Results and performance
Key Fund Capital Metrics
Since its inception in 2001, AP2 has managed the Fund's assets with a long-term perspective, helping to strengthen the pension system. Here you can follow the Fund's development, value creation and key performance indicators over time.
Opening Fund Capital 2001
Fund Capital December 2025
Pension Disbursements
Average Annual Return
Development of the Fund Capital
The chart shows the development of the Fund's capital since its inception in 2001.
Value Creation
Through long-term investment and prudent risk-taking, AP2 has strengthened the pension system by generating more than SEK 260 billion in excess returns since its inception in 2001, relative to the Income Index.
Key Metrics
10 Year Overview
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Fund capital, SEK billion
475,2
458,9
426
407,1
441
386,2
381,3
334,8
345,9
324,5
Net outflows to national pension system, SEK billion
-4,6
-2
-4,8
-4,7
-7,5
-7,9
-6,5
-6,8
-7,4
-6,6
Net result for the year, SEK billion
20,9
34,9
23,8
-29,2
62,3
12,8
53
-4,3
28,8
30,5
Return on total portfolio before expenses, %
4,7
8,3
6
-6,6
16,4
3,7
16,1
-1,2
9,1
10,5
Return on total portfolio after expenses, %
4,6
8,2
5,9
-6,7
16,3
3,5
15,9
-1,3
9
10,3
Absolute risk, ex ante, %
10,6
11,3
Currency exposure, %
30
24
22
23
34
34
34
32
33
31
Management expense ratio, excl. commission expenses, %
0,06
0,07
0,07
0,06
0,06
0,06
0,07
0,06
0,06
0,07
Management expense ratio, incl. commission expenses, %
0,08
0,08
0,09
0,11
0,11
0,14
0,15
0,14
0,15
0,15
Annualised return after operating expenses, 5 years, %
5,4
5,2
6,6
5,2
8,5
7,3
7,4
6,9
9,8
10,6
Annualised return after operating expenses, 10 years, %
6,4
6,3
6,8
7,4
9,5
7,7
8,4
8,8
6
5,5