You Invest

You Invest

You Invest is an investment solution for those who want to take personal responsibility for how their pension is invested. You can choose from a wide selection of different funds which can either be managed by PFA or by external asset managers. In addition, some of the funds are actively managed while others are index-tracking funds.
The funds each invest in different regions and asset classes.

You Invest – Decide how your savings will be invested 

With You Invest, you decide how your savings will be invested. Please note that PFA does not provide advisory services on the PFA funds in You Invest.

How to use You Invest

  • Choose from a wide range of PFA funds
  • Use You Invest for part of your pension savings in addition to PFA’s other investment profiles – or use You Invest to make your own portfolio of investment choices. 
  • Mix asset classes, geographic regions and investment themes to match your risk tolerance, risk appetite and personal preferences.

You can choose between

  • actively managed funds where the managers work to beat the market, but where the actual return can be both higher or lower.
  • index-tracking funds where particular consideration is given to e.g. accountability and ESG that follow a specific market more closely than actively managed funds
  • pure index funds that seek to reflect the trends of a particular market index.

Here, you will find everything from classic equity and bond funds to balanced solutions and thematic funds focusing on e.g. sustainability, defence, gold and other precious metals. This allows you to create a reasonable risk diversification and supplement with the themes you want.

You Invest is intended for those who are already familiar with investing and want to choose the individual funds and follow the development. Pfa.dk provides an easy overview of the funds available – including historical returns, costs and risks – before you make up your mind.

PFA may close existing funds in You Invest at any time. In that case, your investment will be moved to a new or existing fund that best matches the previous fund. PFA may also change the content of the funds that PFA manages. In either case, you will be notified before the change takes effect.

Read more about the different fund types you can choose between in You Invest below and choose the ones that suit you the best.

Equity funds

An equity fund is an investment fund that consists mainly of shares. The shares are selected by the fund managers based on the investment strategy of the fund in question. For example, equity funds can focus on investing in a specific geographical area, a specific industry or companies of a certain size. By investing in equity funds, you have the opportunity to gain broader exposure to the equity market than when investing in individual equities. Equity funds are riskier than bond funds, which means that your return can increase significantly in a favourable market, but it can also decrease significantly in unfavourable market conditions.

At You Invest, you can invest in equity funds that invest in different geographical areas, including Danish shares, global shares, shares from the Far East, Emerging Markets shares etc. There are also some funds that invest in specific sectors, including Health Care and Defence.

 

 

Bond funds

At You Invest, you have the opportunity to invest your savings in various bond funds, depending on your investment preferences. You can read more about the different types of bond funds below: 

Corporate bonds

Corporate bonds are bonds issued by companies with varying credit ratings. At You Invest, you can invest in investment-grade bonds, which are bonds with a higher credit rating, or high yield bonds, which are bonds with a lower credit rating. As a result, investment- grade bonds will typically yield a lower interest rate – and thus return – than high yield bonds. In return, investment-grade bonds come with a lower risk due to the higher credit ratings. 

Index bonds

Index bonds are bonds whose value – and thus return – depends on the ongoing inflation trend, i.e. price trends in society. That makes index bonds an option for those who want to protect their investment directly against inflation in Europe.

Government bonds

Government bonds are bonds issued by governments, and they are therefore often considered a very safe investment. However, government bonds issued by countries with low credit ratings will constitute a more uncertain investment than government bonds issued by countries with high credit ratings.

Mortgage credit bonds
Mortgage credit bonds are issued by Danish mortgage banks and are a type of bond that is often considered to be a relatively safe investment option. At You Invest, you can invest in both externally and internally managed bond funds, where mortgage credit bonds form part of the overall bond portfolio.

 

 

Balanced funds

Balanced funds are an investment solution that invests in a portfolio of both shares and bonds. Depending on your risk appetite, you can choose balanced funds with a higher or lower proportion of shares and risk. 
At You Invest, you can invest in three different balanced index-tracking funds managed by PFA. These are PFA Indeks 25, 50 and 75. In PFA Indeks 25, the proportion of shares is 25 % and the proportion of bonds is 75 %. Similarly, PFA Indeks 75 has a proportion of shares of 75 % and a proportion of bonds of 25 %. You can read more about them below.

