AP3, Stockholm, delivered returns of 7.1% after expenses in the first half of 2024, beating out other Swedish national pension funds AP1, AP2 and AP4, while ATP Denmark reported assets diminished since the end of 2023.
AP3 reported gains of SEK 35.4 billion ($3.3 billion) for the first six months of the year and total assets of SEK 534.3 billion as of June 30. The fund reported an 8.7% average return over 10 years.
AP4, Stockholm, reported a SEK 34.6 billion gain, a 6.9% return after expenses and assets of SEK 533.3 billion as of June 30. AP4 averaged a 8.5% return over 10 years.
AP1, Stockholm, reported returns of 5% for the first half of the year on gains of SEK 22.7 billion and a 7.8% average return over 10 years. The fund had assets of SEK 476.2 billion at the end of June.
AP2, Gothenberg, reported returns of 4.9% on gains of SEK 20.6 billion for the first half of 2024 and a 6.6% 10-year average return. AP2 had SEK 445.8 billion in assets as of June 30.
All four pension funds reported –0.9 billion net outflows to Sweden’s national pension system.
Staffan Hansen, CEO at AP3 said: “I am very pleased with the returns delivered by AP3 during the first half of the year. The equity allocation gradually increased during the period, which paid off as the results were mainly driven by the strong performance of the global equity markets.”
Meanwhile, ATP, Hilleroed, Denmark, saw its assets dip 2.6% in the first half of the year from DKK 712.2 billion at the end of 2023 to DKK 693.3 billion ($99.5 billion) as of June 30. Over the past 10 years, ATP has generated an average return of DKK 11 billion.
Earlier this year, the Swedish government broadened the review of its national pension funds from 2023, with one option to further consolidate the plans to modernize and streamline management.
