This year's return - Ten percent
AP4's total return was 10.1 (6.9) percent before expenses and 10.0 (6.8) after expenses. Return corresponded to a total profit, after expenses, of SEK 30.5 (20.1) billion.
The value of AP4's different assets and returns are presented below.
|Asset class||Market value, SEK bn||Portfolio return, %||Exposure¹, %|
|Fixed income assets||107.1||2.0||32.1|
|Total investment assets||334.0||10.1||100.0|
|Asset class||Contribution to total return, %||Contribution to profit/loss|
|Fixed income assets||0.8||2.1|
|Total investment assets||10.1||30.9|
Listed shares more than half of the assets
Listed shares, both global and Swedish, represent more than half of the assets at year-end.
Internal and external management
77.3 (77.6) percent of the assets were managed internally. The remaining 22.7 (22.4) percent of the assets were managed externally, of which 10.4 (10.0) percent in external index management.
AP4 manages internally when an overall assessment shows that an internal management can achieve the same or better performance at a lower cost.