Five-year overview



2010

2009

2008

2007

2006
Annualized
2005–2009
Accumulated
2005–2009
Investment income and inflows, SEK bn






Net assets at December 218.8 202.3 171.6 218.8 207.1

Net flow from/to the pension system -4.0 -3.9 0.9 2.0 1.7
-3.3
Net investment income for the year 20.5 34.6 -48.0 9.7 18.2


Return and expenses in total portfolio, %







Return before expenses 10.3 20.4 -21.7 4.8 9.8 3.6 19.7
Operating expenses, % of asset under management 0.08 0.10 0.09 0.08 0.08 0.09 0.43
Commission costs, % of AUM 0.05 0.06 0.07 0.07 0.07 0.06 0.32
Operating expenses and commission costs 0.13 0.16 0.16 0.15 0.15 0.15 0.75
Return after expenses 10.2 20.2 -21.9 4.6 9.6 3.5 18.6
Inflation 2.3 0.9 0.9 3.5 1.6 1.8 9.5
Real return after expenses 7.9 19.3 -22.8 1.1 8.0 1.5 8.5

Return and expenses in total portfolio, SEK bn







Return before expenses 20.8 34.9 -47.7 10.0 18.5 7.3 36.3
Operating expenses, SEK bn of AUM 0.3 0.3 0.2 0.2 0.2 0.3 1.3
Return after expenses 20.5 34.6 -48.0 9.7 18.2 7.0 35.0









Return and risk in listed portion of the portfolio







Return, listed portfolio, % 10.7 21.4 -22.4 4.4 9.2 3.5 18.8
Risk (annualized standard deviation), portfolio, % 8.6 10.5 17.7 7.9 6.8 10.3

Exposure, %







Equities 60.3 58.6 54.6 59.2 59.8

Fixed income 32.5 34.7 40.1 39.2 37.8

Alternative investments 7.8 5.1 5.5 2.9 2.5

Currency exposure 24.0 21.6 22.2 18.2 16.0


External management







Share of external management in total portfolio at Dec. 31, % 43.7 42.4 39.7 36.0 34.2


Portfolio composition at Dec. 31







SEK bn 218.8 202.3 171.6 218.8 207.1

of which






Equities, Swedish 34.4 27.9 18.0 27.8 26.6

Equities, North America, Europe, Pacific 92.0 89.6 71.6 98.4 91.9

Nominal fixed income, Swedish 26.1 19.7 22.8 19.1 21.9

Nominal fixed income, non-Swedish 27.2 29.8 26.2 44.6 42.7

Index-linked bonds 17.9 18.9 18.1 21.0 16.9

Allocation, cash and foreign exchange 4.1 4.2 5.6 1.4 1.9

Alternative investments 17.1 10.3 9.4 6.4 5.3

Number of employees at Dec.31 45 43 68 64 64

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