Annual report 2005

2005 in brief:

• The Fund's net profit for the year totalled SEK 25.8 billion (14.3).
• During the year fund capital rose from SEK 151.4 billion to SEK 180.1 billion, calculated at market value and after net payments from the national pension system and transfers from the special asset management fund totalling SEK 2.9 billion.
• The return on investment assets totalled 16.9%, an underperformance of 0.1 percentage points compared to the benchmark index.
• The global equity portfolio posted a return of 14.5%, an underperformance of 0.2 percentage points against the reference index.
• Return on the Swedish equity portfolio totalled 34.1%, compared to 36.3% for the reference index.
• Fixed income management generated a return of 3.7%, outperforming the reference index by 0.3 percentage points.
• Return on currency operations was 2.0% and active currency management contributed 0.1 percentage points to AP4's total return.
• At 31 December 2005 the Fund's currency exposure was 10.1% (20.4). A strategic decision to reduce currency exposure was taken in November.
• Operating costs totalled SEK 133 million (126), equivalent to 0.08% (0.09) of Fund capital.

The annual report is available for downloading on or webpage.