AP-Fonden 2, one of Sweden's biggest national pension funds with assets totalling SKr117.1bn (€12.8bn), has beaten its customised benchmark by just 0.4%, or Skr586m, for 2002.

The fund returned -15.3% for the year and total assets under management fell from SKr133.5bn to SKr117.1bn despite new inflows of SKr5bn. The decrease in assets is a result of the falling stock markets globally. International equities beat the benchmark by 2.1% and bond returns were 8.9%, equalling their benchmark.