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Continued gains in first half

AP3’s fund capital rose by SEK 4.1 billion in the first half and totalled SEK 196.1 billion at 30 June 2006. Net profit was SEK 3.4 billion, representing a return of 1.7% after expenses.

Kerstin Hessius , AP3 CEO, commented: “The market trends of the last six months clearly demonstrate the advantages of AP3’s strategy of diversifying risk across different markets and conducting active management. We have been able to generate a positive return despite the adverse impact of a fall in equity and bond prices and a stronger krona. Our decision to reduce currency and interest rate risk in the portfolio made a positive contribution to return.”

Since its inception in 2001 AP3 has generated returns of SEK 44.7 billion, representing an annual average return of 4.8%. Allowing for inflation, the annual return stands at 3.3%. Income from active management (index outperformance) accounts for some SEK 3 billion of this increase.

“In a long-term context, I am pleased with the returns AP3 has generated for the pension system. Our strategy of putting strong emphasis on forward-looking analysis when selecting the strategic portfolio has proven successful and our day-to-day active management has generated considerable value,” Hessius added.

Interim report January-June 2006 >>

For further information please contact:
Kerstin Hessius, CEO, phone: +46 8 555 17 100
Christina Kusoffsky Hillesöy, Communications Manager, phone: +46 8 555 17 123,
mobile: +46 709 51 72 23, christina.hillesoy@ap3.se