  

Index-tracking


PFA-managed index-tracking funds
For PFA-managed index-tracking funds, the fund’s return may deviate more from the benchmark return than is typical for a pure index fund, as PFA conducts a comprehensive screening of the companies’ ESG profile, i.e. their environmental, social and governance impacts. The screening may, for example, result in companies on PFA’s exclusion list or with an ESG score below a minimum level set by PFA, as well as certain countries or sectors – in whole or in part – being excluded from the portfolio. As mentioned, this can lead to deviations between the fund’s return and the fund’s benchmark, i.e. the return from the underlying market. 
 

PFA Indeks 25 (PFA Index 25)

The fund is a balanced fund and consists of 25 % PFA Indeks Globale Aktier and 75 % PFA Indeks Globale Obligationer. The fund involves a currency risk as it has exposure to investments in foreign currencies, which are only partially hedged to EUR or DKK.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ inthis overview

 

PFA Indeks Europa Aktier (PFA Index European Shares)

The investment universe consists of European shares, which are included in the fund’s benchmark, the MSCI Europe Index. The fund involves a currency risk as it has exposure to investments in foreign currencies.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks 50 (PFA Index 50)

The fund is a balanced fund and consists of 50 % PFA Indeks Globale Aktier and 50 % PFA Indeks Globale Obligationer. The fund involves a currency risk as it has exposure to investments in foreign currencies, which are only partially hedged to EUR or DKK.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks Globale Obligationer (PFA Index Global Bonds)

The investment universe consists of Danish short-term mortgage credit bonds as well as EU and US government, index, high yield and investment grade bonds. The fund involves a currency risk as it has exposure to investments in foreign currencies. The aim is to fully hedge the currency exposure to DKK.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks 75 (PFA Index 75)

The fund is a balanced fund and consists of 75 % PFA Indeks Globale Aktier and 25 % Indeks Globale Obligationer. The fund involves a currency risk as it has exposure to investments in foreign currencies, which are only partially hedged to EUR or DKK.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks USA Aktier (PFA Index USA Shares)

The investment universe consists of US shares, which are included in the fund’s benchmark, the MSCI USA Index. The fund involves a currency risk as it has exposure to investments in foreign currencies.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks Globale Aktier (PFA Index Global Shares)

The investment universe consists of global shares, excluding Emerging Markets shares, which are included in the fund’s benchmark, MSCI World. The fund involves a currency risk as it has exposure to investments in foreign currencies.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

PFA Indeks Investment Grade Obligationer (PFA Index Investment Grade Bonds)

The investment universe consists of EU and US investment grade bonds issued in USD or EUR. The fund involves a currency risk as it has securities in foreign currencies. The aim is to hedge 90-100 % of the total currency exposure.

You can see the fund’s annual percentage rate (APR) under ‘Risk and fees’ in this overview

 

 
Externally managed index funds
Index funds are funds the aim of which is to generate a return corresponding to the market return, measured by a market index. In other words, the underlying investments in the fund follow the investments included in the index. The costs of index funds will typically be lower than the costs of actively managed funds, and you can usually recognize these funds by the word ‘index’ or ‘ETF’ in the fund names.

At You Invest, you can invest in a number of externally managed index funds.

Alternative funds

Alternative funds are investment funds that invest in alternative asset classes, i.e. which do not consist of shares, bonds or cash. In other words, alternative funds invest in, for example, real estate, commodities, infrastructure and private equity funds.

At You Invest, it is possible to invest in two alternative fund solutions in the form of a real estate fund managed by PFA – PFA Danske Erhvervsejendomme Core – and a commodity fund managed by an external manager, DWS Xtrackers Råvarer.

