Danish pension fund Industriens Pension achieved a return of DKK 18.8bn (7.7 per cent) on its investments in 2025, bringing its total assets under management to DKK 262bn at the start of 2026.

Despite sharp fluctuations in the financial markets, Industriens Pension said foreign stock markets delivered attractive returns of 14.5 per cent.

"In many ways, it has been an unpredictable year, but we can be pleased that all age groups have achieved reasonable returns. The US stock market and other leading stock markets in particular ended up with high returns despite a significant but temporary correction in the spring. Conversely, unlisted asset classes have had a somewhat difficult year overall," Industriens Pension CEO, Laila Mortensen, said.

Industriens Pension delivered a return of 9.1 per cent for members aged 50 and under, while members aged 70 received a return of 6.1 per cent.

It explained that the difference is that investment risk gradually reduces as a member ages and approaches the time when their pension is paid out.

In particular, it said significant currency hedging of 85 per cent helped limit the impact of the weakening of the dollar, which fell by around 11 per cent against the Danish krone in 2025, on its US assets.

Broken down, credit bonds yielded 6.1 per cent, while Danish equities, which as an asset class faced significant challenges during the year, ended up with a return of 7.5 per cent.

Investments in infrastructure yielded a relatively modest return of 2.2 per cent, mainly due to the difficult economic conditions for investments in renewable energy.

In addition, unlisted equities yielded a return of 6.5 per cent in a year in which the more mature companies in buyout funds performed well, while venture investments continued to struggle.

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