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.

At You Invest, you will find actively managed funds and index-tracking funds

Actively managed funds

An actively managed investment fund invests with the aim of achieving the highest possible return within the fund’s risk framework and limits. The goal is to generate a return that is higher than the market return measured by a relevant benchmark. 

At You Invest, you will find a number of actively managed share and bond funds in which you can invest your savings. These funds invest in different geographical regions.

Index-tracking funds

An index-tracking investment fund invests with the aim of achieving a return that is comparable to the market return, but where there are certain limitations, for example in the form of ESG screening, which may result in the fund’s return deviating slightly from the market return.




 

If you want to invest your savings with a focus on achieving a return that roughly matches the market return, you can invest in a number of index-tracking funds via ‘You Invest’. These funds are managed by PFA and represent different asset classes and geographical regions. If you want to invest in pure index funds that follow the underlying index, you have the option of investing in a number of externally managed index funds. You can read more about index-tracking funds and pure index funds below.

You Invest allows you to choose from a wide selection of different funds.

You should have thorough knowledge of investments and have the time and energy to familiarise yourself with the opportunities and risks involved in investing in the various funds. 

Read more about the funds here:

Equity funds

An equity fund is an investment fund whose investment universe 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. 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 is also one fund that invests in a specific sector, Health Care.

 

 

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. You can invest in both PFA-managed index-tracking corporate bonds and externally managed corporate bonds at You Invest.

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 against inflation.

Government bonds

Government bonds are bonds issued by governments, and they are therefore often considered a safer 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 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 funds


PFA-managed index-tracking funds
For PFA-managed index-tracking funds, the fund’s return will 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 significant 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 Japan Aktier (PFA Index Japanese Shares)

The investment universe consists of Japanese shares, which are included in the fund’s benchmark, the MSCI Japan 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 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 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 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

 

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 High Yield Obligationer (PFA Index High Yield Bonds)

The investment universe consists of EU and US credit and corporate bonds issued in USD, GBP or EUR. The fund involves a currency risk as it has exposure to investments 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 where the aim is to create 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 (iShares) from BlackRock. You can read more about them below.
 

iShares ETF Inflation Linked Govt. Bond

The investment universe consists of the highest rated inflation-linked government bonds in the euro area. An index-based investment strategy is used to achieve a return corresponding to the fund’s benchmark, the Bloomberg Euro Government Inflation Linked Bond Index. The fund involves a currency risk as it is exposed to securities in foreign currencies.

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

 

iShares ETF MSCI Emerging Markets

The investment universe consists of shares from large and medium-sized companies located in or with primary activities in Emerging Markets countries. An index-based investment strategy is used to achieve a return corresponding to the fund’s benchmark, the MSCI Emerging Markets Index. The fund involves a currency risk as it is exposed to securities in foreign currencies.

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

 

iShares MSCI China UCITS ETF

The investment universe consists of shares from large and medium-sized companies located in or with primary activities in China. An index-based investment strategy is used to achieve a return corresponding to the fund’s benchmark, the MSCI China Index. The fund involves a currency risk as it is exposed to securities in foreign currencies.

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

 

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 sustainability funds

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 promote gender equality.

  • Sustainable water supply (RobecoSAM Sustainable Water Equities)
  • Circular economy (RobecoSAM Circular Economy Equities)
  • Biodiversity (RobecoSAM Biodiversity Equities)
  • Equality (RobecoSAM Global Gender Equality Equities)

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 PFA’s broad investment products.

The three funds, which focus on sustainable water supply, circular economy and biodiversity, are all fully sustainable according to Article 9 of the EU Disclosure Regulation, while the fourth fund, which focuses on gender diversity and equality, is partially sustainable according to Article 8 of the EU Disclosure Regulation. Below you can read more about the four funds, all of which are managed by the external manager, Robeco Institutional Asset Management BV, which is one of the leading managers in the sustainability field.

