The National Bank of Denmark has published April 2026 statistics showing a marked divergence in returns between listed and unlisted equities held by Danish insurance companies and pension funds. By the end of April 2026, the sector held about DKK 2,800 billion in equities, with nearly two thirds in listed shares and the rest in unlisted holdings such as infrastructure and real estate. Since 2023, listed equities generated cumulative returns of DKK 606 billion, or about 60 per cent, compared with DKK 58 billion, or about 6 per cent, for unlisted equities. The data also show that insurers and pension funds have favoured listed equities in recent buying. Since 2023, they purchased DKK 340 billion of listed equities versus DKK 49 billion of unlisted equities, with buying accelerating in 2025 and concentrating in information technology and financial companies. Equity investments represented about 54 per cent of total pension assets, which stood at roughly DKK 5,230 billion at the end of April 2026. The National Bank of Denmark notes that listed equity returns were largely driven by information technology investments, while unlisted holdings remain less liquid and are valued using models and assumptions rather than observable market prices.
National Bank of Denmark2026-06-04
National Bank of Denmark reports listed equities have sharply outperformed unlisted holdings in insurance and pension portfolios since 2023
The National Bank of Denmark’s April 2026 statistics show a sharp divergence in returns between listed and unlisted equities held by Danish insurance companies and pension funds, with listed equities returning about DKK 606 billion (60 per cent) since 2023 versus DKK 58 billion (6 per cent) for unlisted holdings. Since 2023, the sector has bought DKK 340 billion of listed equities and DKK 49 billion of unlisted equities, with purchases concentrated in information technology and financial companies. Equity investments accounted for about 54 per cent of total pension assets of roughly DKK 5,230 billion.