SWEDEN - The Second AP fund returned 11.2% in 2010, a net result of SEK22.3bn ($3.4bn).
AP2 put the strong performance down to its high exposure in Swedish equities and low FX exposure. Total returns for the year came to SEK222.5bn as of December 2010, against which SEK3.9bn was contributed to the national pension system.
The fund's active management also posted an ongoing positive result, said the fund. Its overall portfolio returned 0.8% or SEK1.4bn excluding alternative investments.
AP2 chief executive officer Eva Halvarsson said: "For the second year in succession, the Second AP Fund has been able to generate a solid result, achieving a growth in the worth of its market assets in excess of the 5% target. Equally pleasing is the fact that the active management of our assets has in two years contributed a total of SEK2.6bn."
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