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Return on investments

See the pension fund's returns on investments.

Monthly report for February 2024

The YTD return in P+ accounted for 2.36 percent as of 29 Februar which is an increase of 1.7 percentage points compared to the end of January.

The month’s portfolio returns accounted for 4.4 percent for shares, 2.8 percent for special investments, 0.3 percent for credit bonds, -1.0 percent for bonds and -1.2 for real assets. Accordingly, shares and special investments once again contributed to the month’s positive return.

Shares' strong start to 2024 continued into February when a large number of companies submitted their financial statements which surprised the market positively. One of the most expected financial statements came from the American company Nvidia that among other things delivers hardware used for AI. Their financial statement was better than expected, and the company increased its market value with USD 277 billion on the day that the financial statement was submitted which was the largest value increase for a company in one day ever. 

The positive macroeconomic development continued into February as the US Purchasing Managers Index showed continued postitive economic growth with 353,000 new jobs in January. Also in Europe, the PMI surprised positively as the combined services and manufacturing sector index climbed to 48.9. Wtih a value below 50, the European PMIs do however still indicate recession, but focus is increasingly centering around whether the positive trend will continue and whether it indicates a positive momentum.  

In February, we saw inflation rates exceeding the expected level in both the US and Europe which may indicate that the last part of the journey towards the central banks' target of 2 percent becomes difficult. Combined with continued robust growth in the US and strong labour markets in both the US and Europe, this resulted in increasing interest rates on both sides of the Atlantic Ocean, and the market once again postponed the expectation about the first interest rate cuts until later. The impact on risky assets such as shares was however short-lived which indicates that the markets are comfortable with postponed interest rate cuts as long as we see contined growth and the inflation rate is not too far from the target. In the coming months, focus will be on fighting inflation and whether the growth potentially results in another increase in the inflation rate.