One of Sweden's national pension funds, AP2, doubled its emerging markets allocation to almost €4 billion in 2013 – in a tough year for investors in developing economies.

The Skr265 billion (€30 billion) investment fund, one of four that underpins Sweden's state pension system, returned 12.8% on its money during 2013 - its second-best year ever. Its equity and private equity portfolios did particularly well.