Varma

Annual Report 2014

VARMA_tilinpaatos
16. Parent Company’s other investments, shares and participations
SharesBook valueMarket value
31 Dec. 2014%€ million€ million
Listed equities
Finnish equities
Affecto Plc1.40.90.9
Ahlstrom Corporation3.310.710.7
Aktia Bank p.l.c.1.86.711.5
Alma Media Corporation7.114.514.5
Amer Sports Corporation3.026.557.5
Aspo Plc4.66.08.2
Atria Plc1.93.53.5
CapMan Plc4.33.03.0
Cargotec Corporation2.436.938.7
Componenta Corporation8.96.26.2
Comptel Corporation4.85.15.1
Cramo Plc1.26.36.3
Digia Plc4.72.62.6
Elektrobit Corporation3.913.417.2
Elisa Corporation4.084.9151.6
Etteplan Oyj4.12.52.5
Finnair Plc1.96.06.0
Finnlines Plc0.10.70.8
Fiskars Corporation3.024.944.3
Fortum Corporation0.686.493.9
F-Secure Corporation5.217.718.4
Glaston Corporation7.15.35.3
HKScan Corporation2.23.93.9
Huhtamäki Oyj0.714.816.2
Kemira Oyj5.380.780.7
Kesko Corporation1.116.734.1
Kesla Oyj4.40.50.5
KONE Corporation0.967.3169.0
Konecranes Plc1.921.528.3
Lassila & Tikanoja Plc1.66.79.1
Lemminkäinen Corporation4.78.410.4
Marimekko Corporation4.83.43.4
Metso Corporation4.0150.2150.2
Metsä Board Corporation4.960.371.1
Munksjö Oyj1.63.27.3
Neste Oil Corporation1.242.362.0
Nixu Corporation4.31.11.1
Nokia Corporation1.9286.5473.8
Nokian Tyres Plc6.7147.4182.6
Okmetic Oyj2.81.62.3
Olvi Plc3.816.316.3
Oriola-KD Corporation4.215.721.8
Orion Corporation0.410.310.3
Outokumpu Oyj4.060.279.7
Outotec Oyj7.056.056.0
PKC Group Plc2.44.410.0
Ponsse Plc1.41.64.6
Pöyry Plc4.77.37.3
Raisio Plc1.69.410.7
Ramirent Plc3.423.423.4
Restamax Plc1.71.01.0
Sampo Plc6.4283.71,380.0
Sanoma Corporation0.53.63.6
Solteq Oyj4.30.70.9
Sponda Plc10.393.1105.3
SRV Group Plc1.21.21.2
Stockmann Plc4.420.120.1
Stora Enso Oyj2.0116.4116.4
Suominen Corporation9.110.118.1
Teleste Corporation2.72.72.7
Tieto Corporation1.114.517.1
Tikkurila Oyj5.736.136.1
Tulikivi Corporation4.70.50.5
UPM-Kymmene Corporation1.596.1109.9
Uponor Corporation5.337.444.3
Vaisala Corporation0.92.93.4
Verkkokauppa.com Oyj3.97.18.9
Wärtsilä Corporation5.2144.7380.5
YIT Corporation9.049.049.0
Other1.351.5
Finnish equities, total2,414.44,405.4
SharesBook valueFair value
31 Dec. 2014%€ million€ million
Other countries
Austria
Erste Group Bank AG0.01.71.8
OMV AG0.01.51.5
Scholler-Bleckmann Oilfield Equipment AG0.11.21.2
Voestalpine AG0.01.41.5
Belgium
Ageas SA/NV0.01.51.6
Anheuser-Busch InBev NV0.016.919.9
Belgacom SA0.01.11.3
Colruyt SA0.01.31.3
Groupe Bruxelles Lambert SA0.01.31.5
KBC Groep NV0.01.01.2
UCB SA0.01.72.1
Bermuda
Atlantica Tender Drilling Ltd2.92.72.7
Seadrill Ltd0.01.41.4
Canada
Lundin Gold Inc3.61.51.6
Lundin Mining Corporation0.00.60.7
NGEx Resources Inc0.40.60.6
Questerre Energy Corp2.31.71.7
Cayman Islands
58.com Inc0.10.80.8
Siem Offshore Inc1.22.12.1
ZAIS Financial Corp REIT3.13.53.5
Denmark
AP Moeller - Maersk A/S0.08.18.3
Carlsberg A/S0.01.81.8
Christian Hansen Holding A/S0.01.71.8
Coloplast A/S0.01.62.1
Danske Bank A/S0.03.84.9
DSV A/S0.15.86.3
FLSmidth & Co A/S0.00.70.7
GN Store Nord A/S0.01.01.3
ISS A/S0.14.44.8
Novo Nordisk A/S0.016.619.3
Novozymes A/S0.14.75.4
Pandora A/S0.01.92.0
TDC A/S0.01.51.5
Topdanmark A/S0.00.50.7
Vestas Wind Systems A/S0.00.80.8
