AP1, Stockholm, reported a net return of -1.8% in six months ended June 30, with assets declining 2.9% to 355 billion Swedish kronor ($38.1 billion).
The pension fund said in an update Thursday that the return equated to a loss of 6.6 billion kronor. For the six months ended June 30, 2019, the fund returned 9.7%.
Assets have increased 0.8% since June 30, 2019.
AP1 achieved an annualized total net return of 5.8% for the five years ended June 30, and 7.8% for the 10-year period.