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Interimreport 1 January- 30 June 2010

  • The first six months of 2010 saw major bouts of volatility on the financial markets. Strong corporate earnings and favourable economic data had a positive impact on market sentiment at times, while worries over budget deficits and structural problems in the world economy overshadowed events on other occasions.
  • Profit for the first six months was SEK 4.0 billion (9.4), representing a return of 2.0% (5.3) before expenses and 1.9% (5.2) after expenses.
  • Fund capital stood at SEK 208.6 billion on 30 June, an increase of SEK 2.0 billion since the turn of the year. Payments of SEK 2.0 billion to the pension system had a negative effect on fund capital.
  • Since inception in 2001 the Fund has recorded a nominal annual return of 3.5% and a real annual return (adjusted for inflation) of 2.0%. Nominal returns since inception have grown in step with the income index, which is used to keep pensions in line with inflation.

“Uncertainty dominated the year, resulting in volatility in a number of asset markets. Global equities lost ground but these falls were offset by the portfolio’s currency and fixed income exposures,” said Kerstin Hessius, AP3 Chief Executive Officer.

“AP3 aims to be a leading asset manager, meaning that we seek to generate strong risk-adjusted returns with cost-efficiency. For the last six years we have been part of an international study to benchmark the cost-efficiency of similarly sized pension funds. The study, by Canadian company Cost Effectiveness Measurement (CEM), confirms that AP3 a cost-effective asset management.

“An international study by McKinsey on behalf of the government has also demonstrated that our costs are at the lower end of the scale compared to seven international pension funds.”

Read AP3’s interim report for 2010 >>

 

For further information, please contact:

Kerstin Hessius, CEO, +46 (0)8 555 17100

Christina Kusoffsky Hillesöy, Head of Communications and Sustainable Investments +46 (0)8 555 17123, christina.hillesoy@ap3.se