France
Air Liquide SA0.08.28.7
Arkema SA0.25.37.5
AXA SA0.08.49.8
BNP Paribas0.011.613.1
Bouygues SA0.02.42.8
Carrefour SA0.03.13.3
Casino Guichard Perrachon SA0.01.01.1
Christian Dior SA0.00.62.5
Cie de St-Gobain0.05.76.1
Cie Generale des Etablissements Michelin0.05.75.7
Cie Generale d'Optique Essilor International SA0.02.52.8
Credit Agricole SA0.01.61.9
Danone0.08.68.9
EDF SA0.02.32.6
Eiffage SA0.13.53.6
Eutelsat Communications SA0.00.80.9
Faurecia0.26.97.4
GDF Suez0.011.612.6
Hermès International0.00.82.4
Kering0.03.23.3
Lafarge SA0.03.43.9
Lagardere SCA0.11.91.9
Legrand SA0.04.14.8
L’Oréal SA0.09.311.1
LVMH Moet Hennessy Louis Vuitton SA0.05.510.7
Orange0.05.16.8
Orpea0.24.64.7
Pernod-Ricard SA0.05.45.6
Peugeot SA0.14.95.0
Publicis Groupe SA0.02.32.7
Rémy Cointreau SA0.11.51.5
Renault SA0.05.55.6
Rexel SA0.01.51.5
Sanofi0.029.029.5
Schneider Electric SA0.011.911.9
SEB SA0.00.50.5
Société BIC SA0.00.91.0
Societe Generale0.05.56.2
Suez Environnement Co0.00.81.1
Tarkett SA0.22.12.1
Technip SA0.00.60.6
Teleperformance SA0.47.612.7
Total SA0.030.730.7
Ubisoft Entertainment SA0.67.19.9
Valeo SA0.00.70.8
Vallourec SA0.01.11.1
Wendel SA0.00.70.8
Vinci SA0.07.58.7
Vivendi SA0.08.19.2
Germany
Adidas AG0.04.04.0
Aixtron SE0.66.26.2
Allianz SE0.013.215.5
Alstria Office REIT-AG1.510.912.5
BASF SE0.013.913.9
Bayer AG0.022.927.3
Bayerische Motoren Werke AG0.011.912.5
Beiersdorf AG0.02.82.9
Brenntag AG0.12.83.5
Commerzbank AG0.19.09.0
Continental AG0.08.29.5
Daimler AG0.027.130.3
Deutsche Annington Immobilien SE0.29.516.1
Deutsche Bank AG0.08.98.9
Deutsche Boerse AG0.01.51.8
Deutsche Euroshop AG0.23.23.6
Deutsche Post AG0.05.26.8
Deutsche Telekom AG0.07.19.5
E.ON AG0.08.18.5
ElringKlinger AG0.22.52.9
Fraport AG Frankfurt Airport Services Worldwide0.12.42.4
Fresenius Medical Care AG & Co KGaA0.03.43.7
Fresenius SE & Co KGaA0.04.35.1
Fuchs Petrolub SE0.37.17.4
GEA Group AG0.01.41.6
Gerresheimer AG0.10.70.8
Hannover Rueckversicherung AG0.00.91.1
HeidelbergCement AG0.02.52.9
Henkel AG & Co KGaA0.04.25.4
Hugo Boss AG0.00.80.9
KION Group AG0.26.06.0
Lanxess AG0.11.91.9
Leoni AG0.11.01.0
Linde AG0.07.68.0
Merck KGaA0.02.43.1
Metro AG0.01.01.1
MTU Aero Engines Holding AG0.415.616.5
Münchener Rückversicherungs AG0.05.56.3
Norma Group SE0.11.11.2
Porsche Automobil Holding SE0.02.93.0
ProSiebenSat.1 Media AG0.01.51.7
Rheinmetall AG0.11.81.9
RIB Software AG0.63.13.1
RWE AG0.06.06.0
SAP SE0.01.71.7
Siemens AG0.023.925.1
Stada Arzneimittel AG0.11.51.5
Symrise AG0.01.01.0
ThyssenKrupp AG0.03.03.0
Volkswagen AG0.010.811.1
Greece
Alpha Bank AE0.13.23.2
Ireland
CRH plc0.04.35.2
DCC plc0.13.05.5
Experian PLC0.03.53.8
Governor & Co of the Bank of Ireland0.01.62.4
Kerry Group PLC0.02.62.6
Kingspan Group plc0.00.70.7
Smurfit Kappa Group plc0.25.57.5
Italy
Assicurazioni Generali SpA0.05.05.6
Buzzi Unicem SpA0.24.24.2
Enel SpA0.08.58.9
ENI SpA0.011.511.5
Hera SpA0.24.45.0
Intesa Sanpaolo SpA0.06.79.4
Italcementi SpA0.11.71.7
Luxottica Group SpA0.01.92.5
Piaggio C. SpA0.32.93.0
Pirelli & C SpA0.01.81.8
Prysmian SpA0.38.38.3
Snam Rete Gas SpA0.01.71.9
Telecom Italia SpA0.02.22.7
Terna Rete Elettrica Nazionale SpA0.01.31.5
UniCredit SpA0.06.27.4
Jersey C.I.
