The Swedish fund that got caught up in the US banking crisis this spring reported a first-half loss on an investment portfolio comprising mainly real estate assets.

Stockholm-based Alecta said alternative-investment returns were negative 0.9% for the period. Key holdings Heimstaden Bostad AB and Alecta Fastigheter AB were “negatively affected by the rapidly changing interest rate and market situation,” acting Chief Executive Officer Katarina Thorslund said in the report that was released Tuesday.

The fund’s exposure to one of the world’s worst real estate crises will likely stoke further concern among Swedish savers after the pension group lost 20 billion kronor ($2 billion) earlier this year on three failed bets in niche US lenders, including the defunct Silicon Valley Bank. The debacle sparked outrage among Swedes and led to the ousting of Alecta’s CEO and equities chief.

Read More: Sweden’s Top Pension Fund Ousts CEO After Losses on US Banks

The turbulence stemming from the bank crisis triggered a marked increase in the number of move requests from customers “with clear peaks the days when there was a lot of information about Alecta in the media,” Thorslund said. Since then, requests have returned to more normal levels seen in February, she added.

In the half-year report, the group reported positive returns of 6.6% for the defined contribution Alecta Optimal Pension, compared to negative 12.7% in the same period of 2022. The solvency ratio stood at 209%.

“The loss of 20 billion kronor is an enormous amount and we fully understand that customers and owners have been worried,” the acting CEO said.