Learn more about each fund

Sustainable water supply: RobecoSAM Sustainable Water Equities

The fund invests in global shares through approximately 80 companies that are leaders in clean, safe and sustainable water supply. The companies are selected based on fundamental company analysis and an internally developed model that measures the companies’ contribution to the UN’s 17 Sustainable Development Goals.

The fund is fully sustainable, cf. Article 9 of the EU Disclosure Regulation, which is why it has sustainable investment as its goal with a minimum proportion of sustainable investments of 90 %.

The fund’s benchmark is the MSCI World Index TRN. The benchmark is a broad market-weighted index that does not support the fund’s sustainable objectives. The majority of the companies selected will thus be components from a specific and justified investment universe defined by the manager, and not components from the fund’s benchmark. The fund’s return can therefore be expected to deviate significantly from the benchmark return.

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

Read more about the fund by clicking on RobecoSAM Sustainable Water Equities in the fund list below.

 

 

Circular economy: RobecoSAM Circular Economy Equities

The fund invests in global shares through approximately 70 companies that are leaders in solutions towards the paradigm shift to a circular economy. The companies are selected based on fundamental company analysis and an internally developed model that measures the companies’ contribution to the UN’s 17 Sustainable Development Goals.

The fund is fully sustainable, cf. Article 9 of the EU Disclosure Regulation, which is why it has sustainability as its goal with a minimum proportion of sustainable investments of 90 %.

The fund’s benchmark is the MSCI World Index TRN. The benchmark is a broad market-weighted index that does not support the fund’s sustainable objectives. The majority of the companies selected will thus be components from a specific and justified investment universe defined by the manager, and not components from the fund’s benchmark. The fund’s return can therefore be expected to deviate significantly from the benchmark return.

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

Read more about the fund by clicking on RobecoSAM Circular Economy Equities in the fund list below

 

  

Biodiversity: RobecoSAM Biodiversity Equities

The fund invests in global shares through approximately 80 companies that support sustainable use of natural resources and solutions that promote biodiversity. The companies are selected based on fundamental company analysis and an internally developed model that measures the companies’ contribution to the UN’s 17 Sustainable Development Goals.

The fund is fully sustainable, cf. Article 9 of the EU Disclosure Regulation, which is why it has sustainability as its goal with a minimum proportion of sustainable investments of 90 %.

The fund’s benchmark is the MSCI World Index TRN. The benchmark is a broad market-weighted index that does not support the fund’s sustainable objectives. The majority of the companies selected will thus be components from a specific and justified investment universe defined by the manager, and not components from the fund’s benchmark. The fund’s return can therefore be expected to deviate significantly from the benchmark return.

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

Read more about the fund by clicking on RobecoSAM Biodiversity Equities in the fund list below

 

  

Equality: RobecoSAM Global Gender Equality Equities

The fund invests in global shares through approximately 70 companies that are leaders in gender diversity and equality. The companies are selected on the basis of an internally developed, quantum-based gender scoring methodology, where the companies are evaluated based on 38 diversity criteria, including diversity in leadership positions, talent retention, equal pay, among other factors.

The fund promotes environmental and social goals, cf. Article 8 of the EU Disclosure Regulation. The fund does not aim for sustainable investment, but has a minimum proportion of sustainable investments of 50 %.

The fund’s benchmark is the MSCI World Index TRN.

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

Read more about the fund by clicking on RobecoSAM Global Gender Equality in the fund list below

 

  

Costs and return expectations

Recurring costs and costs of entry and exit are market consistent and can be seen under the description of each individual fund below. There is not yet an appropriate benchmark for the four funds, and due to the narrow and concentrated portfolio, it should be expected that the return will differ somewhat from, for example, the global share index, MSCI ACWI.

About the manager Robeco Institutional Asset Management BV

The manager, Robeco Institutional Asset Management BV, was one of the first asset managers in the world to develop a model that can measure the effect of the UN’s 17 Sustainable Development Goals on investment portfolios. The manager is recognised for having a strong quantitative, i.e. analytical and data-driven, approach to sustainable investments and the integration of sustainability risks into investment decisions, and they themselves process large amounts of sustainability-related data using proprietary models. The manager has a wide selection of funds with a focus on sustainability and is considered one of the leading managers in the field.
  

