Varma

Annual Report 2014

VARMA_sijoitukset

Investments classified according to risk

RiskRiskReturnReturn
positionpositionMWRMWR
12/201412/20131–12/20141–12/2013Volatility
mn €%mn €%%%24 m
Fixed-income investments11,9833010,624285.51.2
Loan receivables1,57142,02652.63.3
Bonds9,732249,232246.80.82,1 2
Public bonds3,45093,869106.7-1.8
Other bonds6,282165,363146.93.0
Other money-market instruments and deposits6802-635-20.5-0.4
Equity investments16,3334114,756399.121.8
Listed equities12,8793211,579317.423.79.3
Private equity2,45162,175613.512.1
Unlisted equities1,00431,002319.726.7
Real estate investments3,841104,304113.83.1
Direct real estates3,37583,739103.22.0
Real estate funds466156518.011.6
Other investments7,962206,157168.74.5
Hedge funds6,717174,850137.88.82.0
Commodities37012011
Other investments87521,106315.9-6.3
Total investments40,12010035,840957.19.02.9
Impact of derivatives 1-811,8785
Investment allocation at fair value40,03910037,718100
The modified duration for all the bonds is 4.3.
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).