  • In PFA Danske Erhvervsejendomme Core, investors get exposure to Danish commercial properties mainly located in Greater Copenhagen, i.e. properties that are typically considered to have a relatively low risk and a high occupancy rate. The return on this fund consists of operating income from rental payments and value development.
  • In DWS Xtrackers, Råvarer, investors get exposure to commodities divided into three main categories: Energy, metals and precious metals. As an investor, please note that the fund represents an asset class that may involve high volatility, i.e. large fluctuations in value over time.
 



 

 

Thematic funds

Sustainability

At PFA, it is important for us to give our customers the opportunity to invest in funds that contribute to a more sustainable and socially responsible economy in the form of funds that, for example, support the green transition or biodiversity.

The thematic focus offers a more limited investment universe, and the funds are therefore intended for those who can accept a lower return in exchange for investing with a focus on positive changes within the funds’ specific themes. In any case, you should expect the return from the funds to vary more from the return in the global share index (MSCI) than typical global equity products. 

Three funds focus on sustainable water supply, circular economy and biodiversity, respectively. They are all fully sustainable in accordance with article 9 of the EU Disclosure Regulation. 

  • Sustainable water supply (Robeco Sustainable Water Equities)
  • Circular economy (Robeco Circular Economy Equities)
  • Biodiversity (Robeco Biodiversity Equities)

Defence 

At You Invest, you can invest in two different funds that have exposure to defence investments:

  • iShares Global Aerospace & Defence UCITS ETF
  • Major Invest UCITS ETF Defence & Cybersecurity Fund

Precious metals

You can also invest in a fund with exposure to physical precious metals and mining companies related to precious metals:

  • Maj Invest Guld, Sølv & Miner UCITS ETF

You can quickly and easily get an overview of available funds at You Invest, including historical returns, costs, risk, etc.

Click here to go to the list of funds

How to get started with You Invest

Your pension savings must be placed in a market rate product

The starting point for investing in the funds at You Invest is that your pension savings are placed in a market rate product. This means either PFA Plus or PFA Climate Plus, or a combination of these.

Your employer must have given you access to You Invest

In addition, your employer must have agreed with PFA that you have access to You Invest via your pension plan.

If you have a paid-up policy and do not have an employer who makes payments to your pension plan with PFA, you always have access to investing in the funds at You Invest.

You must complete the test in PFA’s Investment Guide

In order to gain access to investing in the funds at You Invest, you must complete an investment guide at My PFA.

You invest in the funds through PFA’s trading system My PFA

All investments with PFA are made through the trading system My PFA. Once you have chosen which funds you want to invest in, and what the distribution between them should be, you must approve your changes with MitID.

You can trade on weekdays between 10.00 and 16.00.

However, the trading window may be closed or changed generally or for individual funds, etc., for shorter or longer periods. This occurs due to specific market conditions that make it necessary to provide accurate prices/rates.

At My PFA you can also follow your trades and find previous trade notes.

 
 

 

Complete the investment guide at My PFA

Overview of support tools

You will have access to a number of helpful support tools, including the investment portal FundConnect. Here you can find information about the different funds, see historical returns and costs, and use the analysis tool, where you can put together a portfolio of several funds.

Click here to go to the support tools

At PFA, we do not offer advice on the funds in You Invest, and you will therefore not be able to get personal investment advice.

 
 
 

How to find more information about the You Invest funds

When you invest through You Invest, you have several options to check the individual funds and assess whether they match your investment strategy and risk profile.

The fund overview – your overview

In the fund overview you get a comprehensive overview of all the funds you can choose in You Invest. Check the various tabs to see:

• historical returns
• risk and volatility
• fees and costs

If you open a specific fund, you will get additional information, e.g.:

• a more detailed description of the purpose and strategy of the fund
• insight into the fund’s current holdings and distribution by asset classes, sectors or regions

This makes it easier for you to compare funds and assess how they match your overall portfolio.

