The Second Swedish National Pension Fund/AP2 posted a return of -1.9 percent for 2011 on its total portfolio, excluding expenses, which was less than the decline noted by the major stock markets. Diversification of the Fund’s portfolio assets in recent years has served to counteract this negative trend. The Fund’s return relative to benchmark index was -0.3 percent, excluding alternative investments and costs.

· The Second AP Fund’s assets under management totalled SEK 216.6 (222.5) billion on December 31st 2011, against which net outflows to the national pension system were charged in an amount of SEK -1.2 (-4.0) billion.
· The net result for the year amounted to SEK -4.6 (22.3) billion.
· The Fund’s return on the total portfolio was -1.9 (11.2) percent, excluding commission fees and operating expenses. Including these expenses, the portfolio noted a return of -2.1 (11.0) percent.
· The relative return on the Fund’s overall portfolio, excluding alternative investments and...