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AP1 tenders $200-300m US small-cap mandate

SWEDEN - The 12.8 billion-euro Swedish national pension scheme AP1 has put out to tender a 200-300 million dollar US small-cap mandate.

One or more investment managers will be appointed for the active management of segregated US small cap equity accounts. The mandate is likely to be benchmarked against the Russell 2000 index excluding REITs, and between 200 and 200 million dollars will be invested.

The money to be invested in small cap US equities, will be switched out of US large cap equities, says deputy head of equities at the fund, Patrik Nyman.

“We are trying to diversify the fund, and spread risk. This is the main reason why we have been moving into other asset classes. We also feel US small caps will add value to the entire portfolio,” says Nyman.

Time limit for receipt of tenders is August 8.

Forsta AP-fonden, the First Swedish National Pension Fund posted a negative return of 13.8% in 2002, taking its capital value to 117.1 billion crowns, or 12.8 billion euros. In February it announced changes to its asset allocation following an ALM study.

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