26 August 2021
Andra AP-fonden (AP2) reported a total return of 10.2 percent, after costs, for the first half of 2021. Profit amounted to SEK 39.2 billion and the Fund’s assets reached SEK 421.2 billion at the first half of 2021. This is the best half-year result ever achieved by the Fund. The Fund’s private equity portfolio contributed to the strong performance, with a return of 39.7 per cent. The Fund’s return relative to the benchmark index was 0.4 per cent, excluding alternative investments and costs.
“Our profit of SEK 39.2 billion is the best half-year result ever achieved by the Fund. It is also pleasing to note that our efforts to reduce costs have had an effect and that we have the lowest-ever total management cost ratio,” says Eva Halvarsson, CEO of AP2.
“Macroeconomic growth in the half-year was characterised by a gradual economic recovery after the sharp cyclical decline in 2020 as a consequence of the pandemic,” says Eva Halvarsson.
“Primarily the Fund’s equity portfolios and the portfolio of private equity funds gave the strongest returns during the first half-year. The Fund’s Swedish and foreign equity portfolios in developed countries achieved returns of 22.3 per cent and 17.2 per cent, respectively. Emerging market equities appreciated by 14.8 per cent and private equity funds gave a return of no less than 39.7 per cent,” says Eva Halvarsson.
“AP2’s return exceeds the Fund’s expected long-term real return of 4.5 per cent per year. Over the past ten years, the Fund’s real return has averaged 7.5 per cent,” says Eva Halvarsson.
“A number of changes were made to the portfolio during the first half-year. As a consequence of the Fund’s process for managing risks associated with human rights abuses, it was decided that a number of countries will no longer be included in the emerging-market bond index. The sustainable infrastructure portfolio is being developed and a number of commitments and investments were made. These included the investment in Northvolt AB through the AP Fund-owned (AP1, AP2, AP3, AP4) company 4 to 1 Investments,” says Eva Halvarsson.Source: AP2
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