SWEDEN - The fourth AP fund, AP4, has stepped up its 'change initiative' following disappointing annual returns of 2.4% in 2007.
The fund had reached SEK214.2bn at the end of June 2007.
Mats Andersson, president, AP4, said 2007 had been challenging: "The fund's performance is not satisfactory and we did not meet our targets for absolute return or active management."
However, Andersson said the fund's absolute return five year perspective was 'clearly acceptable'. AP4 maintained a 9.7% annual real return level despite a poor 2007 performance.
He concluded: "The fund's problem is that active management performance - the capacity to outperform the market measured as index - remains negative."
It was this area which has spurred AP4 to strengthen its resolve to make changes to the fund.
AP4's equity portfolio only managed a 1.8% return across the year following a 14.7% return in the first half of 2007 by Swedish equities which made up 19% of the portfolio.
AP4 also looked likely to sell its 4.8% stake in Securitas Direct to a Swedish consortium.
The fund released a statement confirming they would agree to a bid of SEK27.50 made for its shares in the firm.
According to the Securitas Direct board, there were no other serious bidders.
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