- The Fund’s market value net income totalled SEK 19.3 billion (-23.0).
- Fund capital, calculated at market value and after adjustment for transfers, rose from SEK 113.6 billion to SEK 135.5 billion. The change in fund capital consists of net income, net payments of SEK 2.1 billion from the national pension scheme and transfers of SEK 0.4 billion from Special Asset Management funds.
- The total return on investment assets in 2003 amounted to 17.0%, compared to 18.0% for the benchmark index.
- The return on the Swedish equity portfolio totalled 32.9%, an underperformance of 1.3 percentage units against the reference index.
- The return on the global equity portfolio was 9.2%, compared to 10.2% for the reference index.
- Fixed income asset management posted a return of 4.8%, outperforming the reference index by 0.5%.
- A comprehensive ALM analysis was performed, as planned, during the year. This resulted in changes to the strategic portfolio.
AP4 Annual Report 2003
AP4 has now published our Annual Report for 2003.