Andra AP-fonden reports a total return of 0.4 per cent, after costs, for the first half of 2025. The result amounted to SEK 1.6 billion and the fund capital amounted to SEK 458 billion at the end of the first half of the year.

The first half of 2025 was volatile in the global economy and was characterized by uncertainty and geopolitical unrest. Andra AP-fonden reports a fund capital of SEK 458 billion, and a return of 0.4 per cent. Listed equities, credit bonds and bonds in emerging markets have contributed positively to the result. The strong development of the Swedish krona has weighed on the result, given the Fund’s geographically diversified investments.

“Andra AP-fonden has had a slightly positive development during the period. Equities and credit bonds in emerging markets performed strongly, while real assets had a weaker development. The Fund’s exposure to foreign currencies had a negative impact on the result, due to the strong Swedish krona,” says Eva Halvarsson, CEO of Andra AP-fonden.

“We continue to implement the Fund’s new fund management strategy, which was introduced in 2024. Through more dynamic and proactive fund management, we can better adapt to a changing environment, which will contribute to a good pension for today’s and tomorrow’s pensioners,” says Eva Halvarsson.

“Work is underway, in constructive cooperation with Sjätte AP-fonden, to implement the Swedish Parliament decision on a more efficient management of the buffer capital. The goal is to create a more appropriate and cost-effective fund management, to the greatest possible benefit to the pension system,” says Eva Halvarsson.

Key ratios	Jan-Jun 2025	Jan-Jun 2024	Jan-Dec 2024
Fund capital carried forward, SEK billion	458.0	445.8	458.9
Net result for the period, SEK billion	1.6	20.6	34.9
Net outflows to the national pension system, SEK billion	-2.4	-0.9	-2.0
Fund capital brought forward, SEK billion	458.9	426.0	426.0
Asset management costs: operating expenses, %	0.06	0.07	0.07
Asset management costs: commission expenses, %	0.02	0.01	0.01
Total asset management costs, %	0.08	0.08	0.08
Return after costs, %	0.4	4.9	8.2
Real return after costs, %	-0.2	4.2	7.3
Annualised return after costs, 5 years, %	6.3	5.5	5.2
Annualised return after costs, 10 years, %	5.8	6.6	6.3
Real annualised return after costs, 10 years, %	2,8	3.6	3.3

Read the full interim report (pdf) on the Fund’s website www.ap2.se

For further information please contact:

Eva Halvarsson, CEO of Andra AP-fonden, eva.halvarsson@ap2.se or
Åsa Mossberg, Head of Corporate Communications, asa.mossberg@ap2.se