Bokslutskommuniké 2011

In a weak stock market, in which the fund capital decreased slightly compared to the previous year, the Fund's active management made a positive contribution of close to SEK 0.5 billion.

  • Fund capital amounted to SEK 210.0 billion (212.8), a decrease of SEK 2.8 billion (+17.1).
  • Total return was -0.7% (11.0) before expenses. Total return after expenses was -0.7% (10.9). The total negative return for the year is mainly due to the weak performance of global stock markets.
  • The Fund's management expenses were SEK 179 million (176), which equates to an operating expense ratio of 0.084% (0.087). Including commission expenses, the corresponding figure is 0.095% (0.102).
  • Active management outperformed the benchmark by 0.2 percentage points (0.8) before expenses. This corresponds to earnings through active management of just over SEK 0.4 billion (1.4). It is the third consecutive year in which earnings through active management, following the Fund's reorganisation three years ago, have outperformed the benchmark index, thus making a positive contribution to earnings.
  • The Fund's foreign exchange exposure was 26% (20) at the close of the year.
  • The Fund's net outcome for the year totalled SEK -1.6 billion (21.2).
  • The Fund paid out a net amount of SEK 1.2 billion (4.0) to the pension system in 2011.

- The financial result for AP4 for the past year was a total outcome just below zero. Lurking behind that figure is a year of tremendous market fluctuations and dramatic events reminiscent of the turbulence a few years ago. In the prevailing circumstances, I consider AP4's overall result for 2011 to be acceptable, says Mats Andersson, CEO of AP4.

AP4's complete 2011 annual report is available on the Fund's web site, www.ap4.se.

Published Friday, February 17, 2012