Genel Energy PLC0.00.90.9
Glencore Xstrata PLC0.012.512.5
Henderson Group PLC0.00.71.0
Randgold Resources Ltd0.01.61.8
Shire PLC0.07.411.2
Wolseley PLC0.04.55.1
WPP plc0.04.05.5
Liberia
Royal Caribbean Cruises Ltd0.16.28.8
Luxembourg
ArcelorMittal0.02.92.9
Eurofins Scientific0.01.01.1
SES SA0.01.72.1
Subsea 7 SA0.01.31.3
Tenaris SA0.02.52.5
Netherlands
Aegon NV0.02.83.1
Akzo Nobel NV0.04.34.6
ASML Holding NV0.01.82.7
Fiat Chrysler Automobiles NV0.16.46.4
Gemalto NV0.00.50.5
Heineken Holding NV0.00.60.6
Heineken NV0.03.94.2
ING Groep NV0.05.87.8
Koninklijke Ahold NV0.04.34.8
Koninklijke Boskalis Westminster NV0.01.01.2
Koninklijke KPN NV0.03.13.1
Koninklijke Philips NV0.07.17.4
Nutreco NV0.23.85.2
OCI NV0.00.90.9
QIAGEN NV0.01.11.4
Reed Elsevier NV0.02.03.0
Royal Dutch Shell PLC0.031.032.9
Unilever NV0.013.614.6
Wolters Kluwer NV0.13.23.6
Norway
Aker Solutions ASA0.22.02.0
Atea ASA1.815.615.8
BW LPG Ltd0.21.91.9
Det Norske Oljeselskap ASA0.32.52.5
DNB ASA0.355.057.5
DNO INTERNATIONAL ASA0.47.27.2
Dolphin Group AS7.38.08.0
Entra ASA1.216.818.3
Farstad Shipping ASA1.12.22.2
Gjensidige Forsikring ASA0.15.85.9
Hexagon Composites ASA1.43.94.6
Kvaerner ASA0.40.90.9
Magseis AS1.31.91.9
Marine Harvest ASA0.27.610.7
Next Biometrics Group AS3.11.81.8
Norsk Hydro ASA0.215.820.9
Norwegian Air Shuttle AS0.32.83.3
OPERA SOFTWARE ASA0.33.74.3
Orkla ASA0.212.212.2
Petroleum Geo-Services ASA0.43.93.9
Protector Forsikring AS0.91.63.1
Schibsted ASA0.16.56.5
Statoil ASA0.147.947.9
Storebrand ASA1.217.317.3
Telenor ASA0.238.438.5
TGS Nopec Geophysical Co ASA0.12.52.5
Yara International ASA0.218.418.4
Spain
Abertis Infraestructuras SA0.01.61.6
ACS Actividades de Construccion y Servicios SA0.01.62.0
Amadeus IT Holding SA0.05.06.6
Banco Bilbao Vizcaya Argentaria SA0.016.416.7
Banco Popular Espanol SA0.01.42.7
Banco Santander SA0.013.432.4
Bolsas y Mercados Espanoles SA0.00.81.0
CaixaBank0.03.44.9
eDreams Odigeo SL0.30.60.6
Enagas SA0.01.72.1
Endesa SA0.01.41.6
Ferrovial SA0.01.52.5
Gas Natural SDG SA0.02.72.9
Grifols SA0.01.51.8
Iberdrola SA0.03.77.9
Inditex SA0.07.78.4
Red Electrica Corp SA0.01.42.2
Repsol YPF SA0.03.13.9
Telefonica SA0.06.811.1
Sweden
AarhusKarlshamn AB0.22.13.4
AF AB0.52.95.0
Alfa Laval AB0.03.03.0
Assa Abloy AB0.112.217.7
Atlas Copco AB0.121.724.4
Atrium Ljungberg AB5.469.187.2
Autoliv Inc0.12.94.5
Axis Communications AB0.10.70.8
Boliden AB0.01.31.5
Com Hem Holding AB0.33.73.9
Electrolux AB0.14.15.5
Elekta AB0.11.71.7
Getinge AB0.01.11.1
Gränges AB0.93.13.5
Gunnebo AB0.20.50.5
Haldex AB0.72.43.2
Hennes & Mauritz AB0.140.250.0
Hexpol AB0.22.64.7
Hufvudstaden AB0.610.013.8
Intrum Justitia AB0.12.32.6
Investor AB0.19.313.6
Inwido AB1.24.84.8
Lindab International AB0.31.51.5
Lundin Petroleum AB0.00.60.6
Meda AB0.10.82.4
Modern Times Group AB0.11.61.6
NCC AB0.12.62.6
Nobia AB0.10.91.4
Nordea Bank AB0.7213.5278.6
Peab AB0.22.22.9
Sandvik AB0.19.89.8
Skandinaviska Enskilda Banken AB0.118.026.2
Skanska AB0.16.67.1
SKF AB0.216.316.7
SSAB AB0.312.712.7
Swedbank AB0.121.327.0
Swedish Orphan Biovitrum AB0.23.54.5
Svenska Cellulosa AB0.17.37.9
Svenska Handelsbanken AB0.114.417.6
Tele2 AB0.14.85.1
Telefonaktiebolaget LM Ericsson0.130.936.4
