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

Real estate
Investing in real estate offers potential for relatively stable returns and a degree of protection towards inflation.
The governance view of sustainability
AP3 has strong reasons for promoting a sustainable development because it is a prerequisite for achieving high investment returns over time.
Fixed income investments
The fixed income and FX team at AP3 manages the Fund’s fixed income investments, which are subdivided into government, inflation-linked and corporate securities.

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