The National Bank of Denmark published figures showing Danish households sharply increased net purchases of European stocks in January to May 2025, buying more than DKK 9 billion via both direct equity investments and investment funds. Over the same period, households were net sellers of American stocks (DKK 1.3 billion) and Danish stocks (DKK 3 billion), with comparable interest in European equities last seen in 2021. Defence stocks made up 32% of households’ total purchases of European stocks in the period, led by Rheinmetall and Saab, and Rheinmetall became the largest European stock holding in May, mainly due to price increases rather than new purchases. Despite the rotation in net flows, American stocks still accounted for 29% of households’ total stock portfolios as of May, versus 48% Danish stocks, 16% European stocks and 7% other listed stocks; defence stocks are defined as the GICS 'Aerospace and Defense' industry group.
National Bank of Denmark 2025-07-01
National Bank of Denmark reports Danish households bought over DKK 9 billion of European equities in January to May 2025 with defence stocks dominating
Danish households significantly increased net purchases of European stocks, exceeding DKK 9 billion from January to May 2025, while being net sellers of American and Danish stocks. Defence stocks, particularly Rheinmetall and Saab, constituted 32% of these European purchases, with Rheinmetall becoming the largest European holding due to price increases. Despite these shifts, American stocks still represented 29% of households' total stock portfolios as of May.