AP4 has now published our Annual Report for 2002.
The year in brief:
- The Fund recorded a market value loss of SEK -23.0 billion
- Fund capital, calculated at market value and after adjustment for transfers, declined from SEK 131.6 billion to SEK 113.6 billion. This figure represents the market value of the Fund’s investment assets.
- The total return on investment assets amounted to -16.8%, compared to -16.3% for the benchmark index.
- The return on the Swedish equity portfolio totalled -36.4% at year-end, an underperformance of 0.5 percentage units against the reference index. The return on the global equity portfolio was -35.1%, compared to -33.6% for the reference index. The return on fixed income asset management was 9.4%, an underperformance of 0.4 percentage units against the reference index. Currency management made a positive contribution of 0.4 percentage units to relative return.
- A new Asset Liability Modelling analysis was launched to review the investment strategy.
- During the latter part of the year the Fund transferred three active asset management mandates to external fund managers.
The Fourth Swedish National Pension Fund (AP4) is a government agency. AP4's brief is to manage Fund capital for the best possible return over time and thus support the stability of the pension system.