29 August 2025

Första AP-fonden delivers a good performance despite these turbulent times and prepares for a responsible handover

Geopolitical tensions and trade policy turbulence dominated the first half of 2025. In a challenging market climate, Första AP-fonden remained stable and delivered net investment income of SEK 2.7 billion, corresponding to a return of 0.6 per cent. The Fund exceeded its long-term return target. Assets under management totalled SEK 497.2 billion as of 30 June 2025.

All asset classes contributed positively to net investment income. The Fund increased currency hedging during the period to protect the return on foreign assets in pace with the Swedish krona strengthening. This measure proved effective and helped offset an otherwise negative impact on net investment income. The exposure to North American equities was reduced in favour of European equities, and holdings in US treasury bonds with longer maturities were adjusted downward. The Fund transferred SEK 2.4 billion to the income pension system in the period. The expense ratio remains very low at 0.05 per cent. The Fund exceeded its long-term target of a 3.0 per cent real return over rolling ten-year periods. The average five-year return now amounts to 8.2 per cent, compared with 5.8 per cent over the previous five years.

“We continue to deliver healthy returns, despite these turbulent times, using a clear focus on a long-term approach, responsible management and cost-efficiency. The results we see today are the fruit of five years of determined and extensive work with change management involving the entire organisation. I am grateful for the commitment, competence and responsibility invested by our employees, not least in connection with the important and complex handover work that is currently ongoing,” says Kristin Magnusson Bernard, CEO of Första AP-fonden.

Given the Riksdag’s May decision to consolidate the AP Funds from five to three, Första AP-fonden’s operations will cease at the end of the year. Implementation of an orderly transfer to AP3 and AP4 is proceeding according to plan. The Fund has full responsibility for the portfolio until the year end and has ensured access for the recipient funds to relevant data and contacts with external managers and companies.

Key ratios	30 Jun 2025	30 Jun 2024	31 Dec 2024
Closing net assets, SEK bn	497.2	476.2	496.9
Net investment income for the period, SEK bn	2.7	22.7	44.6
Net flows for pension system, SEK bn	-2.4	-0.9	-2.0
Opening net assets, SEK bn	496.9	454.4	454.4
Expense ratio, Operating expenses, %*	0.05	0.06	0.05
Expense ratio, Commission expenses, %*	0.00	0.00	0.00
Total expense ratio, %*	0.05	0.06	0.05
Return after expenses, %	0.6	5.0	9.8
Real return after expenses, %	0.5	4.3	4.4
Annualised return after expenses, 5 years, %	8.2	7.7	7.7
Annualised return after expenses, 10 years, %	7.0	7.8	7.5
Real annualised return after expenses, 10 years, %	3.9	4.8	4.4

* In the six-month interim report, the expense ratio is calculated as the full-year effect.

The CPI for June 2025 is an estimate as this figure was not available at the time of the half-year closing.

Contact:
Kristin Magnusson Bernard, CEO Första AP-fonden, tel. +46 (0)8-566 202 00.
Sara Christensen, Head of Communications, Första AP-fonden,
tel. +46 (0)70-968 12 50, [email protected].

Read the full six-month interim report here.