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Return on investments

See the pension fund's returns on investments.

Monthly report for August 2022

At 31 August, P+ had a YTD return of -9.7 percent which was a fall of 1.2 percent compared to the end of July. 

The month's portfolio returns accounted for -3.1 percents for equities, -2.9 percent for bonds, 1.5 percent for credit bonds, 6.6 percent for real assets and -1.0 percent for special investments. 

In August, the inflationary pressure continued to play a key role in both the Eurozone and the US. In the Eurozone inflation rised further, while it seems to marginally ease off in the US. The inflation rate is still high, and the market expects both the ECB and the Fed to increase the interest rate by 50-75 basis points during September. Both have stated that the interest rate increases continue until inflation starts falling back to the wanted level of approx. 2 percent. Thus, further interest rate increases are expected in both October and December this year. 

The equity market dropped in August due to a generally negative market sentiment triggered i.a. by the continued high inflation and rising energy prices. The surge in energy prices has made the financial situation in the Eurozone even more fragile, and PMI data indicates an economic slowdown. The markets anticipate continued rising inflation to a peak of approx. 10 percent in the Eurozone. 

The Russian gas supply to Europe via North Stream 1 closed on 31 August due to maintenance, but is is unclear if Russia will re-open it. This contributes to putting further pressure on the Eurozone, increasing energy prices and boosting the already high inflation rate. 

 

 

 

 

Return

 

Savings product

Profile

Assets under management

Last month

YTD

 

 

 

 

 

P+ Balance (average rate)

 

DKK 130,335 million

-1.16 %

-9.74 %

P+ Grundlag (average rate)

 

DKK 5,948 million

-7.51 %

-21.41 %

 

 

 

 

Return

 

Savings product

Profile

Assets under management

Last month

YTD

 

 

 

 

 

P+ Market rate

 

     

 

Aktiemax

DKK 557 million

-1.60 %

-13.53 %

 

Vælger

DKK 2,762 million

-1.15 %

-9.76 %

 

Obligationsmax

DKK 19 million

-0.79 %

-6.62 %

 

 

 

 

Return

 

Savings product

Profile

Assets under management

Last month

YTD

 

 

 

 

 

P+ Life cycle

 

DKK 331 million    

 

High*

 

-1.60 %

-13.53 %

 

Middle*

 

-1.43 %

-12.11 %

 

Low*

 

-1.08 %

-9.12 %

 

 

 

 

Return

 

Savings product

Profile

Assets under management

Last month

YTD

 

 

 

 

 

P+ Sustainable*

 

DKK 15 million -1.86 % -12.81 %

 

 

 

Return

 

 

Assets under management

Last month

YTD

 P+ total

 DKK 139.931 million

 -1.45 %

 -10.31 %

*Return for a member with 15 years to retirement.

The returns are updated monthly on the 13th banking day at the latest.

Development return on investments

Development investment profiles



Return on asset classes

  Return P+ Balance,
P+ Life cycle and P+ Market rate
Return P+ Sustainable
Asset classes Last month YTD Last month YTD
Government bonds and mortgage bonds -5.53 % -11.53 % -3.33 %  -8.73 %
Investment grade bonds 0.14 % -0.39 % 0.08 % -0.72 %
High Yield bonds 1.63 % -5.46 % 2.11 % -4.02 %
Emerging Markets bonds -0.40 % -8.54 % -1.86 % -14.67 %
Global equitites -4.42 % -16.72 % -4.49 % -16.74 %
Emerging Markets equities 0.32 % -8.65 % -1.86 % -12.13 %
Private Equity 3.52 % 0.10 % 3.52 % 0.10 %
Infrastructure and forest 9.19 % 12.22 % 9.19 % 12.22 %
Real estate 5.18 % 2.40 % 5.18 % 2.40 %
Hedge funds and special investments -0.95 % -11.76 % -0.94 % -13.85 %

You can find information about the composition of the assets in the different savings products here

 

Historical returns

In below table you can see the last 5 years' return on the different savings products. P+ Life cycle was introduced in November 2021 and the return only covers the last 2 months of 2021.

 

 

 

Return

 

 

 

Savings product

Profile

2017

2018

2019

2020

2021

 

 

 

 

 

 

 

P+ Balance (average rate)

 

9.54 %

-1.65 %

11.44 %

6.65 %

14.18 %

P+ Grundlag (average rate)

 

1.84 %

5.06 %

10.92 %

10.76 %

-6.03 %

P+ Market rate

 

 

 

 

 

 

 

Aktiemax

14.46 %

-9.06 %

23.90 %

11.92 %

22.12 %

 

Balance

9.21 %

-1.81 %

11.35 %

6.56 %

14.10 %

 

Obligationsmax

3.73 %

1.27 %

3.34 %

4.39 %

3.34 %

 

 

 

 

 

 

 

P+ Life cycle

 

 

 

 

 

 

 

High*

 

 

 

 

3.00 %

 

Middle*

 

 

 

 

2.83 %

 

Low*

 

 

 

 

2.44 %

 

 

 

 

 

 

 

P+ total

 

 

 

 

 

 

 

Returns compared with other pension companies

The overview is based on 2020 figures which are the most recent data. In the comparison the companies are grouped in relevant segments.

Return on average rate products (N1) as a percentage

 25 years
(1996-2020)

5 years
(2016-2020)

 1 year
(2020)

P+

7.2

6.5

7.0

Academic pension funds (average)

 7.1

6.2

 5.5

Labour market pension funds (average)

 6.9

5.9

 5.1

Commercial companies (average)

6.1

4.2

 4.6

The sector (average)

6.7

5.6

 5.1

Source: The companies' annual accounts.