Within the investment assets, the weight of equity investments (listed shares and capital funds) is 45–50% in the long term. The proportion of real investments (real estate, forest, infrastructure) is 35–40% and that of fixed-income investments (loans, money market instruments and bonds) is 15% on average.

Approximately 1/3 of the portfolio is comprised of direct investments (direct real estate investments and investments in domestic listed shares) and 2/3 are fund investments. We are a long-term investor. Over 60% of our portfolio are non-liquid assets (real estate, capital funds, bond funds, forest and infrastructure), in which the yield expectation is higher as compared to liquid investments with a similar risk level. This is explained by the so-called liquidity risk premium, meaning that the yield expectation is higher for those investments that cannot be bought or sold as easily as listed investments.

The investments are diversified into various investment categories and geographical regions. Thus, the overall risk level of the portfolio is low in relation to the extremely strong solvency. This facilitates what is known as counter-cyclical investing whereby the portfolio weights can be returned to strategic levels if any major changes occur in the values of the investments. While listed shares are subject to the greatest price fluctuation, this source of additional yield bears the most significance for them.

Across all our investments, we pay special attention to their responsibility and sustainability, which are monitored by means of, for example, ESG ratings, carbon dioxide emissions and real estate energy consumption data. We set annual goals for developing our portfolio so as to enhance its level of responsibility. Our primary objective is to achieve carbon neutrality in our real investments by 2030