Positive value growth
Första AP-fonden’s total return after expenses for the first half of 2009 was 6.7 percent, equal to net investment income of SEK 11.5 billion.
The global financial crisis and weak development in the real economy continued to im-pact the financial markets throughout the first six months of 2009. Despite this, rising share prices contributed to positive investment earnings for the first half of the year. At 30 June 2009 Första AP-fonden had net assets under management of SEK 181.4 billion. Exposure to equities was 56 percent, while exposure to fixed income investments was 41 percent.
Focus provides better opportunities
Activities during the spring were marked by the Fund’s decision in February to channel its research resources to long-term asset allocation and carry out a reorganization. This work will continue during part of the autumn. “The new investment model gives us greater scope to focus on the increasingly important asset allocation and better oppor-tunities – with a long-term perspective, commitment and cost-efficient management – to create high returns for current and future pensioners” says Första AP-fonden’s Manag-ing Director Johan Magnusson.
For more information, see the semi-annual report on the Fund’s website www.ap1.se .
Första AP-fonden also intends to publish a corporate governance report later this
autumn.