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 |
Read more
AP3 has been investing in different types of insurance-, climate- and weather-related securities since 2008. Holdings include catastrophe bonds, which are traded outside the traditional financial markets. Returns on these instruments have a low correlation with other investments, which means they help to diversify the 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.
Engagement generates added value. Well run companies deliver higher returns at a lower level of risk over time. AP3 sets out to make a difference through engagement, action and pressure for change.