Sweden's AP1 and AP2 announced returns for the first half of 2013 of 4% and 4.3%, respectively, after expenses.
The 240 billion Swedish kronor ($36.5 billion) AP1, Stockholm, returned an annualized 6.1% after expenses for the 10 years ended June 30, exceeding the fund's target of 5.5%. The 248.3 billion Swedish kronor AP2, Gothenburg, Sweden, returned an annualized 7.3% in the 10 years ended June 30, while posting a real average annual return of 6% adjusted for inflation, according to a news release.
At AP1, public equities, real estate and private equity each returned 5.9%, according to spokesman Ossian Ekdahl. New investments returned 1.6%; cash and currency, 0.8%; hedge funds, 0.6%. Bonds returned -0.2%, and the fund's risk-parity portfolio returned -6%. Mr. Ekdahl could not provide allocation information.
Specific asset returns for AP2 were not available.
Johan Magnusson, CEO of AP1, and Eva Halvarsson, CEO of AP2, could not be reached by press time.
