Varma

Annual Report 2014

VARMA_tilinpaatos
Investment allocation at fair value
MarketMarketRiskRiskRiskRiskRisk
valuevaluepositionpositionpositionpositionposition
2014201320142013201220112010
€ mill.%€ mill.%€ mill.%%%%%
Fixed-income investments12,476.431.212,893.134.211,983.129.928.231.042.434.2
Loan receivables1,571.03.92,026.45.41,571.03.95.47.19.311.3
Public sector bonds9,938.424.89,523.825.39,732.324.324.527.327.120.0
Other money-market instruments and deposits967.02.41,342.93.6679.91.7-1.7-3.46.02.8
Equity investments16,154.940.314,565.138.616,333.440.839.134.130.540.1
Listed equities12,700.131.711,393.330.212,878.732.230.724.921.632.8
Private equities2,451.06.12,174.75.82,451.06.15.87.06.65.4
Unlisted equities1,003.72.5997.12.61,003.72.52.72.22.31.8
Real estate investments3,841.59.64,304.211.43,841.59.611.413.014.013.0
Direct real estates3,375.28.43,738.99.93,375.28.49.911.512.511.9
Real estate funds466.31.2565.21.5466.31.21.51.51.51.1
Other investments7,566.118.95,955.715.87,961.919.916.316.414.215.3
Hedge funds6,717.216.84,849.712.96,717.216.812.911.011.211.2
Commodities-25.9-0.10.30.0369.90.90.50.80.43.1
Other investments874.82.21,105.82.9874.82.22.94.62.61.1
Investments40,038.8100.037,718.1100.040,119.9100.295.094.4101.1102.6
Impact of derivatives-81.1-0.25.05.6-1.1-2.6
Investment allocation at fair value40,038.8100.037,718.1100.040,038.8100.0100.0100.0100.0100.0
Modified duration of the bond portfolio4.3