The Pension Fund Management (KAD), which manages more than EUR 1.01bn of its own capital and some EUR 253m of fund capital, finished 2003 with solid profits. Pursuing its goal of selling companies which it had acquired in the privatisation process, KAD has sold 43 of the planned 45 companies in its portfolio, said chairman Borut Jamnik. He announced that KAD would continue to work at increasing market-oriented investments, with a view to increasing the value of capital. The state-run fund is also planning to make more short-term financial investments, reversing the ratio between financial and loan investments, which has been 80 to 20.