Annual Report 2008
- Fund capital totaled SEK 164.7 billion at 31 December 2008, down SEK 42.6 billion from the preceding- year.
- The Fund made a net loss of SEK –43.5 billion in 2008, corresponding to a total return, before expenses, of –20.8%. Total return after operating expenses including commission expenses was –21.0%.
- The return on the portfolio of actively managed listed assets equaled –22.3% before expenses, which was worse than the benchmark. The active return was –0.5 percentage points on the actively managed listed assets and –1.1 percentage points on the total portfolio.
- In the past five years, the Fund’s total return has averaged 2.9% per annum, after expenses, corresponding- to a real annual return of 1.1%.
In a comment on the Fund’s performance for the year, CEO Mats Andersson says:
- 2008 was a year of extremes in every respect. The Fund’s weak performance will have tangible and negative consequences- for the income pension system. At AP4, we will analyse the course of events and our internal decision making to learn lessons for the future. We must become significantly better at identifying and handling the business opportunities that occur in our market economy. In addition, we must dare to act independently and not go along with the market’s herd mentality. However, this does not mean that we will dramatically change our management strategy or asset allocation based on 2008.