TeliaSonera AB0.121.521.5
Trelleborg AB0.13.13.3
Volvo AB0.110.510.5
Zenterio AB4.53.63.6
Switzerland
ABB Ltd0.019.120.7
Actelion Ltd0.03.64.5
Adecco SA0.02.32.6
Aryzta AG0.00.70.7
Chocoladefabriken Lindt & Sprungli AG0.00.60.6
Cie Financiere Richemont SA0.011.011.4
Clariant AG0.01.31.4
Credit Suisse Group AG0.07.97.9
Dufry AG0.12.62.8
Galenica AG0.00.91.1
GAM Holding AG0.00.91.0
Geberit AG0.02.93.8
Givaudan SA0.02.22.2
Holcim Ltd0.04.44.7
Informa PLC0.00.80.8
Julius Baer Group Ltd0.01.72.0
Kuehne + Nagel International AG0.03.63.9
Logitech International SA0.57.29.0
Lonza Group AG0.01.42.0
Nestle SA0.053.058.8
Novartis AG0.038.551.2
Partners Group Holding AG0.00.70.9
Roche Holding AG0.036.842.5
SGS SA0.01.71.7
Sika AG0.01.61.9
Sonova Holding AG0.01.72.0
Swiss Life Holding AG0.01.01.5
Swiss Re AG0.04.95.7
Swisscom AG0.03.03.4
Syngenta AG0.06.26.2
The Swatch Group AG0.03.13.1
UBS AG0.35.15.7
UBS Group AG0.06.06.1
Zurich Financial Services AG0.07.79.4
United Kingdom
3i Group PLC0.01.01.8
Aberdeen Asset Management PLC0.01.61.8
Admiral Group PLC0.00.70.9
Aggreko PLC0.01.31.3
Anglo American PLC0.08.18.1
Antofagasta PLC0.01.21.3
ARM Holdings PLC0.01.01.2
Associated British Foods PLC0.03.53.8
AstraZeneca PLC0.023.430.0
Aviva PLC0.03.54.4
Balfour Beatty PLC0.00.60.6
Barclays PLC0.011.913.0
Barratt Developments PLC0.01.12.0
Bellway PLC0.00.61.0
Berkeley Group Holdings PLC0.01.11.4
BG Group PLC0.012.112.1
BHP Billiton PLC0.012.712.7
Booker Group PLC0.00.91.1
BP PLC0.029.429.7
British Land Co PLC0.02.73.9
Britvic PLC0.11.51.6
BT Group PLC0.07.610.2
BTG PLC0.01.11.6
Burberry Group PLC0.02.73.4
Capita PLC0.02.72.8
Centrica PLC0.06.86.8
Croda International PLC0.29.310.8
Daily Mail & General Trust PLC0.00.50.5
Diageo PLC0.016.317.7
Drax Group PLC0.11.41.4
Fresnillo PLC0.00.80.8
GKN PLC0.13.23.5
GlaxoSmithKline PLC0.018.819.5
Hikma Pharmaceuticals PLC0.01.31.7
HSBC Holdings PLC0.042.142.9
Icap PLC0.00.81.2
IMI PLC0.14.74.7
Inchcape PLC0.38.210.2
Intertek Group PLC0.14.24.2
Investec PLC0.00.81.0
ITV PLC0.01.52.4
J Sainsbury PLC0.01.61.6
Johnson Matthey PLC0.01.41.5
Kingfisher PLC0.02.32.8
Ladbrokes PLC0.45.15.1
Legal & General Group PLC0.03.44.5
Lloyds Banking Group PLC0.07.99.9
London Stock Exchange Group PLC0.00.71.4
Man Group PLC0.10.91.7
Marks & Spencer Group PLC0.02.32.6
Meggitt PLC0.12.52.8
Mondi PLC0.01.21.6
National Grid PLC0.011.513.8
Next PLC0.03.34.5
Old Mutual PLC0.02.62.9
Pearson PLC0.02.72.8
Pennon Group PLC0.00.91.3
Persimmon PLC0.01.22.1
Playtech PLC0.13.03.1
Premier Foods PLC0.20.60.6
Prudential PLC0.08.711.9
Reckitt Benckiser Group PLC0.014.917.8
Reed Elsevier PLC0.02.63.8
Rolls-Royce Group PLC0.06.26.2
Rotork PLC0.11.11.2
RSA Insurance Group PLC0.12.62.6
SABMiller PLC0.011.712.6
Schroders PLC0.01.31.9
Severn Trent PLC0.14.04.5
Sky PLC0.02.42.8
Smith & Nephew PLC0.01.92.4
Smiths Group PLC0.01.71.7
Spectris PLC0.12.72.7
SSE PLC0.06.57.3
Standard Chartered PLC0.06.26.2
Standard Life PLC0.02.43.0
Tate & Lyle PLC0.12.22.2
Taylor Wimpey PLC0.01.11.9
Tesco PLC0.08.78.7
The Weir Group PLC0.13.63.6
Tullow Oil PLC0.01.51.5
Unilever PLC0.011.212.2
United Utilities Group PLC0.13.54.0
WM Morrison Supermarkets PLC0.01.11.1
