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AP3 present a strong portfolio in challenging times

  • AP3 reported a net result of SEK -35,347 (48,133 million) for the first six months of 2022.
  • The total return was -7.0 (11.4%) after expenses.
  • The annualised asset management cost ratio was 0.08% (0.09), of which operating expenses totalled 0.05% (0.05).
  • Fund capital was SEK 464,927 (502,287 at 31 Dec 2021), a decrease of SEK 37,360 million.
  • SEK 2,013 million (4,220) was paid from fund capital to the Swedish Pensions Agency during the period to cover the difference between paid-in pension contributions and outgoing pensions and to meet pension system costs.
  • AP3 has generated an average annual return of 8.5% (11.2) over the last five years and 9.9% (9.7) over the last 10 years.
  • Return outperformed the LSP benchmark portfolio by 5.6 percentage points during the period.
  • AP3 Stewardship report is published in connection to the half-year report (soon in English)
  • AP3 appointed, this spring, a Head of Sustainability and formed a special sustainability group in asset management to further strengthen the integration of sustainability work into portfolio management. An important part consists of defining quantitative and qualitative goals as well as activities whose purpose is to achieve the long-term goals set by the Board of Directors.

Kerstin Hessius, CEO AP3:

”The rapid reversal from 2021 which ended on a positive note, has been a bruising first half of the year on the financial markets, with both equities and bonds seeing negative returns. Given these circumstances, AP3 has achieved relatively good results, with a return of -7% after costs.”

“This is my last year as CEO of AP3, and I’ll be passing over to Staffan Hansén in late autumn this year. It is with confidence that I hand over a professional organisation, with highly skilled employees and a strong portfolio that is well positioned to contribute to the pension system going forward.”

 

The interim report can be found here

Summary of AP3’s interim results at 30 June 2022

 30-06-202230-06-202131-12-2021
Fund capital at 30 June, SEK bn 464.9466.9502.3
Net result for the period, SEK bn-35.348.186.8
Net payment to the pension system, SEK bn2.04.27.5
Fund capital at 1 January, SEK bn502.3423.0423.0
Return after expenses, %-7.011.420.7
Real return after expenses, %-11.710.816.2
Asset management cost ratio, operating expenses, percentage of assets under management*0.050.050.05
Asset management cost ratio, commission expenses, percentage of assets under management*0.030.030.03
Total asset management cost ratio, percentage of assets under management*0.080.090.08
Annualised return after expenses, 5.0 years, %**8.511.211.3
Annualised return after expenses, 10.0 years, %**9.99.711.1
Annualised real return after expenses, 10.0 years, %**8.08.79.8

* The interim report measures the asset management cost ratio on a full-year basis
** The interim report also shows annualised return for 10.0 and 5.0 years respectively.

 

For further contact:

Lil Larås Lindgren, Head of Communications, +46 08-555 17 123 lil.lindgren@ap3.se

AP3’s press room  

AP3 is one of five funds that manage capital on behalf of the Swedish state pension system. The Fund is tasked by Parliament with generating maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk. Read more about AP3 at www.ap3.se