
Asset Allocation
$125B Danish Pension Removes Defense Stocks From Blacklist
PFA, Denmark’s largest pension, will allow investments in select defense companies amidst an increase in European defense spending.
CIO Kåre Hahn Michelsen has been promoted to succeed Søren Kolbye Sørensen as head of the $21.5 billion fund.
Torben Pedersen, the pension fund’s first employee and CEO, will leave the post after more than 30 years.
The Netherlands and Denmark round out the top three for the second straight year.
Falling equity markets and rising interest rates are blamed for the portfolio’s $7.7 billion loss.