Interim Report January - June 2006

The market value of the Fourth Swedish National Pension Fund's investment assets totaled SEK 182.3 billion at the end of June, compared to SEK 180.2 billion at the start of the year. Currency exposure was 9.2% of total assets at the half-year mark, compared to 10.1% at the start of the year.

Net profit for the first half totaled SEK 1.44 billion, compared to SEK 12.50 billion for the same period last year.

Return on total assets was 0.8% (8.3), with the largest contribution coming from Swedish equities. This was 0.5 percentage points lower than the benchmark index. On a rolling five year basis the Fund's absolute return stands at 24.2%, corresponding to an average nominal return of 4.4% and a real return (adjusted for inflation) of 3.2%.

The complete half-year report can be accessed on AP4:s website.