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Favourable market trends produced solid first-half performance

AP3 reported a net profit of SEK 13.8 billion in the first six months of 2005, the Fund’s best half-year performance since its inception in 2001. The return on AP3’s total portfolio amounted to 8.6% after commission expenses 1). European and Swedish equities accounted for more than half of net profit, generating returns of 13.7% (including hedging) and 13.3% respectively.  Fund capital rose SEK 15.5 billion to SEK 175.8 billion during the period.

Currency exposure was 14.1% on 30 June, compared to 15.6% for the reference portfolio and 18.7% at the start of the year.

Kerstin Hessius, AP3 Chief Executive Officer, said: “Market trends have been favourable, with rising equity prices and falling interest rates, and the Fund reported strong growth in capital in the first half of 2005. AP3’s capital base has risen by close to 20% since our inception in 2001.”

She added: “It is also pleasing that our external management performed strongly and comfortably covered its costs.”

Read the complete interim report >>

Contact:
Kerstin Hessius, CEO; phone +46 8 555 17100

Christina Kusoffsky Hillesöy, Communications Manager, phone +46 8 555 17123, mobile 0709-51 72 23, christina.hillesoy@ap3.se

1) Commission expenses are external costs directly related to management of the Fund’s assets and comprise management fees for external mandates, management costs for private equity funds, and custody account expenses.