AP3 delivers strong results in international comparison
The Third Swedish National Pension Fund (AP3) has delivered strong results in an international comparison conducted by CEM Benchmarking, which compares the returns and costs of pension funds and institutional investors globally. This year’s analysis shows that AP3 stands out for its ability to generate strong returns at a low cost.
Over the past five years, AP3’s net value added, defined as the difference between the Fund’s actual return and the return on its policy portfolio, was 2.1%, compared with 0.0% for the median European fund in the peer group. Over the same period, the Fund’s total return was 7.5%, compared with a median return of 1.0% for the same group.
In addition to delivering strong returns, AP3’s costs were 46% lower than the average for the international peer group. The results demonstrate AP3’s ability to combine strong value creation with highly cost-efficient asset management.
Staffan Hansén, CEO, comments: “We are pleased to see that our investment management compares favorably in an international context. Our mandate is to generate strong returns over time for the benefit of the Swedish pension system, and the comparison shows that we have been highly successful in doing so while keeping costs low. This is a testament to the strength and resilience of our investment management model.”
The analysis also shows that AP3’s risk-adjusted returns have been higher over time than those of the median European fund. AP3’s ten-year Sharpe ratio was 1.02, compared with 0.40 for the European peer group.
CEM Benchmarking conducts annual comparisons of pension funds and institutional investors, focusing on returns, costs and risk-adjusted returns. AP3 has participated in the benchmarking for many years as part of its efforts to evaluate and continuously develop its investment management.
This year’s evaluation includes 244 funds globally. AP3’s performance and costs are compared with those of pension funds with mandates and assets under management similar to AP3’s, as well as with all participating European funds and all participating international funds. This year’s results cover the period 2021–2025.
Contact
Isabella Croon Stegersjö
Chief Communications Officer
press@ap3.se
About AP3
The Third Swedish National Pension Fund (AP3) is one of three buffer funds within Sweden’s national income pension system. The Fund has been entrusted by the Swedish Parliament with managing its assets to provide the greatest possible benefit to current and future pensioners. As of June 30, 2026, the Fund managed SEK 891.0 billion in assets, and its return amounted to 7.6 percent after costs.
Learn more: www.ap3.se
National Pension Insurance Funds Act (2000:192) | Swedish Parliament