AP2, Gothenburg, Sweden, recorded a -6.2% net return in the "turbulent" six months ended June 30, while AP3, Stockholm, recorded a net -7% return,
For AP2, with assets of 411.7 billion Swedish kronor ($40.4 billion) at the end of June, the return represented a loss of 27.3 billion Swedish kronor.
In the first half of 2021, the fund's net return was 10.2%.
AP2 CEO Eva Halvarsson said in a statement Wednesday that while listed asset classes were negatively affected in the first half of the year, the fund's "broad portfolio has mitigated the impact of the turbulent markets."
Alternative investments, including unlisted real estate, private equity funds and sustainable infrastructure, returned up to 10%, and over the past 10 years, the fund has averaged an 8.2% return, Ms. Halvarsson said.
For AP3, with assets of 464.9 billion Swedish kronor as of June 30, the return represented a loss of 35.3 billion Swedish kronor for the first six months of the year, with the return outperforming the benchmark by 5.6 percentage points.
AP3 generated annualized returns of 8.5% over five years, and 9.9% over 10 years, it said in a release Tuesday.
AP3 CEO Kerstin Hessius, who is stepping down later this year, said in the release that, despite "a bruising first half of the year" in financial markets, "AP3 has achieved relatively good results."
