AP3, one of five reserve funds supporting Sweden's national pension system, returned 6.8% in the first six months of this year, four times the return of 1.7% in the same period last year, with performance mimicking that of sister fund AP2.

AP3's return last year had been hit by turbulent conditions in equity markets. The return at AP2 was 7% for the first six months of this year, up from 1.9% in 2007. Both funds said returns to the end of June this year had been buoyed by equity performance.