Sweden’s Andra AP-fonden (AP2) reported a total return of –5.1 percent, after costs, for the first half of 2020. The net result was a loss of SEK19.3 billion ($2.2 billion), according to a Sept. 1 investment report.
AP2 increased its allocations to foreign real estate, private equity funds, and Chinese A-shares during the first half of the year, financed by a reduced allocation to Swedish bonds.
The fund’s assets now total SEK357.9 billion ($41 billion).
“The global outbreak of COVID-19 has impacted very strongly on the world’s securities markets trend and thereby the fund’s portfolio value,” said Eva Halvarsson, CEO of AP2. “By the end of the first half of the year, financial markets had turned upwards and most economies had begun to recover.”
