Sweden’s third national pension fund, AP3, delivered a return of 7.6 per cent after costs in the first half of 2026, corresponding to a profit of SEK 62.7bn, its interim results have shown.

The H1 return resulted in the fund’s capital growing to SEK 891bn, an increase of SEK 340.4bn from a year ago when the fund’s capital stood at SEK 550.6bn.

Additionally, AP3’s opening fund capital for H1 2026 was SEK 577.1bn, an increase from SEK 549.1bn in H1 2025 and at the end of 2025.

According to the fund, the total management expense ratio in H1 2026 was 0.05 per cent, a slight drop from 0.07 per cent in H1 2025.

Operating expenses accounted for 0.05 per cent of the management expense ratio in H1 2026, a slight fall from H1 2025, when they accounted for 0.06 per cent.

The results also reported that AP3 has achieved an annual average return of 6.7 per cent after costs for the past five years and 8.9 per cent after costs for the past 10 years.

Commenting on the results, AP3 CEO, Staffan Hansén, said: “AP3 has navigated the financial markets well, and the first half of the year has once again confirmed the value of an active and disciplined investment strategy.

“The consolidation of the buffer funds at the turn of the year went smoothly, and the capital taken over from the First AP Fund has been successfully integrated into the fund’s management structure.”

Additionally, the results showed that the assets transferred from the First AP Fund to AP3 as of 30 June 2026 totalled SEK 255.8bn.

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