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

AP3’s portfolio
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.
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.
Market value per asset category
Market value per asset class

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