 

Factsheet and PRIIP KID 

All key information about each fund has also been complied in a factsheet, which you can find both directly in the fund overview and under the individual fund. The factsheet provides a distilled overview of returns, risks, costs, portfolio composition, etc.
You also have access to a PRIIP KID (document containing central information) for each fund. The PRIIP KID includes:

• a brief description of the product and its purpose
• what type of investor the product is aimed at
• risk and return profile of the fund (e.g. using a numerical risk scale)
• costs* – both ongoing and any one-time costs
• examples of return scenarios across different time horizons
• recommended minimum investment horizon and information about entry and exit

The document is intended as a standardised basis that you can use to compare different products.

* In externally managed funds, the costs at PFA may differ from the costs shown in the PRIIP KID of the fund. Read more under ‘You Invest – terms and conditions’.

 

Funds managed by PFA

As for the funds managed by PFA, the Fund overview, under the heading Sustainability-related information, also includes:

• Precontractual information with sustainability-related information – which gives you an overview of how a product manages sustainability-related factors before you choose the specific fund. The document explains, for instance:

o The sustainability characteristics or targets pursued by the fund
o How these characteristics or targets are integrated into the investment strategy
o The sustainability indicators used to measure progress
o Potential sustainability risks

The objective is to create transparency so that you can assess whether the sustainability profile of the product matches your preferences in accordance with the relevant EU Disclosure Regulation template.

• Sustainability-related information – which is the regular, publicly available information on the fund’s sustainability characteristics. Here you will typically find:

o A more detailed explanation of methods, data and due diligence processes
o How sustainability risks are included in investment decisions
o Description of ESG data used and any restrictions
o Information on engagement, voting and other governance-related actions

This document serves as an ‘detailed reference’ that can be updated when practices or data change.

• Periodic information – the periodic report shows actual performance – i.e. how the fund has performed against its sustainability targets/characteristics. The report includes:

o Information about whether the fund has reached its ESG-related targets
o Specific measurements of sustainability indicators
o Negative and positive impacts (PAI indicators, where applicable)
o Description of any discrepancies between targets and results achieved


This is where you can see whether the fund lives up to its commitments in the precontractual information.

You can use these documents to make a more in-depth assessment of the fund, e.g. in relation to your own risk profile, any ESG preferences and transparency requirements.
The fund overview also gives you additional product information under on the ‘Documents’ tab. The document containing supplementary product information details the management and content of the funds managed by PFA.

 

Externally managed funds

For funds managed externally, you can find a link to the fund’s own website under ‘Further information’. Here you can find more information about the fund. You can find information in:

• Prospectus – the most detailed description of the fund, including investment strategy, risk factors, costs** , benchmark, redemption rules and other conditions.
• Articles of Association – the legal framework of the fund, including objective, investment policy and investor rights.
• Annual reports and interim reports – provide insight into the fund’s development, accounting figures, portfolio composition, risk targets and manager comments on market and return trends.

Like the PFA managed funds, you can also find precontractual material, sustainability-related information and periodic reporting on the fund’s website.

You can use the information on the fund’s own website to carry out a more in-depth analysis of the fund and assess whether it is suitable for you, e.g. in relation to your time horizon, risk appetite and your other savings and investments.

** In externally managed funds, the costs at PFA may differ from the costs shown on the fund’s own website. Read more under ‘You Invest - terms and conditions’.

 

Comparison of funds

In the fund overview, you can also compare two or more funds. You do this by selecting the funds you want to compare, and then press ‘Compare’. Here you get a graphic comparison of the development of the individual funds (you can choose different periods) as well as an overview of returns in different periods.

You can also select the tab ‘Analyse’. Here you can analyse a composition of two or more funds. You select the funds that you want to include in the analysis. Then you can click on ‘Analysis’ and enter the proportion of each fund.

 

What are the investment expenses of You Invest? 

When you invest in You Invest funds, you will pay entry and exit costs and pay annual costs for the management of the funds, which will reduce your return.

The funds involve the following costs:

  • Other ongoing costs
    Other ongoing costs are the annual costs for the administration of each fund. Other ongoing costs are deducted from the return on each fund.

