Five-year summary

⁽¹⁾ Excluding exposure through SEK-listed companies with foreign domicile.
⁽²⁾ Employees with The Council of Ethics included.
Five year review	2025	2024	2023	2022	2021
Income and inflows, SEK bn
Net flows to/from pension system	-4.6	-2.0	-4.8	-4.7	-7.5
Profit for the period	32.6	51.3	36.2	-29.2	86.8
Fund capital as per December 31	577.1	549.1	499.8	468.4	502.3

Return and expenses total portfolio, %
Return before expenses	6.1	10.4	7.8	-5.7	20.8
Operating expenses	0.07	0.06	0.06	0.05	0.05
Commission expenses	0.01	0.01	0.02	0.02	0.03
Return after expenses	6.0	10.3	7.8	-5.8	20.7
Inflation	0.3	0.8	4.4	12.3	3.9
Real return after expenses	5.7	9.4	3.2	-16.1	16.2

SEK bn
Return	33.0	51.6	36.5	-28.9	87.1
Operating expenses	0.4	0.3	0.3	0.3	0.2
Return after expenses	32.6	51.3	36.2	-29.2	86.8

Annual return after expenses %
Five years	7.5	8.2	9.59	8.1	11.3
Ten years	8.3	8.4	8.68	9.3	11.1

Risk
Risk (1-yr standard deviation), %	6.8	6.0	5.0	8.4	5.2
Sharpe ratio	0.9		0.8	neg	4.0
Risk (10-yr standard deviation), %	6.7	7.0	7.0	6.9	6.3

Currency exposure
% of total portfolio 1)	22.2	23.1	17.9	19.0	21.1

External management
% of total portfolio	19.5	18	22.2	22	31

Asset management expenses % of assets under management
Operating expenses	0.07	0.06	0.06	0.05	0.05
Operating and commission expenses	0.08	0.07	0.07	0.08	0.08

No. of employees	80²	72 2)	70 2)	66	61

Listed equities
Investments in individual stocks have long been a central part of AP3's management model
AP3’s securities
AP3’s securities. Here, you can download AP3’s various securities holdings. For us, it is important to create long-term value when selecting investments and in the management of companies in the portfolio.
Global voting
Tredje AP-fonden röstar årligen på cirka 1400 bolagsstämmor varav drygt 130 i Sverige.

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