DENMARK - PensionDanmarks has reported a bumper first quarter of 2007 as its assets under management grew by 18% to DKK64.2bn (€8.6bn), and its investment return was boosted by large holdings in equities.
The fund's investment return before taxes was 1.2% which was 0.2 percentage points better than benchmark.
This was influenced by the fact that 40% of its assets are invested in equities. The equity portfolio returned 2.5% in the first quarter, while investments in nominal bonds returned 1.0%.
Meanwhile, investments in private equity and real estate yielded 3.7 and 3.3% respectively in Q1.
PensionDanmark's CEO, Torben Möger Pedersen, said: “The positive growth path continued in the first quarter of 2007. The increase in premiums reflects higher employment and wage increases as well as higher contribution rates.”
The administrative costs were DKK85 (€11) per member, according to the fund.
As a result, PensionDanmark said this maintains its position as one of Denmark’s most cost-effective pension funds.
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