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

Excluded companies
Följande bolag är uteslutna från AP3s investeringar.
The governance view of sustainability
AP3 has strong reasons for promoting a sustainable development because it is a prerequisite for achieving high investment returns over time.
Global voting
Tredje AP-fonden röstar årligen på cirka 1 200 bolagsstämmor varav 160 i Sverige.

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