Danish pension fund ATP returned 14.5 per cent on its investment portfolio in the first half of 2026, its interim report has shown.

This was driven by ATP’s return on its listed foreign equities portfolio, which was partly offset by negative returns from government and mortgage bonds.

The pension fund said the first half of the year was characterised by a challenging investment environment with large market fluctuations.

Its positive result in H1 contributed to an increase in its bonus capacity, which rose by 2.6 percentage points to 23 per cent at the end of H1.

At the end of H1, ATP’s bonus capacity totalled DKK 133.2bn, while its pension liabilities amounted to DKK 544.5bn and its long-term supplementary provision was DKK 43.3bn.

The pension fund’s members’ total assets reached DKK 721bn, with the increase being driven by the rise in the value of guaranteed pensions of DKK 6bn and greater bonus potential of DKK 26bn.

Since 2008, ATP has delivered an average annual return of 10.9 per cent in its investment portfolio, which accounts for approximately 20 per cent of its assets.

"ATP was created to ensure that Danes receive a predictable financial supplement to the state pension that we all enjoy,” commented ATP CEO, Martin Præstegaard.

“A total return in ATP's investment portfolio of almost DKK 134bn over the past 10 years provides a solid boost to savings, and this means, among other things, that we have been able to increase the ATP pension four times in the same period.

“I am satisfied with the return in the first half of 2026, but in the big picture, it is not so crucial how the return develops six months by six months. What matters is the pension we provide to Danes over 10 and 20 years.”

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