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Reallocation between AP3’s US and Asia Pacific equity mandates

The Third Swedish National Pension Fund (AP3) has reallocated between the Fund’s US and Asia Pacific mandates. The reallocation is made due to changes in AP3’s reference portfolio between 2003 and 2004, which includes an increased weight of 2.5%-points for Asia Pacific and a decreased weight of 2.5%-points for the US.

As of March 5, 2004 AP3’s Asia Pacific, ex. Japan equity portfolio is managed by JPMorgan Fleming (50 percent), Schoders (33 percent) and APS (17 percent). This is the only change in funded managers in the three “regions” affected by the reallocation. The total values of the fund’s equity portfolios involved in the reallocation were as follows at year-end 2003:

US equity portfolio amounted to USD 3,44 bn, (SEK 24.75 bn).

Japanese equity portfolio amounted to JPY 57.67 bn (SEK 3.87 bn).

Asia Pacific, ex. Japan equity portfolio amounted to USD 0.13 bn (SEK 0.93 bn)

AP3 manages SEK 140 bn (EUR 15 bn) of the buffer fund capital in the Swedish public pension system. Approximately 30 percent of the capital is managed externally, according to a multi-manager approach. The fund is an active “manager of managers”, making reallocations within a pool of leading managers with which the Fund has a contract. The aim is to generate active return to AP3 through an optimal mix of managers.