SWEDEN – The SEK132bn (e14bn) AP2 fund has posted investment returns of –2.7% for the first six months of this year, losing SEK4bn of the SEK134bn for which it acquired responsibility at the start of 2001 - a figure offset slightly by a net inflow of liquid funds valued at SEK2bn.

The figures appear in the first of the fund’s half yearly interim reports.

Lars Idemark, CEO of the AP2 fund, comments: “Given the sharp decline of the Swedish stock market and the volatile state of the international economy, I consider this an acceptable result.
“ The fund operates with an investment horizon of more than ten years and we should therefore avoid viewing the current result from a narrow quarterly perspective. Our investment strategy is more long term. Seen this way, the decline in the stock market has actually enabled us to build up a global share portfolio at attractive market rates.”

Sweden’s AP1 fund had managed the AP2 assets on an interim basis until AP2 took up the reigns at the beginning of the year.