Gradual change in the portfolio
The current portfolio has come about as the result of a high rate of investment over the last five years. During the period 2013-2017, the portfolio has essentially been entirely transformed. Older holdings associated with the prior investment strategy have been divested.
The investment focus is on unlisted assets in, primarily, mature companies.
There is an even distribution between direct investments and fund investments. It is a well-diversified portfolio, with adequate spread of the risks.
There are nearly 500 underlying portfolio companies for Fund Investments and Direct Investments. And there are approximately 30 fund managers.
For these investments, risks have been spread across the following four main sectors: Consumer discretionary, Industrial goods, IT/telecom, and Healthcare.
The illustration below shows the composition of AP6’s portfolio as of 2017-12-31.