The National Bank of Denmark has published new data identifying Danish investors’ indirect ownership of securities through Danish investment funds. Danish investors held foreign listed equities worth DKK 3,059 billion in August 2026, with around half held through domestic investment funds. Employees, pensioners and other household investors held more than two-thirds of their foreign equities through such funds. US equities accounted for 56% of Danish investors’ total foreign equity holdings, with the rising share primarily reflecting valuation gains. Nvidia, Apple and Microsoft were the largest individual holdings. The data uses a three-step look-through process to trace stocks and bonds held through Danish funds, including funds that invest in other funds, and then allocates them to the ultimate investors. Foreign investment funds cannot be looked through and are treated as securities alongside stocks and bonds.
2026-09-28National Bank of Denmark
National Bank of Denmark publishes look-through data showing half of Danish investors’ foreign equities are held through investment funds
The National Bank of Denmark’s new look-through data shows that around half of Danish investors’ DKK 3,059 billion in foreign listed equities was held through Danish investment funds in August 2026. US equities represented 56% of the total, driven primarily by valuation gains, while households held more than two-thirds of their foreign equities through funds.