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AP3’s full-year report 1 January ­– 31 December 2008

Financial crisis hit AP3’s assets hard

  • AP3 reported a loss for the year of SEK 44.8 billion, corresponding to a return of -19.8% after expenses. Return before expenses was -19.7%.
  • Fund capital totalled SEK 181.0 billion at 31 December 2008.
  • Currency exposure was 13.8 % at 31 December 2008.
  • AP3’s fund capital has risen by SEK 47 billion inception in 2001, with asset management operations generating SEK 25.8 billion of this increase.

The year was one of financial market turbulence, with a descent into systemic collapse during the autumn. Falls of around 40% on global equity markets had a sharply negative impact on the AP3 equity portfolio, which saw its value drop by 38.8%. The diversification of portfolio assets cushioned the losses to some extent.

During the year AP3 continued its drive to diversify risk and broaden the portfolio, reducing equity exposure by 4.5% and increasing investments in new asset classes such as secured bank loans and agricultural land. The exposure to listed equities and private equity in AP3’s total portfolio was 51.9% at year-end.

Kerstin Hessius, AP3 Chief Executive Officer, commented: “A relatively high level of portfolio diversification was insufficient to ensure a satisfactory result in 2008. We simply have to acknowledge that the overall level of portfolio risk was too high. At operational level we continued to focus on portfolio structure and risk.”

The AP3 annual report 2008 in English is available in short version for download >>

The complete annual report in English will be published mid March on the web.

For further information, please contact:
Kerstin Hessius, CEO, +46 (0)8 555 17 100
Christina Kusoffsky Hillesöy, Communications Manager, +46 (0)8 555 17 123, christina.hillesoy@ap3.se