Strong financial markets defied the uncertain economic outlook during the first half of the year
AP3 in brief half-year 2023
Earnings and receipts
• AP3’s profit for the first half of 2023 was SEK 25,689 million (-35,347).
• AP3’s total return was 5.5 per cent (-7.0) after expenses.
• The Fund’s full-year asset management costs were 0.08 per cent (0.08), of which operating expenses were 0.06 per cent (0.05).
• AP3’s fund capital was SEK 491,496 million (468,410 as at 31 December 2022).
• From the fund capital, SEK 2,602 million (2,013) was paid to the Swedish Pensions Agency to cover the difference between paid-in pension contributions and paid-out pensions and costs for the state income pension system during the first half of 2023.
Stewardship and sustainability
• The 2023 Corporate Governance report summarizes that the Fund has voted at the AGMs of 1,050 companies in 30 countries and on 13,000 motions. AP3 has chosen to support most of the motions from other shareholders and voted in favour of 7 out of 10 motions.
• Priority issues highlighted by AP3 include how companies should incorporate sustainability criteria in remuneration plans, gender-equal boards and ambitious climate strategies.
• AP3 has developed guidelines and expectations for portfolio companies’ sustainability work within the framework of AP3’s priority focus areas: Climate, Human Rights and Corporate Governance.
Summary of AP3’s earnings as at 30 June 2023.
30-06-2023 | 30-06-2022 | 31-12-2022 | |
---|---|---|---|
Fund capital, SEK bn | 491.5 | 464.9 | 468.4 |
Net result for the period, SEK bn | 25.7 | -35.3 | -29.2 |
Net payment to the pension system, SEK bn | -2.6 | -2.0 | 4.7 |
Fund capital at 1 January, SEK bn | 468.4 | 502.3 | 502.3 |
Return after expenses, % | 5.5 | -7.0 | -5.8 |
Real return after expenses, % | 3.0 | -11.7 | 16.1 |
Asset management cost ratio, operating expenses, percentage of assets under management* | 0.06 | 0.05 | 0.05 |
Asset management cost ratio, commission expenses, percentage of assets under management* | 0.02 | 0.03 | 0.02 |
Total asset management cost ratio, percentage of assets under management* | 0.08 | 0.08 | 0.08 |
Annualised return after expenses, 5.0 years, %** | 8.6 | 8.5 | 8.1 |
Annualised return after expenses, 10.0 years, %** | 9.3 | 9.9 | 9.3 |
Annualised real return after expenses, 10.0 years, %** | 6.6 | 8.0 | 6.8 |
* The interim report measures the asset management cost ratio on a full-year basis
** The interim report also shows annualised return for 10 and 5 years, respectively.
The half-year report can be downloaded here
For further information, please contact:
Lil Larås Lindgren, Head of Communications. lil.lindgren@ap3.se
Contacts
Lil Larås LindgrenChef Kommunikation / Head of CommunicationsAP3
Tel:+46709 517223lil.lindgren@ap3.seAbout AP3 Tredje AP-fonden
AP3 is one of five funds that manage capital on behalf of the Swedish state pension system. At 30 June 2023, the Fund had SEK 491.5 billion under management and an annual return of 5.5% after expenses. AP3 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 the Third Swedish National Pension Fund at www.ap3.se
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Latest releases from AP3 Tredje AP-fonden
AP3 reports stable performance – and is focusing on building for the future22.2.2024 09:07:06 CET | Press release
AP3 reports a stable performance for, with fund capital totalling SEK 500 billion. The result was 36.2 billion, giving a return of 7.8 per cent for the year. Over five and ten years, this gives returns after costs of 9.6 and 8.7 per cent respectively.
AP3 redovisar stabilt resultat – och har fokus på att bygga för framtiden22.2.2024 08:34:50 CET | Pressmeddelande
AP3 summerar ett stabilt resultat för 2023 där fondkapitalet uppgick till 500 miljarder kronor. Resultatet blev 36,2 miljarder vilket gav en avkastning om 7,8 procent för året. På fem respektive tio år ger det 9,6 respektive 8,7 procent avkastning efter kostnader.
AP3 and Wafra form new investment platform to pursue private equity co-investments5.12.2023 14:03:22 CET | Press release
New venture combines the deal flow and investment capital of its founders New York and Stockholm, December [5], 2023 – The Third Swedish National Pension Fund (“AP3”) and Wafra Inc. (“Wafra”) today announced the formation of an investment platform called Covalent. The platform is focused on pursuing a new approach to private equity co-investing, harnessing the capabilities, networks and experience of a small number of large, forward-thinking, global asset owners.
AP3 och Wafra bildar en ny investeringsplattform för att göra private equity co-investments5.12.2023 14:01:37 CET | Pressmeddelande
Ett nytt samarbete kombinerar affärsmöjligheter och investeringskapital från dess grundare. New York och Stockholm, 5 december, 2023. Tredje AP-fonden (”AP3”) och Wafra Inc. (”Wafra”) tillkännagav idag bildandet av en investeringsplattform kallad Covalent. Plattformen fokuserar på ett nytt tillvägagångssätt för att generera och genomföra s.k. co-investments (saminvesteringar) inom private equity genom att utnyttja kapaciteten, nätverken och erfarenheten hos ett litet antal större, framåtblickande, globala kapitalförvaltare.
Jonas Thulin becomes AP3’s new Chief Investment Officer6.10.2023 11:00:52 CEST | Pressmeddelande
Third Swedish National Pension Fund (AP3) has appointed Jonas Thulin as its new Chief Investment Officer.
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