The buffer funds AP2, AP3 and AP4 report a combined result of SEK 167 billion for the first half of 2026. The result has further strengthened the Swedish income pension system and demonstrates the value of active, long-term and responsible asset management.
AP4’s portfolio returned 6.8% in the first half of 2026, with a net result of SEK 56.1 billion. Fund capital increased to SEK 885.5 billion at mid-year, after SEK 4.5 billion was transferred from AP4 to the national pension system during the first six months of the year and SEK 255.8 billion was transferred from AP1 at the beginning of the year.
The year 2025 was characterised by turbulence and a complex global environment, marked by increased levels of conflict, growing polarisation in key sustainability areas, and rapid technological development. For the Council on Ethics of the Swedish National Pension Funds, this has led to a strong focus on extensive analysis based on international norms and conventions, as well as on systemic issues linked to the mining industry and the impact of big tech companies on human rights.
AP4 reported a return for the full year 2025 of 6.3% after costs and the net result for the year was SEK 34.4 billion. The fund capital increased to SEK 578.1 billion at the end of the year after net payments from AP4 to the pension system of SEK 4.6 billion during the year. Following the transfer of assets from AP1 at the turn of the year, the fund capital increased to SEK 833.8 billion at the beginning of 2026.
At the beginning of 2026, the transfer of assets from the First Swedish National Pension Fund (AP1) to the Third and Fourth Swedish National Pension Funds (AP3 and AP4) was carried out. The transfer was executed as part of the consolidation of the “AP Funds”, as decided by the Swedish Parliament in 2025, which came into effect on 1 January 2026.