  • Performance fees
    Performance fees are charged if the fund delivers a return that exceeds a predetermined level (often a benchmark or minimum return). Performance fees are deducted regularly from the return on each fund. The purpose is to reward the manager for outstanding performance, but the fee also means that the fund’s overall costs can be higher in years with good results.

  • Transaction costs within the fund
    Transaction costs are the fund’s costs of buying and selling securities and are deducted from the return on a regular basis. Transaction costs include (i) direct costs such as brokerage and any taxes and charges on securities trading and (ii) indirect trading costs or ‘spread’ costs arising from the difference between the bidding and asking prices of securities.

  • Entry costs (on purchase) and exit costs (on sale)
    When you choose to invest your savings in a fund, the entry costs will be paid in the form of a percentage of the amount you want to invest in the fund. When you move your savings from a fund, you will pay exit costs as a percentage of the amount you move from the fund. The costs are specified in each trade. The rates may vary depending on market conditions.

  • Investment annual expenses in per cent (ÅOP)
    Annual expenses in per cent (ÅOP) is a key figure which shows the total expected costs of a fund and can be used to compare costs across funds. ÅOP is calculated based on Insurance & Pension Denmark’s (IPD) industry standard. ÅOP includes transaction costs and administrative expenses. However, for funds managed internally at PFA, the calculation of ÅOP does not include indirect trading costs. In addition, entry and exit costs are distributed over a 7-year time horizon.

For externally managed funds, the costs at PFA may differ from the costs specified on the manager’s website and the fund’s PRIIP KID. This may be due, among other things, to the fact that PFA charges additional ongoing costs for managing the fund in You Invest, that discounts from the underlying fund are passed on to customers or that PFA determines other rates for the entry and exit costs.

The costs applying to you and your investments are specified in the fund overview under ‘Risk & fees’:

Click here and see the different costs in the fund overview under ‘Risk and fees’

Terms and conditions for using ‘You Invest’

‘You Invest’ allows you to choose from a range of funds as shown in the overview further down on this page. It is important to understand that these are not traditional investment funds as you may know them from your bank or other investment portals. Instead, they are PFA funds tailored to PFA’s platform.

The PFA funds consist of:

• Individual securities or an external fund.  
• A small cash allocation.

If a fund contains an external fund, this will be stated in the name of the fund. 

I should be noted that PFA cannot ensure that externally managed funds follow PFA’s policy for responsible investment.

Difference in return and price trends

The return on an PFA fund with an external manager may differ from the return on the underlying fund. This can be due to several factors:

• A possible cash share
• Costs or discounts specific to the PFA fund on PFA’s platform.

You can read more about the costs under the section ‘What are the costs of You Invest?

The price of a PFA fund with an external manager on the PFA platform cannot be compared directly with the price of the underlying fund. In addition to the mentioned differences in returns, this is mainly due to the fact that the start-up time of the PFA fund on the PFA platform is not the same as for the underlying fund.

Showing prices and returns

PFA.dk does not show the prices of the PFA funds in You Invest. Instead, you can see the historic returns. For externally managed funds, return history for periods before the fund was offered by PFA can be shown. The return history may either be based on the return of the underlying fund or its benchmark.
Return on PFA funds is only updated once daily at PFA.dk.

At My PFA, the prices continuously change during the opening hours of the trading window. This means that the return you see at My PFA may differ from the return shown at PFA.dk. You will only be able to see the final prices at My PFA once your order has been completed.

The trading window may be closed or suspended for all or some funds if it is not possible to provide accurate prices. 

PFA continuously adjusts the supply of PFA funds, adding new or removing existing PFA funds.

Remember that pension savings are long-term and not suitable for frequent fund reselection. 

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By choosing to invest your savings through ‘You Invest’, you accept these terms and conditions. We recommend that you closely explore how the ‘You Invest’ platform works and keep yourself updated on your investment choices. If you have any questions, you are always welcome to contact us.

Applicable terms and conditions

You can find the applicable terms and conditions in the Terms and conditions of pension for PFA Plus. In case of differences between the information on the website and the terms and conditions of pension, the latter will apply.

Funds overview