DENMARK – Blue-collar sector pension fund PensionDanmark has posted a pre-tax investment return of 15.3% for 2005.

It said the return equated to DKK6.4bn (€857m) and exceeded the benchmark by 2.8%.

”It is very satisfying that for the third year running we have achieved a double-digit investment result,” said managing director Torben Möger Pedersen. “During the 2003-2005 period PensionDanmark has had an investment return of approximately 43%.”

Equities, which account for one-third of PensionDanmark’s portfolio, showed a return of 28.5% and made a major contribution to the overall result, said chief investment officer Claus Stampe.

Unlisted shares had a return of 21.5%, real estate 18.9% and fixed income 7%, with index-linked bonds posting 13.4% and high yields 3.9%, Stampe added.