ATP recorded a negative return of DKK 3.7bn in the investment portfolio, equivalent to a negative 3.2 per cent of the bonus potential, which is not satisfactory. However, our balanced investment portfolio reduced the negative return. Government and mortgage bonds, in particular, and illiquid investments made positive contributions to returns, while listed international equities were the main detractors.

ATP’s board of directors has with immediate effect appointed ATP’s CFO interim CEO of ATP. This happens after Christian Hyldahl Saturday decided to step down as CEO.

The first three quarters of the year were characterised by interest rate increases in the USA and by various trends in the global equity markets. The investment portfolio generated a return of DKK 6.9bn, corresponding to 5.8 per cent relative to the bonus potential.

In H1, ATP achieved a return of DKK 4.1bn in the investment portfolio before tax and expenses, equivalent to 3.4 per cent relative to ATP’s free reserves – the bonus potential. Private equity investments, infrastructure investments and real estate investments were the primary drivers of the return, while investments in listed international equities were the main detractors from the return.