Vodafone Group PLC0.020.220.2
United States
Laredo Petroleum Inc0.22.02.0
Tallgrass Energy Partners LP0.10.60.7
Other14.318.1
Foreign equities, total2,603.53,014.9
Listed equities, total5,017.97,420.3
BookFair
Sharesvaluevalue
31 Dec. 2014%€ million€ million
Unlisted equities
Finland
Ahlström Capital Oy3.78.422.8
Arek Oy19.92.82.8
Havator Group Oy9.25.45.4
Holiday Club Resorts Oy10.64.15.1
Kaleva Mutual Insurance Company30.02.62.6
Kiitosimeon Oy15.32.12.1
Terveystalo Oy0.41.41.4
Terveystalo Oy4.413.613.6
Mediverkko Yhtymä Oy9.41.99.1
Tornator Oy13.110.556.6
Vaasa Engineering Oy9.42.42.4
Staffpoint Holding Oy13.92.12.1
VVO Group Plc17.042.4224.2
Other1.01.0
Finnish equities, total100.5351.0
Other countries
Cayman Islands
Fir Tree Special Opportunities SPC Ltd0.015.416.0
Luxembourg
Esperanto Infrastructure I S.A.0.025.032.4
Netherlands
BenCo Insurance Holding B.V.3.60.73.3
Norway
Acona Invest AS16.12.82.8
South Korea
Dasan III, Inc.15.818.230.0
Sweden
Attendo Holding AB3.09.29.3
United States
OSYS Holdings, LLC13.36.37.7
Scitor Corporation9.10.80.8
SunGard Capital Corporation0.05.77.9
Venari Co-Investment LLC0.33.03.2
Other2.53.0
Foreign equities, total89.6116.5
Unlisted equities, total190.2467.5
BookFair
valuevalue
31 Dec. 2014€ million€ million
Hedge funds
1903 Offshore Debt Fund Ltd14.118.3
Abaco Financials Fund Limited55.755.7
Aleutian Fund Ltd101.0123.1
Bayview Companion IVa Offshore L.P.225.9258.0
Bayview MSR Opportunity Offshore L.P.4.04.8
Bayview Opportunity Offshore II a L.P.4.511.0
Bayview Opportunity Offshore III a L.P.80.5122.5
Bayview Opportunity Offshore IV a L.P.178.5214.7
Bayview Opportunity Offshore L.P.2.911.1
Benefit Street Credit Alpha Fund Ltd75.281.2
Black River Commodity Multi-Strategy Fund Ltd2.22.2
Blackstone First Avenue Offshore Fund Ltd92.4140.7
Blackstone Market Opportunities Offshore Fund SPC4.18.8
Blackstone Select Opportunities Offshore Fund193.0294.6
Blackstone Strategic Equity Offshore Fund Ltd0.60.6
Blackstone Strategic Opportunity Offshore Fund Ltd75.993.7
Blackstone Value Recovery Offshore Fund Ltd A16.315.7
BlueMatrix Limited36.744.0
BlueMountain Equity Alternatives Fund Ltd104.2149.6
BlueTrend Fund Limited51.874.4
Boussard & Gavaudan Plc BGF73.179.2
BTG Pactual GEMM53.961.6
Capula Global Relative Value Fund Ltd90.5125.5
Capula Tail Risk Fund Limited61.161.1
Carlson Black Diamond Thematic Ltd82.799.4
CarVal Credit Value Fund B II L.P.107.3137.3
CarVal Global Value Fund L.P.34.589.0
Corvex Offshore II Ltd36.741.5
CS Iris V Fund Limited42.561.9
Dabroes Offshore Investment Fund Ltd69.190.3
D.E.Shaw Composite International Fund2.23.6
Dialectic Antithesis Offshore, Ltd44.844.8
Dialectic Antithesis Opportunities Fund II L.P.23.123.1
Double Black Diamond Ltd169.9272.4
EJF Debt Opportunities Offshore Fund Ltd (Cayman Islands)194.5268.0
EJF Financial Services Offshore Fund Ltd25.831.5
EJF Sidecar Fund, LLC - Series (D)17.022.2
EJF Speciality Finance Opportunities Offshore Fund L.P.49.353.9
Element Capital Feeder Fund Ltd47.0149.9
Elliot International Ltd122.3260.8
Farallon Capital Offshore Investors II Holdings L.P.2.12.7
Fir Tree International Value Fund Ltd53.2100.6
Five Mile Capital Partners II L.P.24.129.8
