Five-year summary
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 |
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Nearly half of AP3’s assets are invested in stock markets worldwide. Equity investments have long been a central part of AP3’s management model, and the fund has several experienced employees in the area.
AP3’s core mission is to create value in the Swedish pension system. By assuming responsibility and influencing the companies that we invest in, we make sure to generate the best possible returns for current and future pensioners.
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.