Record sales of foreign equities

Since October 2021, Danish investors have sold foreign equities for kr. 100 billion. The highest number of sales were made in September, when foreign equities were sold for a total of kr. 28 billion. The sales were made during a period in which equity prices have generally fallen.

The sales follow a number of years of almost uninterrupted purchases of foreign equities and generally large price increases in the equity markets. Purchases of equities gained momentum after the first coronavirus lockdown in March 2020, after which foreign equities were bought for a total of kr. 299 billion until October last year.

Danish investors still have significant holdings of foreign equities totalling kr. 2,368 billion.

Not seen since the financial crisis

Since October 2021, total sales of foreign equities have been at the highest level since the financial crisis. Right up to and during the financial crisis, foreign equities were sold for a total of kr. 86 billion, with the majority being European equities. However, Danish investors’ holdings of foreign equities were significantly lower at kr. 702 billion in May 2008 than they are today.

Insurance and pension companies are selling

The insurance and pension sector has the largest holdings of equities amounting to kr. 1,309 billion. With sales of kr. 93 billion, it is also the sector that has sold most equities since October last year. The sector has primarily sold US and European equities for kr. 37 and 30 billion, respectively. The largest sales in individual equities have been in the American technology companies Microsoft and Alphabet as well as in the Swedish pharmaceutical company Vitrolife.

Households are holding on to their equities

Unlike insurance and pension companies, private Danish investors have not sold off their holdings of foreign equities. In September 2022, their holdings amounted to kr. 118.5 billion, which is kr. 2 billion up on October last year.