Five Mile Capital Partners LLC2.12.1
Glenview Capital Partners Ltd47.891.0
Golden Tree Credit Opportunities Ltd14.053.5
Golden Tree Distressed Debt Fund (Cayman) Ltd54.8108.8
Golden Tree Distressed Fund 2014 (Cayman) L.P.13.614.3
Golden Tree MultiStrategy, Ltd A Liquid1.51.8
Golden Tree Offshore Fund II Ltd65.699.7
Golden Tree Offshore Fund Ltd12.923.0
GSA Quantitative Futures Fund Ltd36.243.9
GSO Special Situations Overseas Fund Ltd0.51.3
H/2 Credit Partners Ltd71.498.4
H/2 Special Opportunities III L.P.7.17.2
H/2 Special Opportunities II L.P.55.674.2
H/2 Special Opportunities L.P.4.813.4
H/2 Targeted Return Strategies I Ltd29.230.2
HBK Offshore Fund II L.P.173.2257.4
Jana Nirvana Offshore Fund, Ltd68.585.4
King Street Capital, Ltd65.1110.1
Kuttura Fund L.P.52.894.6
Mortality Fund I23.436.3
Newport Global Opportunities Fund L.P.22.537.7
NWI Emerging Market Currency Fund36.741.7
Oak43.064.0
Ospraie Special Opportunities Ltd1.72.8
OxAM Quant Fund (International) Limited50.060.7
OZ Asia Overseas Fund Ltd1.81.8
OZ Europe Overseas Fund II Ltd1.71.7
OZ Overseas Fund Ltd1.12.1
Pentwater Event Fund Ltd52.766.3
Pharo Macro Fund Ltd54.463.3
Pine River Fixed Income Fund Ltd88.2101.1
Pine River Liquid Rates Fund Ltd73.581.9
Reservoir Capital Overseas Partners II L.P.8.811.7
Sevetti Fund B, L.P.224.9267.5
Soroban Opportunities Cayman Fund Ltd19.621.4
Spinnaker Global Emerging Markets Fund Ltd54.466.7
Spinnaker Global Opportunity Fund Ltd37.952.9
The Canyon Value Realization Fund Ltd11.730.3
Third Point Offshore Fund Ltd64.679.4
Tricadia Credit Strategies Ltd74.287.7
Two Sigma Absolute Return Cayman Fund Ltd46.554.9
Whippoorwill Distressed Opportunity Fund, Ltd11.616.8
ZAIS Empiricus Fund54.265.4
Zais Opportunity Fund Ltd29.475.3
Zebedee Focus Fund Limited A36.336.3
Zebedee Focus Fund Limited B36.336.3
Zebedee Growth Fund Limited14.514.5
ZP Offshore Utility Fund Ltd20.420.6
Other241.1329.9
Hedge funds, total4,950.26,873.9
Real estate funds
Alinda Infrastructure Parallel Fund II L.P.62.381.4
Alinda Infrastructure Parallel Fund I L.P.32.752.5
Apollo European Real Estate Fund II Euro L.P.6.96.9
Apollo European Real Estate Fund III L.P.27.728.7
Arcus European Infrastructure Fund 1 L.P.76.276.2
Aros Bostadskapital 8 AB Co-Investment0.80.8
Aros Bostadskapital 9 AB Co-Investment2.32.3
AXA European Real Estate Opportunity Fund II L.P.13.813.8
Blackstone Real Estate Partners Europe III L.P.43.857.5
Blackstone Real Estate Partners International II L.P.24.129.2
CapMan Hotels RE Ky6.39.8
CapMan Nordic Real Estate FCP-SIF14.714.8
CapMan Real Estate I Ky5.95.9
CapMan RE II Ky1.82.9
Clearbell Property Partners II L.P.15.816.2
Colony Investors VII, L.P.5.45.4
Colony Parallel Investors VIII, L.P.19.819.8
EPI Russia I Ky16.716.7
EQT Infrastructure II No. 2 L.P.15.615.6
EQT Infrastructure No. 1 L.P.36.954.8
ICECAPITAL Housing Fund III Ky6.47.1
ICECAPITAL Housing Fund II Ky14.820.3
ICECAPITAL Housing Fund I Ky5.016.2
ICECAPITAL Saint Petersburg Residential Fund I Ky2.12.1
Macquarie European Infrastructure Fund III L.P.134.2216.4
Macquarie European Infrastructure Fund II L.P.91.3112.8
MGPA Asia Fund III L.P.15.524.1
Moorfield Real Estate Fund II B L.P.23.732.7
