AP3 Tredje AP-fonden

AP3 reports stable performance – and is focusing on building for the future


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 CEO Staffan Hansén
AP3 CEO Staffan Hansén Fotograf Peter Phillips

Staffan Hansén, CEO AP3:

“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.”

Highlights of 2023

  • Targets and action plans were defined in AP3s focus areas: corporate governance, climate, human rights and biodiversity.
  • The procurement of new system infrastructure was completed, which is an important step in future-proofing the fund’s operational support.
  • A new Head of Asset Management was recruited, with Jonas Thulin replacing Pablo Bernengo, who left AP3 at the end of the year.

AP3’s key ratios



Fund capital at end of year



Net payments to pension system, SEK bn



Net result, SEK bn



Return after expenses, %



Total asset management costs, %



Asset management costs excluding commission expenses, %



Annual average return after expenses, 5 yrs, %



Annual average return after expenses, 10 yrs, %



Annual Report AP3 2023

For further information, please contact:

Lil Larås Lindgren, Head of Communications. Tel.: 08 555 17 123 lil.lindgren@ap3.se

Read more about Third Swedish National Pension Fund (AP3) at www.ap3.se/en/



AP3 - Third Swdish National Pension Fund

AP3 is one of five buffer funds that manage capital on behalf of the Swedish state pension system. At 31 December 2023, the fund had SEK 499.8 billion under management and an annual return of 7.8 per cent.

The fund is tasked by the Swedish Parliament with generating the 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.

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