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Swedish state's holdings outperform Stockholm exchange

Published: 30 Dec 2009 14:23 GMT+01:00
Updated: 30 Dec 2009 14:23 GMT+01:00

The value of the Swedish state's stock portfolio grew by 55 billion kronor ($7.66 billion) in 2009, putting its current value slightly higher than it was in early 2007 before the financial crisis hit.

The value of the Swedish state's stock portfolio has grown by 55 billion kronor ($7.66 billion) in 2009. Its current worth is somewhat larger than it was in the first half of 2007 before the financial crisis hit, reports Svenska Dagbladet newspaper.

At the beginning of 2009, the state's shares in Nordea, Telia Sonera and SAS were valued at just under 95 billion kronor, the Svenska Dagbladet (SvD) newspaper reports.

As of Monday, the portfolio's value had grown by 58 percent to 150 billion kronor, outpacing the 48 percent growth posted by the Stockholm stock exchange during 2009.

According to the E24.se financial news website, Nordea has been the main growth driver for Sweden's investment portfolio.

Shares in the Nordic banking group have seen their value climb by 74 percent since the beginning of 2009. The value of SAS shares, on the other hand, has decreased by 32 percent.

The rise in the value of the Swedish state's holding puts it back in the top spot as largest shareholder on the Stockholm exchange, a position it lost earlier in the year to Hennes & Mauritz owner Stefan Persson.

Persson's shares in the clothing retailer are now valued at 116 billion kronor, up 32 percent for the year.

TT/The Local (news@thelocal.se)

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Your comments about this article

11:11 January 2, 2010 by Keith #5083
and to think that recently in The Local someone (I think from USA) was commenting about the terrible mess of Sweden's finances caused by the international financial crisis. Making hay while the suns shines is easy - making it in the midst of storms, now that's admirable.

Doubtless someone will come into this comment board bemoaning the "failures of capitalism" and the success of Nordea.I guess it will probably be Nordea's fault that it's been snowing.....!
12:51 January 2, 2010 by calebian22
keith,

I am a capitalist, however, read the article.

"Its current worth is somewhat larger than it was in the first half of 2007 before the financial crisis hit" So in two years time, Sweden's portfolio is only somewhat larger. So relatively no growth in two years?

Anyone who says the last 18 months hasn't been the result of Wall Street greed and low class Americans buying homes they couldn't afford in the first place hasn't been paying attention. When a world impacting economy like the US', has it's head up it's arse no one should be surprised when the fit hits the shan and the bubble bursts, sending ripples through the world markets.
03:13 January 3, 2010 by Keith #5083
Wall St greed was not, regrettably, restricted to Wall St and America. It was a virus that infected many nations and you don't have to be Icelandic or from Dubai to know that, do you? That is not to say that America catching a cold didn't cause pneumonia in some economies. My attentive point, however, was that Sweden has generally managed to avoid (through better planning, insight or prudence) some of the worst effects - as is demonstrated by the article on which we comment.

"somewhat larger' is a relative statement - in Iceland such a statement probably is interpreted as...hmmm..heaven, don't you think? So relatively no shrinkage in 2 years -catastrophic years? Many a fund manager would be happy,under the circumstances, with a performance to match the Swedish State's in the past 2 years.

But hey, everything is the fault of the Yanks nowadays,huh? For all the imperfections - it's still better than the Taleban,huh?
09:51 January 3, 2010 by calebian22
I agree, that greed is not restrictive regarding culture or nationality. No one foisted huge personal credit card debt on the British citizenry for example. However, British greed, or Icelandic greed doesn't have the same world impact on the world economy.

Actually the article didn't say no shrinkage. It said the that the fund is somewhat larger than at the beginning of 2007. My guess, since I don't have access to the account, is that it has taken a huge hit like most funds in the last two years and has recovered in the last couple of quarters, hence the sounds of lamentations in the previous quarters. But you are right, in the final analysis, a lot of fund managers would be happy with Sweden's performance.

And yes, America is awesome in spite of it's faults.
04:25 January 4, 2010 by Keith #5083
I also agree that the impact on the world economy has been,in earlier decades, substantial. The continuing failure of self-policing or governmental controls of Wall St, following their shameful behaviour, has however considerably damaged any shreds of financial management expertise that had survived the last 2 years.

The 'no shrinkage' comment was rhetorical and not a factual reference to the article :)

But it's very pleasant on such a comment board to achieve some measure of consensus. Sincere thanks for our 'discussion' and have a Happy,healthy and 'profitable' New Year.
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