Varma

Investments classified according to risk

RiskRiskReturnReturn
positionpositionMWRMWR
12/201312/20121–12/20131–12/2012Volatility
mn €%mn €%%%24 m
Fixed-income investments10,6242810,666311.24.4
Loan receivables2,02652,44173.33.22,3 2
OECD/EEA public sector bonds3,869104,05212-1.83.6
Other bonds5,363145,347163.08.1
Other money-market instruments and deposits-635-2-1,175-3-0.40.7
Equity investments14,7563911,7273421.814.5
Listed equities11,579318,5672523.714.913.2
Private equity2,17562,394712.113.0
Unlisted equities1,0023766226.715.5
Real estate investments4,304114,463133.14.5
Direct real estates3,739103,961122.04.6
Real estate funds5651503111.63.1
Other investments6,157165,640164.56.0
Hedge funds4,850133,779118.86.81.8
Commodities20112891
Other investments1,10631,5715-6.36.0
Total investments35,8409532,496949.07.73.3
Impact of derivatives 11,87851,9106
Investment allocation at fair value37,71810034,406100
The modified duration for all the bonds is 4.1.

1 Includes the impact of derivatives on the difference between risk position and market value of investments.
2 Volatility was calculated for all bonds (not just public sector bonds).