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Stock impact report

Sweden's Alecta Posts Positive Returns After Year of Turmoil [BNN Bloomberg (Canada)]

First Citizens BancShares, Inc. - Class A (FCNCA) 
Company Research Source: BNN Bloomberg
The fund saw its total assets under management grow by 3.7% to 1,291 billion Swedish kronor ($118 billion) in the first quarter compared with the end of the year, driven by the increasing valuations of its investments, the company said in a statement Tuesday. The pension fund, which has made headlines over the past year for its failed bets on regional US banks, including Silicon Valley Bank, and European real estate, reported a 5.9% gain for its optimal product — a defined contribution plan — in the first quarter. Returns on its larger portfolio, the defined benefit pension, came to 3.1%. In the defined contribution plan, profit is paid to the employee, while for defined benefit pensions the profit is paid to the employer. Alecta's tumultuous year began in March 2023 as concerns about some of its investments started to surface. More than $2 billion in losses from investments in regional US banks were followed by a writedown on landlord Heimstaden Bostad AB. Other bad news over Show less Read more
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