A-P Fonden 3 (AP3), one of the national Swedish pension funds, will tender European small-cap mandates in the second half of the year as it looks to increase its actively managed portfolios.

In June, the fund appointed Axa Rosenberg and Batterymarch Financial Management to handle two equally sized US small and mid cap equity mandates totalling $380m (€337.2m). The fund believes small-cap investment is an area where active management can add value.