NV Property Fund I Ky101.8106.8
The CIT Real Estate Limited Partnership0.70.7
Trevian Care II Ky6.76.7
VVT Property Fund I Ky18.619.2
Other0.82.1
Real estate funds, total851.11,078.2
Fixed-income funds
GS Growth & Emerging markets Debt Local I USD Fund127.2127.2
H/2 TRS II CDO Holdings LTD Class A - Initial Series25.892.0
Inari Fund234.9296.8
iShares iBoxx Corporate ETF71.574.4
iShares Markit Corporate ETF20.021.1
Ivalo Fund, L.P.362.1480.1
Koitere Fund L.P.104.0105.7
Mandatum Life Nordic High Yield ABS48.248.2
Pareto Kreditt B45.445.4
Sevetti Fund A, L.P.481.1569.4
Wellington Emerging Local Debt USD Class S Accumulating Unhe93.993.9
Fixed-income funds, total1,614.01,954.1
Equity funds
Aberdeen Global China Equity Fund51.657.6
Aberdeen Global Latin American Equity Fund33.733.7
Amundi Latin America Equity I7C Fund26.526.5
East Capital Financials Investors AB5.45.4
Estonia Timberland Fund5.15.1
Fidelity Asian Special Situations Fund SS A ACC USD32.840.6
Fidelity Emerging Asia Fund AS A ACC USD21.226.3
FTIF Templeton Asian Growth Fund I USD Share Class47.752.5
FTIF Templeton Asian Smaller Companies Fund USD Share Class25.833.0
GAM Star plc - China Equity Fund21.827.6
GS US Blend Equity Portfolio fund81.8166.6
Henderson Horizon Pan European Smaller Companies Fund35.054.1
ISHARES MSCI SOUTH KOREA (EWY) ETF92.792.7
iShares Russell 2000 ETF861.8940.5
Macquarie Asia New Stars Fund USD56.063.4
Montanaro European Smaller Companies Fund20.024.1
Nomura ETF Topix36.238.2
Nordea North American All Cap Fund90.7106.3
Powershares QQQ Nasdaq 100 ETF272.9328.5
RAM Emerging Markets Equities classe R58.068.8
SPDR S&P 500 ETF TRUST924.21,257.4
SSgA Enhanced Emerging Markets Equity Fund231.3248.8
Taaleritehdas Arvo Rein Osake A21.727.0
Taaleritehdas Turkey Equity fund4.37.2
Threadneedle Pan European Smaller Companies Fund20.026.9
Turquoise Partners Limited Class D6.46.4
UBS Global Emerging Markets Opportunity Fund Class I-B USD49.849.9
UBS (Lux) Equity SICAV USA Growth50.598.2
Vanguard Emerging Markets Stock Index Fund273.9286.0
Vanguard Institutional Index Fund Plus shares355.5797.7
Vanguard Japan Stock Index Fund161.4176.6
Vanguard Pacific ex Japan Index Fund80.693.0
William Blair US Small Mid Cap Growth Fund41.060.3
Other0.50.5
Equity funds, total4,097.85,327.5
Private equity funds
1903 Equity Fund L.P.0.90.9
Abingworth Bioventures III B L.P.0.80.8
AC Cleantech Growth Fund I KY17.017.0
Access Capital Fund L.P. II B1.51.5
Alpha Private Equity Fund 5 - JABBAH CI L.P.8.08.2
Apollo Investment Fund VII Euro Holdings, L.P.27.534.9
Apollo Overseas Partners (Delaware) VIII, L.P.6.66.6
Armada Mezzanine Fund III Ky2.34.5
Auda Asia II L.P.15.319.4
Auda Secondary II Feeder Fund L.P.9.710.1
Behrman Capital IV L.P.25.032.6
Blackstone Capital Partners IV L.P.14.415.9
Blackstone Capital Partners V L.P.45.655.2
Blackstone Capital Partners V LP10.227.2
Blackstone Capital Partners VI L.P.63.584.3
Blackstone Mezzanine Partners II L.P.2.12.1
BlueRun Ventures, L.P.5.89.0
CapMan Buyout IX Fund A L.P.39.842.4
CapMan Buyout VIII Fund A L.P.11.811.8
CapMan Buyout X Fund A L.P.18.218.2
CapMan Life Science IV Fund L.P.7.37.3
CapMan Russia Fund L.P.7.47.7
