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Kapitalforeningen LD (KLD)

LD’s listed assets are predominantly invested in Kapitalforeningen LD (KLD) (Formerly named Den Professionelle Forening LD) which is wholly owned by LD. LD’s investment activities are therefore mainly conducted through this subsidiary, whose assets represent 90 % of LD’s total assets.

The fund is a special type of mutual fund which is suitable for a professional investor such as LD, and it presents separate financial statements which are fully incorporated in LD’s financial statements.

KLD is inter alia governed by the Danish Act on investment Associations, Special-Purpose Associations and other Collective Investment Schemes etc. (in Danish: Bekendtgørelse af lov om investeringsforeninger og specialforeninger samt andre kollektive investeringsordninger m.v.)

The assets are placed in a number of mandates within the following investment areas:

  • Danish High-grade Bonds 
  • Danish Short-term Bonds 
  • Global Index-linked Bonds
  • Corporate Bonds and Emerging Market Bonds
  • Danish Equities
  • Global Equities (excluding Danish and Emerging Market Equities)
  • Emerging Market Equties
  • Environment and Climate Equities
  • Money Market Instruments

External portfolio managers have been selected for each of these mandates. 

Furthermore, there is established a number of mandates where LD is the portfolio manager. These mandates include some of LD’s present portfolios, which are not suited to be part of the external managed mandates.

KLD also includes mandates, which are offered to LD’s members in the shape of pools, where the members are able to invest their contributions according to their own choice. The following pools are included:

  • LD Discretionary
  • LD Equities and Bonds 
  • LD Danish Equities
  • LD Global Equities
  • LD Environment & Climate
  • LD Short-term Bonds
  • LD Mixed Bonds

The pools do not invest directly in equities and bonds but place the pool assets in one or more of the mandates. This means that the pools, so to say, invest together in the mandates which reduce the investment costs and give the pools an opportunity to invest in a broad portfolio of assets in a flexible manner.

In the future, the allocation of investments among individual mandate sub-funds will be managed by LD’s own organisation. In that connection the board of Kapitalforeningen LD was restructured in January 2011 so that, in the future it will consist of LD’s day-to-day management.

The Board of Directors in Kapitalforeningen LD consists of Dorrit Vanglo (Chairman), NN (Vice chairman) and Else Nyvang (Board member).