Key points of 2012

 AP4 overshot short- and long-term return targets

• SEK 230 billion in Fund capital
  Fund capital amounted to SEK 229.6 billion (210.0), an increase of SEK 19.6 billion (-2.8).
   
• Total return of 11%
  Total return after expenses was 11.2% (-0.7). Total return before expenses was 11.3% (-0.7). AP4 benefited from its high proportion of equities and the upbeat performance of equity markets globally, including in Sweden.
   
• 5.8 % real average return in ten years
  AP4’s real (inflation-adjusted) return over a ten-year period was 5.8% annually on average. Thus, the long-term target of 4.5% average real return set by the Board was overshot.
   
• SEK 1.8 billion in active return
  Return from active management outperformed the benchmark index by 1.0 (0.2) percentage points before expenses, equalling SEK 1.8 billion (0.4). It was the fourth consecutive year in which the Fund’s active management outperformed the benchmark index, thus delivering a better return than passive management. AP4 also overshot the short-term return target set by the Board.
   
• SEK 23 billion in net profit
  Net profit for the year totalled SEK 23.4 billion (-1.6).
   
• Competitive management expenses
  The Fund’s management expenses were SEK 179 million (179), which equates to an operating expense ratio of 0.082% (0.084). Including commission expenses, the figure was 0.099% (0.095).
   
• Foreign exchange exposure was 27.7% (25.7) at the close of the year
   
• During the year, AP4 paid out a net amount of SEK 3.8 billion (1.2) to the pension system from Fund capital