The Second AP Fund posted a total return of 5.8 percent, excluding costs. Relative to benchmark index, return was 0.5 percent, excluding alternative investments and costs. Fund capital increased by SEK 10.6 billion to SEK 227.3 billion for the first half of 2012.
• The Second AP Fund’s assets under management totalled SEK 227.3 (227.5) billion on June 30th 2012, against which net outflows to the national pension system were charged in an amount of SEK -1.7 billion.
• The Fund posted a first-half net result of SEK 12.3 (5.1) billion.
• The Fund’s return on the total portfolio was 5.8 (2.4) percent, excluding commission costs and operating expenses. Including these costs, the portfolio generated a return of 5.7 (2.3) percent.
• The relative return on the portfolio of quoted assets, excluding alternative investments and costs, amounted to 0.5 (0.1) percent, corresponding to a net contribution of SEK 0.9 billion.
• Operating costs in terms of asset management costs remained low, totalling 0.08 percent for the period.
• Excluding net inflows from the national pension system, Fund capital has increased by SEK 82.9 billion since its start in 2001, corresponding to an average annual return of 3.9 percent, after costs.
• The Fund’s level of currency exposure was 15 (18) percent.
“It is pleasing that the Fund’s active return amounted to 0.5 percent, roughly equivalent to SEK 1 billion. The result for the first half is consistent with our long-term objective of generating an average annual real return of five percent,” states CEO Eva Halvarsson, Second Swedish National Pension Fund.
The complete half-year report (pdf) will be published on the Fund’s website at www.ap2.se
A Corporate Governance Report will be published separately in October.
For further details, please contact CEO Eva Halvarsson, Second Swedish National Pension Fund, or Ulrika Danielson, Head of Corporate Communications, on +46 31 704 29 00.