Andra AP-fonden (AP2) reported a total return of 4.8 per cent, after expenses, for the first half of 2023. A profit of SEK 19.4 billion was achieved and the fund capital reached SEK 423.9 billion. During the period, SEK 2.6 billion was transferred to the pension system.

In the first half of 2023, the global economy performed better than expected, but with growth forecasts still subject to considerable uncertainty. Lower energy prices helped to dampen overall inflation and reduce the pressure on households.

“The first half of the year continued to be affected by uncertainty in the financial markets as a consequence of geopolitical tensions, rising interest rates and economic effects on households. However, the performance of the equity and fixed-income markets during the period was positive, which contributed to a total return of 4.8 per cent,” says Eva Halvarsson, CEO of Andra AP-fonden.

“Our assessment is that the prevailing market uncertainty will continue. Against this background, it is satisfactory that we have spread the risks as far as possible between different types of asset classes and markets, between listed and unlisted assets, and between different management models. Our assessment is that, over time, this will generate a good and stable return, in line with our long-term mission,” says Eva Halvarsson.

“Since it was established, Andra AP-fonden’s return has exceeded the Fund’s long-term return assumption and has thereby contributed positively to the stability of the pension system. Over the past ten years, the Fund’s return has averaged 7.5 per cent,” says Eva Halvarsson.

Key ratiosJan.-June 2023Jan.-June 2022Jan.-Dec 2022
Fund capital carried forward, SEK billion423.9411.7407.1
Net result for the period, SEK billion19.4-27.3-29.2
Net outflows to the national pension system, SEK billion-2.6-2.0-4.7
Fund capital brought forward, SEK billion407.1441.0441.0
Asset management costs: operating expenses, %
Asset management costs: commission expenses, %
Total asset management costs, %
Return after costs, %4.8-6.2-6.7
Real return after costs, %2.3-9.7-16.9
Annualised return after costs, 5 years, %
Annualised return after costs, 10 years, %
Real annualised return after costs, 10 years, %

Read the full interim report (pdf) on the Fund’s website

For further information please contact:

Eva Halvarsson, CEO of AP2’s, tel. no. (+46) (0)31 704 29 00 or

Ulrika Danielson, Head of Corporate Communications, tel. no. (+46) (0)709 50 16 13.