SWEDEN - Nordic fund managers took all five top spots in the performance chart of best performing funds within the premium pension system in Sweden, with assets of SEK408bn (€45bn).

The bottom five performers for 2010 were all international players, bar one.

Länsförsäkringar's property fund was the best performer, returning 48% for the full year.

In second place was Carslon's Swedish micro-cap fund, which returned 40%, followed by Evli Greater Russia fund and East Capital's Baltic fund, which returned 39% and 38%, respectively.

Handelsbanken was fifth with a return of 34%.

In total, the almost 800 funds in the system returned 12.1% in 2010.

The average return for the funds that have been in the system since start 10 years ago was 4.2%.

In 2009, the funds returned 34.8%, clawing back the losses of 2008 when they fell 34.5%.

Societe Generale's Euroland Financial fund was the worst performer within the system for the full year 2010, falling 26%. 

ING's Greater China fund and GustaviaDavegårdh's alternative energy fund were second from bottom at -25%, followed by UBS global innovators fund and BlackRock's new energy fund, which fell 19% and 17%, respectively.

However, over a five-year period, only two Nordic players made it to the top 10. The top performers over five years are Barings' Hong Kong China fund, JP Morgan's China fund and Amundi's Latin American equity fund all returning 18%.

Another five funds returned 16% over five years to the end of 2010. Handelbanken's Latin America fund, First State's Greater China fund, Franklin's India fund, Amundi's Greater China fund, as well as UBS's Greater China fund.

Among the top performers were DnB NOR's Nordic technology fund and BlackRock's Latin America fund.

The largest funds within the premium pension system remain Swedish, with only one foreign player among the 10 largest, the Danish fund provider Skagen.

Among the most selected funds, again the Swedish providers dominate, taking eight out of 10 of the top spots.

Skagen is again one of the non-Swedish providers and the only non-Nordic fund to make the list is First State Asia Pacific Leaders fund.

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