Sweden’s AP funds returned 7.8 per cent after costs in the first half of 2026, their interim report has revealed.

The public pension system buffer funds, AP2, AP3, and AP4, reported a result of SEK 167bn for H1, which they said had contributed to further strengthening the Swedish income pension system.

They also paid out more than SEK 13bn to cover deficits in the pension system during the first half of the year.

Since the start of 2001, the AP funds have contributed a net SEK 311bn to the pension system, while fund capital has increased by SEK 1,834bn.

At the end of H1 2026, the total buffer capital amounted to just over SEK 2,388bn, which the funds said created good conditions for contributing to a robust pension system.

“The results have been generated through broad and well-diversified portfolios with investments across multiple markets, asset classes and geographies,” the report stated.

“In a period of continued geopolitical uncertainty, volatile markets and trade tensions, all three funds have navigated well and delivered strong results.

“During the first half of the year, the consolidation of the AP funds has been completed according to plan, with good cost control and a maintained focus on the mission.

“With strengthened organisations, the three buffer funds are well equipped for the future.”

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