ATP, Hilleroed, Denmark, recorded a 23.3% investment return in 2020 despite turbulence associated with the coronavirus pandemic.

The pension fund said in an update Thursday that the return was equivalent to a 29.9 billion Danish kroner ($4.9 billion) gain. In 2019, the fund’s investment return was 39.7%, equivalent to 40.7 billion kroner before taxes and expenses.

The fund’s five-year annualized return to Dec. 31 was 20.2% a year. ATP’s assets grew by 8.4% in 2020 to 959.8 billion kroner. ATP runs an investment portfolio and a hedging portfolio. The combined investment and hedging return was 17.6 billion kroner for the year ended Dec. 31, compared with 29.9 billion for 2019.

The update said government and mortgage bonds contributed the highest positive return, at 15 billion kroner, while foreign and Danish equities added 11.9 billion kroner. Private equity also generated positive returns, although the update did not disclose the value of the return.

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Source: Pionline