Five-year summary
Five year review | June 30, 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
Income and inflows, SEK bn | |||||||
Net flows to/from pension system | -2.4 | -2.0 | -4.8 | -4.7 | -7.5 | -7.9 | -6.5 |
Profit for the period | 4.0 | 51.3 | 36.2 | -29.2 | 86.8 | 37.2 | 59.5 |
Fund capital as per December 31 | 550.6 | 549.1 | 499.8 | 468.4 | 502.3 | 423.0 | 393.7 |
Return and expenses total portfolio, % | |||||||
Return before expenses | 0.8 | 10.4 | 7.8 | -5.7 | 20.8 | 9.8 | 17.7 |
Operating expenses | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 | 0.06 |
Commission expenses | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 |
Return after expenses | 0.7 | 10.3 | 7.8 | -5.8 | 20.7 | 9.7 | 17.6 |
Inflation | 0.7 | 0.8 | 4.4 | 12.3 | 3.9 | 0.5 | 1.8 |
Real return after expenses | 0.2 | 9.4 | 3.2 | -16.1 | 16.2 | 9.1 | 15.6 |
SEK bn | |||||||
Return | 4.1 | 51.6 | 36.5 | -28.9 | 87.1 | 37.4 | 59.8 |
Operating expenses | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 |
Return after expenses | 4.0 | 51.3 | 36.2 | -29.2 | 86.8 | 37.2 | 59.5 |
Annual return after expenses % | |||||||
Five years | 8.5 | 8.2 | 9.59 | 8.1 | 11.3 | 9.1 | 8.5 |
Ten years | 7.8 | 8.4 | 8.68 | 9.3 | 11.1 | 8.7 | 8.7 |
Risk | |||||||
Risk (1-yr standard deviation), % | 8.3 | 6.0 | 5.0 | 8.4 | 5.2 | 10.8 | 4.2 |
Sharpe ratio | neg | 1.1 | 0.8 | neg | 4.0 | 0.9 | 4.3 |
Risk (10-yr standard deviation), % | 8.3 | 7.0 | 7.0 | 6.9 | 6.3 | 7.0 | 6.0 |
Currency exposure | |||||||
% of total portfolio 1) | 24.2 | 23.1 | 17.9 | 19.0 | 21.1 | 17.5 | 19.5 |
External management | |||||||
% of total portfolio | 17.3 | 18 | 22.2 | 22 | 31 | 29 | 31 |
Asset management expenses % of assets under management | |||||||
Operating expenses | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 | 0.06 |
Operating and commission expenses | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 |
No. of employees | 73 2) | 72 2) | 70 2) | 66 | 61 | 57 | 58 |
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Engagement generates added value. Well run companies deliver higher returns at a lower level of risk over time. AP3 sets out to make a difference through engagement, action and pressure for change.
Our investments are governed by the rules of the National Pension Insurance Funds (AP Funds) Act, partly in regard to how large a percentage of the capital may be invested in each type of asset.
AP3’s corporate governance policy is based on the National Pension Insurance Funds Act (2000:192) which prescribes, among other things, that the Fund’s mandate is to generate high returns at low risk.