Sweden's AP-Fonden 4 returned 5.5% for the first six months, down slightly from 6.7% in that same period last year. The returns were driven by solid performance in Swedish equities of 10.8%, albeit down on the Swedish index which gave 12.3%. At the end of June the fund's assets had risen to €15.8bn from €14.9bn at the start of the year.

Cardinal hires FIM pair