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Second AP fund exceeds targeted portfolio return

The Second Swedish National Pension Fund/AP2 posted a net result of SEK30.1bn for the year and, after payments to the national pension system, fund capital totalled SEK264.7bn.

The fund’s return on the total portfolio for the year, excluding costs, was 12.8 per cent. Return relative benchmark index, excluding alternative investments and costs, was 0.4 per cent.
Consequent to the Second AP Fund’s strong performance over the year, return on investment exceeded the targeted average long-term annual real return of five per cent. In the past five years, the fund’s annual real return has totalled 9.8 per cent and, over the past ten years, 5.8 per cent.
2013 was a good year, especially with respect to the fund’s investments in unquoted and market-listed equities. For the fifth year in succession, net flows to the pension system were negative and the fund has now paid out a total of SEK19.8bn to cover the shortfall in the pension system.
“This year’s result is the second highest recorded since the fund was established. But what you see on the bottom line in any given year is not the most important thing. What is important is that we achieve a stable long-term return over time, for all generations. The 2013 result means that we have exceeded our targeted return for the past five and ten years by a good margin,” says Eva Halvarsson, chief executive, Second AP Fund.

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