Strong 2026 returns continue golden period for PFA customers

A typical PFA customer has achieved a return of 8.9 per cent in the first nine months of the year despite geopolitical turmoil and significant fluctuations in the financial markets. This means that 2026 is continuing the trend of recent years and PFA’s customers can celebrate a golden four-year period with returns of more than 50 per cent.

The year has been marked by global turmoil in both trade policy and geopolitics. This has created economic uncertainty, with rising energy prices in particular keeping inflation high and pushing up interest rates. Nevertheless, growth has been strong enough to support equity gains in the US, Europe and the rest of the world.

While equities have continued to rise, bonds have moved in the opposite direction due to rising interest rates. Rates have been driven higher by factors including inflation and increased funding requirements for areas such as the expansion of data centres and the management of growing government debt in several countries.

Equity-friendly profiles pay off
The more equities in the portfolio, the better the performance has been. According to PFA’s Chief Investment Officer, Kasper A. Lorenzen, PFA’s customers have therefore also benefited from the company’s decision in 2025 to adjust its investment profiles to include a greater allocation to equities.

“That decision has once again benefited PFA’s customers in 2026. A typical customer can be pleased with a return of 8.9 per cent in the first nine months of the year. This is the fourth consecutive year of positive returns and since 2023, a PFA customer with a medium-risk profile has achieved a return of 51.9 per cent. This is the highest return over a four-year period since we launched PFA Plus in 2009. We are delighted on behalf of our 1.3 million customers,” says Kasper A. Lorenzen.

The high return also applies to customers invested in PFA Climate Plus, who have achieved a return of 49.2 per cent over the four-year period, which is very close to the return from the main product.

Strong earnings behind equity gains
It may seem surprising that equities have remained resilient despite the turmoil, including energy prices that in autumn 2026 are at their highest level since the energy crisis in 2022. However, global growth has remained robust and unemployment low, which has sustained consumer spending. At the same time, corporate earnings have been strong.

“Equity prices have risen significantly in 2026, but corporate earnings have kept pace, meaning that equities do not appear substantially more expensive. That said, we are comfortable with the level of equity risk in our portfolios at present and believe we can maintain the strong returns for the rest of the year, particularly if energy prices fall and we resolve the issue of low energy reserves, which are beginning to look critical, especially in Europe,” says Kasper A. Lorenzen.

PFA has expanded its investment offering
In addition to strong returns, 2026 has also seen the launch of the new index product, PFA Index Plus. This means that PFA’s customers can now choose between three lifecycle products: PFA Plus, PFA Climate Plus and PFA Index Plus. PFA’s platform for customers who wish to invest themselves, You Invest, has also been expanded during the year to include a range of emerging markets funds and will be further expanded later in October with new funds focusing on European growth.

“People in Denmark have become increasingly interested in investing and we are pleased to have expanded our investment offering with even more options so that we can accommodate different needs. This applies whether customers prefer PFA to manage their investments or wish to invest all or part of their savings themselves,” says Kasper A. Lorenzen.