- Net profit totalled SEK 10.7 billion, corresponding to a 5.0% return after expenses. Return before expenses was 5.1%.
- Fund capital rose by SEK 12.7 billion and stood at SEK 224.9 billion at year-end.
- The listed portfolio contributed 3.6% to the total return of 5.0%. Alternative investments and strategic allocation contributed 1.2% and 0.5% respectively. Active return (outperformance of the index) reduced return by 0.3%.
- Currency exposure was 9.0% at year-end.
- Since inception in 2001, AP3’s fund capital has risen by SEK 90.9 billion. SEK 70.6 billion of this increase has been generated by asset management operations, which represents an annual nominal return of 5.6% and a real return (adjusted for inflation) of 3.8%. Real return for the last five years totalled 10.2%.
“It was a year of major revaluations on the financial markets, with risks rising sharply during the second half,” said Kerstin Hessius, AP3 CEO. “AP3’s highly diversified portfolio and asset management expertise were vital for securing good returns in a year like this.”
She added: “During the year we restructured the portfolio structure in line with our strategy of making decisions on market exposure (beta) independent from decisions on active positions (alpha). This restructuring is now well advanced and has already delivered results, with our medium-term and active overlay mandates generating significant excess returns during the 12 months. Also, our investments in real estate, private equity and emerging market equities all made positive contributions.”
An English version will be available mid March.
For further information please contact:
Kerstin Hessius, CEO, +46 (0)8 555 17 100
Christina Kusoffsky Hillesöy, Communications Manager, +46 (0)8 555 17123, firstname.lastname@example.org