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Denmark's PFA loses faith in bonds

Pension funds need to brace themselves for a world where the supply of government bonds is going to be "huge", says chief investment officer at Copenhagen-based PFA Kasper Lorenzen. What's more, as investors increasingly shift into equities, risk premiums are likely to go down "quite a bit", Lorenzen says.

PFA CIO Kasper A. Lorenzen | Photo: PR/PFA

In Denmark, one of the world's most well-run pension markets, the biggest commercial manager says it's time to dump bonds.

"The switch out of fixed income into broader equities, whether it's listed or unlisted, is what we recommend and what we are positioned for," Kasper Lorenzen, chief investment officer at Copenhagen-based PFA, says in an interview.

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