Fund capital has grown by SEK 72.5 billion

AP3's mandate is to manage part of the state pension system's so-called buffer capital. Our long-term mission is to make a positive contribution to the system and we aim to generate a real annual return (return minus inflation) of 4 percent over time. The portfolio must include equities to enable us to meet this target. However, this results in higher risk and may result in the portfolio recording a negative return in certain years.

AP3 started out in 2001 with initial capital of SEK 134 billion. As of 31 December 2009 this had risen to SEK 206.5 billion. Since 2001 AP3 has generated a return of SEK 55.2 billion. A single year is a very short timeframe in which to evaluate a long-term mandate such as ours, and for this reason the government appraises our performance over five-year periods. In the last five years, from 2005 to 2009 we have generated a total return of SEK 42.6 billion – an annual average of SEK 8.5 billion.