AP3 holds a very strong competitive position in global pension fund benchmarking study
The Third Swedish National Pension Fund (AP3)’s good performance over time and its low costs continue to stand out in international benchmarking. This is revealed by an annual study in which the performance and management costs of international pension funds are compared.

- AP3’s average return after expenses over the past five years is 8.2 per cent. This exceeds the median value of the international peer group*, which is 6.4 per cent.
- Over 15 years, AP3 had a net return of 8.5 percent, outperforming the European median of 6.5 per cent and the median of the fund’s custom peer group of 8.2 per cent.
- In terms of risk-adjusted return, measured using a Sharpe ratio, AP3 stands out as a global leader with one of the highest risk-adjusted returns combined with one of the highest absolute returns.
- AP3’s return leads the ranking in relation to its custom peer group (comparable pension funds worldwide) and in relation to the CEM European universe of pension funds. This applies to both the short and long term, and AP3 has delivered 8.2 per cent over five years and 8.5 per cent over 15 years.
- In 2024, AP3’s costs (after adjusting for size and asset mix) were as much as 48 per cent lower than the custom peer group, and 39 per cent lower over the past five years.
Staffan Hansén, CEO of AP3:
“Asset management is scalable and we have worked purposefully to increase internal management in areas in which we have strong expertise, resulting in very good results with high cost efficiency.”
Background information about CEM and AP3’s participation in the benchmarking study
Since 2005, AP3 has participated in the annual benchmarking of international pension funds by the Canadian company CEM Benchmarking. The study typically involves around 300 pension funds from around the world, 46 of which are European. AP3’s results and costs are primarily benchmarked against 18 pension funds that are similar to AP3 in terms of mission and size. The results of this year’s study cover the years 2020 - 2024.
AP3’s asset management must meet high international standards and be assessed against return and costs.
*) AP3’s peer group consists of 18 pension funds in Canada, the USA, the Netherlands, the UK, Finland and New Zealand. Under AP3’s agreement with CEM, these cannot be named.
Examples graphs from the report attached.
For any further questions, please contact Third Swedish National Pension Fund (AP3):
Jonas Thulin, Head of Asset Management/CIO of info@ap3.se
Lil Larås Lindgren, Head of Communications, lil.lindgren@ap3.se
Kontakter
Lil Larås LindgrenChef Kommunikation / Head of CommunicationsAP3
lil.lindgren@ap3.seDokument
Om oss
AP3, Tredje AP-fonden / Third Swedish National Pension Fund
AP3 is one of five buffer funds that manage capital on behalf of the Swedish state pension system. At 30 June 2025, the Fund had SEK 550.6 billion under management and return after expenses of 0.7 per cent. The fund capital is managed mostly through active management and a smaller part through external management.
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.
Read more about the Third Swedish national Pension Fund (AP3) at www.ap3.se/en/

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