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	1.1	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

Infrastructure
AP3 invests in listed and unlisted funds as well as through direct investments.
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.
Investment rules
Our investments are governed by the rules of the National Pension Insurance Funds (AP Funds) Act, partly in regard to how large a percentage of the capital may be invested in each type of asset.

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