The Third Swedish National Pension Fund (AP3) has reported a net loss of SEK $3.1 billion ($354 million) in the first half of the year.
AP3 said the COVID-19 pandemic caused strain on financial markets and dramatically reshaped global economic growth prospects during the spring.
“The tide of uncertainty hit financial markets hard, though major financial support packages initiated by national governments and central banks helped to calm market nerves,” noted the fund in an Aug. 26 statement. “A recovery has since taken shape, albeit one that differs widely between industries and sectors.”
The pension fund saw a total return of –0.8 percent after expenses. AP3 has generated an average annual return of 6.9 percent over the last five years, and 8.4 percent over the last decade.
“AP3’s return of –0.8 percent for the first half of 2020 was satisfactory in difficult circumstan
