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Financial markets

Governor Ulrik Nødgaard: Pension funds have a broader geographical spread than households – but significant exposure to major tech stocks

Danish pension funds invest more globally than households, and a large share of their stock holdings is concentrated in the seven largest U.S. tech companies, the so-called Magnificent 7. This was among the key messages from Governor Ulrik Nødgaard at the Danish Shareholders Association’s annual Investor Day on 17 November, 2025. (The presentation is in Danish only).

At the Investor Day, Ulrik Nødgaard presented the latest trends in the investment patterns of households and pension funds. Households allocate a substantial portion of their stock investments to Danish companies, making them more vulnerable to developments in the domestic market.

Pension funds, on the other hand, spread their investments much more globally and hold portfolios more resembling international indices. This broader diversification reduces risk from individual markets.

“Pension funds invest far more globally than households, but that does not eliminate concentration risks since they have significant exposure to the United States and the largest American tech stocks,” said Ulrik Nødgaard.

A considerable share of pension funds stock holdings is placed in the Magnificent 7 – Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla – which currently account for around one-third of the US S&P 500 index and have contributed more than half of this year’s price gains in the S&P 500.

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