第二只瑞典国家养老基金（AP2）首席投资策略师托马斯·弗兰泽恩（Tomas Franzén）6月底前往纽约，在一个由来自世界各地的退休行业大师组成的会议上就养老金计划创新发表演讲。他抽空坐下来和我进行一对一的谈话亚博赞助欧冠在第一届投资创新和退休的全球未来大会的休息期间养老金和投资.
作为AP2的投资政策和战略资产配置主管，Franzén自2001年成立以来一直在该基金工作，他对该基金成立十几年来取得的成功充满热情。AP2是通过两党共同努力建立的，旨在支持和保护覆盖瑞典人口的养老金体系中的退休福利。作为四个“缓冲区”之一，独立运作的基金规模大致相同（与AP1、AP3和AP4），它一直是一个名副其实的新投资理念实验室。
从一开始，AP2，现在是2467亿瑞典克朗($38.7 billion) in assets, was designed with a quantitative investment model that uses mathematical calculations and signals to identify assets and asset prices that are over- or undervalued. The internal portfolio managers use these signals to over- or underweight equities in the fund. To save on asset management fees, internal fund management is responsible for a full 75 percent of the total portfolio. Half of AP2 assets are allocated to equities; 33 percent to fixed income; and 16 percent to另类投资，其中包括对冲基金、房地产和私人股本。这些另类基金占了外部管理基金的大部分。
过去一年的许多行动都发生在非洲新兴市场，首先，AP2从外部管理者手中收回110亿瑞典克朗的固定收益和股票资产，并将其纳入养老基金的量化团队。
Franzén and his team had determined that with four of the 10 largest economies in emerging markets, this portfolio needed to grow as well. To keep costs low, they decided to bring much of the asset management in-house. But in a year in which the MSCI emerging-markets index was down 3.84 percent, raising the allocation required convincing the board of trustees.
“我们去了董事会，要求增加投资，”Franzén说，他拥有斯德哥尔摩大学的文学学士学位，并持有欧洲金融分析师协会联合会（EFFAS）的金融分析师认证。“风险溢价已经激增，”他补充道。
The board agreed to raise the emerging-markets allocation by 2 percent in both equity and fixed income, bringing the total to 13 percent, with 9 percent in equity and 4 percent in固定收益。“你说的是要做一个逆向投资者！他调侃道，并补充称，这是一个基于长期回报预期的战略决策，而非战术决策。
移动资产内部所需的主要技术effort. The quantitative team members had to oversee connections to emerging-markets bourses in 23 countries to enable them to trade the MSCI emerging-markets index themselves, says Mathias Eriksson, senior trader, cash equities at AP2. April 17, 2013, was a red letter day for the investment team when in 16 hours the first portfolio of almost Skr5 billion was invested in 511 companies in 21 emerging countries, including South Korea, India and Brazil. By the end of 2013, there were 638 investments with a value of Skr14 billion. Fund officials have also begun to invest in emerging-markets government debt in-house.
“We’ve built up a large knowledge of trading in emerging markets,” says Eriksson. Although the group follows the MSCI index fairly closely, “in all of our mandates, our goal is to beat the benchmark,” he says.
除了新的内部新兴市场股票和债券投资组合外，AP2还在中国设立了一个滩头阵地，第一个2亿美元的直接投资配额来自中国国家外汇管理局。这些投资将通过新加坡的APS资产管理和香港头孢资本管理进行外部管理。
就瑞典养老金的设计而言，“AP2是一个独特的‘paygo’系统，”他说基思·安巴切尔,director emeritus of the Rotman ICPM Board Effectiveness Program at the University of Toronto’s Rotman School of Management. Paygo means it is self-financed, with no government input. The system was designed by Ole Settergren, now director of research at the Swedish Pensions Agency and an AP2 board member, after the Swedish Parliament decided in 1998 to reform the pension system. The four buffer funds were created to provide assets to the primary Swedish pension fund during serious market downturns or peaks in the retiree population. The funds receive 8.5 percent of salaries, with contributions split evenly between employers and employees. The contributions are then distributed in four even portions among the four AP funds.
尽管世界上的一些地区——加拿大的英国和安大略——正努力改革或加强他们的养老金制度，瑞典人却以独特的方式进行了改革。2001年的养老金改革创立了四个美联社基金，鼓励人们在工作生活的两个方面工作更长时间，从而为系统做出更多贡献，弗兰泽恩说，“鼓励年轻人跳过背包年，”他解释说，“另一方面，（接近退休的老年人）选择留下来。”