The Third Swedish National Pension Fund (AP3) has reported a return of 7.8 per cent, equivalent to SEK 36.2bn, in 2023.

The result is a significant improvement on 2022’s end of year result, which was -29.2 per cent. The fund capital now totals SEK 500bn compared to SEK 468bn the previous year. Its five- and ten-year results, after costs, are 9.6 and 8.7 per cent, respectively. Its net payments to the Swedish pension system amounted to SEK 4.8bn, a similar figure to 2022, which was SEK 4.7bn.

Commenting, AP3 CEO, Staffan Hansén, said: “Global equity markets had a clear upward trajectory during the year, but there were also several bumps in the road that had investors fluctuating between hope and disappointment. Despite the volatile year, AP3 reports a stable performance.”

Over the course of the year, AP3’s targets and action plans were defined in the fund’s focus areas: corporate governance, climate, human rights and biodiversity. The procurement of new system infrastructure was also completed, which AP3 said it an important step in future-proofing the its operational support.

During the year a new head of asset management was appointment, with Jonas Thulin replacing Pablo Bernengo, who left AP3 at the end of the 2023.

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