its own research. A long-term approach in the management is a cornerstone in the equity portfolio. The in-house management organisation manages Swedish and foreign equities on developed markets with a focus on large and medium-sized companies.