April 2007

April was a good month for A.f.f.e and the positive trend continues. Total assets increased by +SEK12.474:- (+2,9%). Comparable SAX-Index increased by 4,4% so we are still a little bit to defensive in our implementation.

• Member Investments, +SEK2.700:-, +0,6% (YTD SEK10.800:-, +2,7%)
• Dividends Net Paid Out, +SEK3.737:-, +0,9% (YTD SEK9.627:-, +2,4%)
• Added Value Activities, +SEK8.006:-, +1,9% (YTD SEK23.925:-, +6,0%)
• Tax Debt, -SEK1.969:-, -0,5% (YTD SEK4.712.-, -1,2%)

Member investments continued as planned (+SEK2.700:-). In April A.f.f.e received net dividends to the value of SEK3.737:- (March SEK527:-) from SEB, SCA, TietoEnator, Ericsson, E-lux, Nordea, and Getinge. In April the Board created value of SEK8.006:- (March SEK13.982:-) through active portfolio management (E-lux) and value growth in Financial (+7,3%) and Energy sector (+11,1%), Orkla (+11%), and our India fund (+11,5%).

The Board decided to realize profits to the value of SEK6.563:- in Consumer Durables, Technology, Capital Goods, and Basic Industry. All decisions proved to be correct. However, some of the stocks have continued to grow. A fact we will never know until afterwards.

The Board has increased our exposure to cash from 9,8% to 22,6%. Our sector exposure are yet not aligned to financial institute recommendations which explains our somewhat "slow" development. Major differences are our overexposure to cash, which is a defensive strategy, consumer cyclicals, and Technology sectors. We knew in advance that we should invest more in Financial, Capital Goods, and Energy sectors but the Board has not been able to agree and implement this strategy. Unfortunately, these sectors have had a very strong growth.

Our exposure to high risk investments has decreased to 12,5% (68.675:-) mainly through growth elsewhere.

During the month A.f.f.e hit an individual target, SEK50.000:- per member. However, in the end the value per membership went just below this figure (SEK49.889.-, Year-To-Date +9,8%). YTD SAX-Index is +10,5%.

In the end of April A.f.f.e has a non-realized profit of SEK68.081:- and, therefore, a hidden tax debt of SEK20.424:-, or SEK2.269:- per membership. This, however, does not have effect on the membership value in A.f.f.e. The amount is paid through the annual taxes by each member.

Patrik