Annual Report 2023 (eng) - Flipbook - Side 12
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
Investment costs
Investment costs were 0.76% of assets in 2023,
which is slightly lower than in 2022. Investment
costs vary considerably across asset classes
and they are highest for unlisted investments.
The return for the year of 5.7% is after costs
incurred.
INVESTMENT ACTIVITIES
higher costs than a strategy with passively
managed, listed assets.
Industriens Pension has active portfolio
management with a high proportion of unlisted
investments. This strategy entails relatively
Go to www.industrienspension.dk/Aktiver for a
list of investments made by Industriens Pension.
Investment assets valued for accounting
purposes rose from DKK 225 bn. at the end of
2022 to DKK 235 bn. at the end of 2023. If
derivative financial instruments with a negative
value and outstanding transactions and interest
receivable are included, the net exposures to
investment assets amounted to DKK 230 bn. at
the end of 2023, against exposures of DKK 217
bn. at the end of 2022.
Table 9 Break down by types of assets
Table 8 Investment costs in 2023 by types of assets
Asset t pe
Investment assets
DKK mi .
Exposures c rried
forw rd
%
Exposures c rried
forw rd
Gi t-edged bonds
.
.
Other credit
.
.
Asset t pe
Investment-gr de corpor te bonds
.
.
Gi t-edged bonds
,
.
,
.
High- ie d corpor te bonds
.
.
Other credit
,
.
,
.
Emerging-m rket bonds
.
.
Emerging-m rket bonds
,
.
,
.
D nish sh res
.
.
High- ie d corpor te bonds
,
.
,
.
Foreign sh res
.
.
Investment-gr de bonds
,
.
,
.
Un isted sh res
.
.
D nish sh res
,
.
,
.
Properties (core)
.
.
Foreign sh res
,
.
,
.
Properties
.
.
Un isted sh res
,
.
,
.
Infr structure (core)
.
.
Properties
,
.
,
.
Infr structure
.
.
Infr structure
,
.
,
.
Other str tegies
.
.
Other str tegies
,
.
,
.
Un
oc ted costs*
.
Mone m rket*
,
.
,
.
Tot
investment costs
Str tegic hedging
-
- .
,
.
Tot
,
.
,
.
* Un
oc ted costs inc ude rent, costs of iquidit
,
.
nd deriv tives, inc uding TAA nd SAA
.
DKK mi .
%
DKK mi .
%
*C cu ted s b nk deposits + m rket v ue of deriv tive fin nci
instruments
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