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

To go to the list of funds click here

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.

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.

To go to the support tools, click here

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.

 

What are the costs of You Invest?

When you invest in funds at You Invest, you pay entry and exit costs, and you pay some annual costs for managing of the funds. Specifically, the funds include the following costs:

  • Transaction costs (direct)
    Transaction costs are costs associated with buying and selling securities. Transaction costs include brokerage fees, as well as any taxes on securities trading. Transaction costs are deducted continuously from the individual fund.
  • Transaction costs (direct + indirect)
    Transaction costs are costs associated with buying and selling securities. Transaction costs include brokerage fees, as well as any taxes on securities trading. Transaction costs are deducted continuously from the individual fund. This cost includes spread costs of trading.
  • Other recurring costs
    Costs of management fees to external managers (unlisted).
    All recurring and PFA-internal investment costs. Salaries and administrative expenses of PFA Pension regarding investment activities.
  • APR
    When you invest your savings in a fund, entry costs are payable as a percentage of the amount you invest in the fund. When you move your savings out of a fund, exit costs are payable as a percentage of the amount you move out of the fund. Rates vary from fund to fund and may change depending on market conditions.
  • ÅOP
    The annual percentage rate is a key figure which shows the total expected costs in a fund and can be used to compare costs across funds. The APR includes transaction costs and administrative expenses. In addition, entry costs and exit costs are distributed over a time horizon of 7 years.

You can see the different costs in the fund overview under ‘Risk and fees’ by clicking here

Sustainability data

You can find the sustainability data from the individual funds in the fund overview below. You can find the funds’ sustainability categorisation in the ‘Sustainability-related information’ tab and you can also find more information in the documents in the ‘Documents’ tab.

 

You Invest – terms and conditions

In ‘You Invest’, you can select the PFA funds as shown in the table below. These may consist of individual securities, cash and/or underlying funds. At You Invest, you can also choose an underlying fund that is managed by an external asset manager. Please note that when choosing externally managed funds, PFA cannot ensure that the fund follows PFA’s policy for responsible investments.

The value of PFA funds and underlying funds may differ
In cases where PFA funds include underlying funds, these may be included when calculating the value of the PFA funds in My PFA with values other than the official intrinsic values of the underlying funds, which can be seen on other websites, including the external manager’s. This is due to the size of the cash portfolio and the time of valuation, amongst other things.

The value of PFA funds in My PFA and on the ‘You Invest’ website may differ
At My PFA, your choice of PFA funds is made at prices set by PFA. Prices are based on commercial values calculated by PFA on an ongoing basis. Commercial values can only be seen in My PFA when the selection process is completed. Commercial values may vary throughout the day and cannot be directly compared with the values of the PFA funds shown on the ‘You Invest’ website. This is because the values on the website are not calculated in the same way as the commercial values. Differences will be greater short-term and will not have a significant impact over a longer time horizon.

The benchmark shown is not the benchmark for the underlying fund
The benchmark is provided by an external data provider, cf. below, and represents the median return of funds from the data provider in the category of funds to which a given PFA fund belongs. The median return is calculated daily and does not represent the return of a specific fund.

Costs
A selected PFA fund may be subject to a price increase on purchase and a reduction on sale. If so, this will be shown in the estimation for the selected investment (the ‘receipt’) that you approve in My PFA when making your selection. Increases and reductions can be seen under ‘costs’ in My PFA.

External data provider
Historical returns and other PFA fund data on the website are provided by an external data and analysis provider. The data is based on the official intrinsic values of relevant underlying funds, or on intrinsic values calculated by PFA. Therefore, the values and returns for PFA funds on the website cannot be directly compared to the values and returns that you see based on the PFA funds at My PFA.

Applicable terms
All terms can be found in the PFA Plus Pension Terms. In the event a discrepancy is found in the information on the website and the pension terms, the latter applies.