SWEDEN - AP3 has said it is not concerned about losses on its investment in Freddie Mac and Fannie Mae, following reports by national newspaper Dagen Nyheter that Swedish state pension funds have lost a total of SEK500m (US$84.2m) in the last year as a result of the firms' difficulties.
He said these investments represented a small part of their portfolio. He explained: "We hold 220,000 shares in Fannie Mae and 15,000 in Freddie Mac in our US securities portfolio.
"It is sort of a non issue for us. It is always easy to find a security that goes up and that goes down," he commented.
He added AP3 was exposed to Fannie Mae also through standard bonds, which he said had performed well. This investment amounted to SEK700m ($118m) at current market value.
AP3 has currently in excess of SEK200bn ($33.7bn) under management.
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