Five-year summary

⁽¹⁾ Excluding exposure through SEK-listed companies with foreign domicile.
⁽²⁾ Employees with The Council of Ethics included, for further information see note 6.
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

Alternative investments
Alternative investments account for around 34% of the AP3 portfolio. They consist of private equity funds, real estate, infrastructure assets, timberland and insurance-related investments.
Private Equity
Private Equity is the name for investments in the share capital of companies that are not listed on a stock market.
Real estate
Investing in real estate offers potential for relatively stable returns and a degree of protection towards inflation.

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