At 31 December 2010 the Fund had net assets under management of SEK 218,781 million (202,299). The increase of SEK 6,482 million is explained by the year’s positive net investment income of SEK 20,523 million (34,578) and a net capital flow of SEK -4,041 million (-3,906) within the pension system.
For 2010 the Fund reported operating income of SEK 20,523 million (34,578), of which realized and unrealized value gains/losses accounted for SEK 14,884 million (28,692).
Operating income is also charged with commission costs for fixed external management fees and custodian bank fees. In 2010 these costs amounted to SEK 105 million (112).
Operating expenses in 2010 totaled SEK 163 million (191). These include one-time costs of more than SEK 20 million for the Fund’s move to new premises and the ongoing lawsuit against Bank of New York Mellon. Measured in relation to the average value of net assets, this represents an annual expense ratio of 0.08 percent (0.10). Including commission costs the Fund’s operating expenses amount to SEK 268 million and the expense ratio is 0.13 percent (0.16).
Market values and other amounts in the Directors’ Report are based on internal portfolio accounting and therefore contain accrued items as well as netting of assets and liabilities. As a result, the amounts in the Directors’ Report are not directly reconcilable against items in the balance sheet and income statement.
|Net assets, SEK m||
|Opening net assets||202 299|
|Net pension contributions from the Swedish Pensions Agency ¹||-4,041|
|Net investment income for the year||20,523|
|Closing net assets||218,781|
Development of net assets
Operating costs as a percentage of AUM
Net investment income and net flow
||Expenses, SEK m||Expense ratio||Expenses, SEK m||Expense ratio|
|Other administrative expenses||71||