The start of 2009 was characterised by concerns about the direction of the global economy, causing broader spreads on credit bonds. AMF utilised this unease in the market and weighted up its proportion of credit-based securities with strong ratings at the expense of government securities. The unease in the market culminated in the first quarter, after which credit spreads began to re-converge, providing a not inconsiderable contribution to the return on the interest-bearing portfolio.

Earnings generated by the Swedish fixed-income portfolio amounted to SEK 2,386 million (5,809). The return was 4.2 percent (11.5), compared with 3.5 percent for AMF's benchmark index. 

Earnings generated by the foreign fixed-income portfolio amounted to SEK 1,927 million (15,407). The return on foreign interest-bearing investments, including currency hedging, was 1.4 percent (18.4), compared with a negative 0.2 percent (pos.: 14.6) for AMF's benchmark index.