CapMan Technology Fund 2007 L.P.3.03.3
CapVest Equity Partners II L.P.9.711.2
CapVest Equity Partners III L.P.1.71.7
CDH Fund V L.P.11.011.5
Crown Co-Investor LP19.545.7
CV Partners Kansas II L.P.0.18.4
CVC European Equity Partners IV (C) L.P.5.45.4
Elbrus Capital Fund I L.P.45.554.3
Elbrus Capital Fund II LP.19.619.6
EQT III ISS LP0.18.2
EQT III UK No. 1 Limited Partnership1.61.6
EQT IV No. 1 Limited Partnership16.416.9
EQT V No 1 Limited Partnership25.029.1
EQT VI No 1 Limited Partnership34.739.7
Green Equity Investors IV L.P.4.39.5
Green Equity Investors V L.P.25.635.9
Hamilton Lane Co-Investment Feeder Fund III L.P.7.07.0
Hamilton Lane Co-Investment Fund L.P.42.147.2
Hamilton Lane Co-Investment Fund II L.P.40.982.4
Hamilton Lane Parallel Investors LP18.920.5
IK VII L.P.22.022.0
Industri Kapital 2000 Limited Partnership I, II, IV1.91.9
Industri Kapital 2004 Limited Partnership I5.55.5
Industri Kapital 2007 Limited Partnership III33.038.3
Inveni Secondaries Fund II Follow-On Ky0.70.7
IT Co-Investment Holdings, Inc.6.06.2
Kelso Investment Associates VII, L.P.3.13.1
Kelso Investment Associates VIII, L.P.59.365.0
MB Equity Fund IV Ky9.013.2
MBK Partners Fund II, L.P.27.961.3
MBK Partners Fund III, L.P.13.819.0
MBK Partners, L.P.15.131.9
MCP (Moelis) Co Invest LP8.511.4
Mezzanine Management Fund IV A L.P.8.99.3
MHR Institutional Partners IV L.P.7.18.3
MML Capital Partners Fund V L.P.16.119.6
Moelis Capital Partners Opportunity Fund I L.P.54.675.1
Moelis Capital Partners Opportunity Fund I-B LP7.68.3
Navis Asia Fund VII, L.P.9.69.8
New Mountain Partners IV L.P.12.712.9
Nokia Venture Partners II L.P.0.70.7
Nordic Mezzanine Fund III L.P.9.911.2
Onex Partners II L.P.6.86.8
Onex Partners III L.P.54.173.9
Onex Partners IV L.P.4.14.1
PAI Europe VI-1 L.P.21.521.5
Permira Europe II L.P. 20.80.8
Permira Europe III L.P.29.69.6
Permira Europe IV L.P.224.629.7
Platinum Equity Capital Partners II, L.P.25.046.6
Platinum Equity Capital Partners III L.P.7.917.1
Power Fund II Ky3.73.7
Power Fund III Ky1.71.7
Profita Fund III Ky2.92.9
Quadriga Capital Private Equity Fund III L.P.20.220.2
Saw Mill Capital Partners, L.P.9.412.1
Selected Mezzanine Funds I Ky4.76.2
Selected Private Equity Funds I Ky6.98.3
Sofia L.P.1.01.0
Sponsor Fund III Ky22.428.0
Strategic Value Special Situations Feeder Fund III L.P.27.528.4
TCW Crescent Mezzanine Partners IV B L.P.6.66.6
TCW Crescent Mezzanine Partners V L.P.23.329.0
The Fifth Cinven Fund (No. 1) Limited Partnership19.622.0
The Fourth Cinven Fund (No. 4) Limited Partnership24.824.8
TPG Asia VI L.P.17.717.7
Warburg Pincus Energy L.P.2.62.6
Warburg Pincus Private Equity IX, L.P.9.529.2
Warburg Pincus Private Equity X, L.P.49.999.9
Warburg Pincus Private Equity XI LP.51.365.1
VSS Communications Parallel Partners IV, L.P.13.913.9
Other3.259.9
Private equity funds, total1,483.32,005.0
Funds, total12,996.417,238.7
Parent Company, total18,204.525,126.5
The Group’s shareholding deviates from the Parent Company’s as follows:
Kaleva Mutual Insurance Company guarantee capital3.33.3
Martinparkki Oy3.33.3
Poha-Pysäköinti Oy1.41.4
Ruohoparkki Oy3.33.3
Vaasan Toripysäköinti Oy2.32.3
Other2.52.5
Group, total18,220.625,142.7