Denmark’s ATP cuts equity allocation
DENMARK - ATP, the 250 billion crown (33 billion euro) Danish labour market supplementary pension scheme, returned –3% in 2002 and says it will be decreasing its allocation to equities.
Returns for the year from domestic equities and foreign equities were –23.7% and –31.2% respectively, while bonds produced positive returns of 10.6%.
A spokesman at ATP confirmed that the fund would be reducing its exposure to equities from 30% to 25%, with a further reduction likely to follow later this year. This time last year, the fund had 45% of its total assets invested in equities.
Cash from reduced equity holdings will be put into bonds, property and private equity, although predominantly the former.
In 2001, ATP also posted negative returns, losing 2.6%.
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