IPF årsrapport 2018 (eng) - Flipbook - Side 10
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8
Table 9 Asset types
Exposures carried
forward 2017
DKK mill.
%
Asset type
Gilt-edged bonds
Gilt-edged index-linked bonds
High-yield corporate bonds
Bonds, emerging markets
Bonds, investment grade
Shares, Danish
Shares, foreign
Unlisted shares
Properties
Infrastructure
Other strategies
Other credit
Money market *
Total
30,832
11,560
14,328
10,749
10,991
33,844
16,502
8,370
17,416
83
1,217
8,158
164,049
18.8
0.0
7.0
8.7
6.6
6.7
20.6
10.1
5.1
10.6
0.1
0.7
5.0
100.0
Exposures carried
forward 2018
DKK mill.
%
37,458
10,008
15,022
9,643
9,783
30,920
18,219
8,692
19,329
233
2,484
3,405
165,195
22.7
0.0
6.1
9.1
5.8
5.9
18.7
11.0
5.3
11.7
0.1
1.5
2.1
100.0
Investment assets are split into two sub-portfolios:
an offensive portfolio and a defensive portfolio, and
the percentage for the individual member depends
on the age of the member. Members up to 45 have
their entire savings placed in the offensive portfolio
with higher risk. After this, the percentage is
reduced gradually as the member becomes older.
In 2018, the return on the offensive portfolio was 2.8%, while the defensive portfolio yielded a return
of DKK 2.1%. The total return for members in the
lifecycle product was -1.5%.
* Calculated as funds at bank plus counter-value of financial instruments
plus market value of financial instruments
Figure 3 Returns by age
On industrienspension.dk there is a list of the
company's investments.
9.7%
9.0%
RETURNS FOR MEMBERS
All members who were not receiving a pension at
the end of 2011 have their savings placed in a
lifecycle product at market-rate terms.
7.5%
6.1%
The lifecycle product means that the investment
risk of the individual member is reduced in line
with the member's age.
-0.1%
-1.1%
-2.2%
-2.8%
Figure 2 Risk by age
40
years
50
years
60
years
70
years
The average-rate product, which only includes
members who had retired before June 2012, was
allotted an interest rate of 5% after tax on individual
members’ savings.
20
years
30
years
40
years
50
years
Offensive portfolio
60
years
70
years
80
years
Defensive portfolio
90
years