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LD Investment Association

Kapitalforeningen LD (KLD) (formerly known as Den Professionelle Forening LD) is an alternative investment fund (an AIF) subject to the AIFM Directive (in Danish: Lov om forvaltere af alternative investeringsfonde). KLD is registered under CVR number 31081270 in the records of the Danish Business Authority.  

LD Pensions’ listed assets are predominantly invested in KLD, which is wholly owned by LD Pensions. LD Pensions’ investment activities are therefore mainly carried out through this subsidiary. The assets in KLD account for 90 per cent of LD Pensions’ total assets.

The assets are allocated across a number of investment mandates within the following investment areas:

  • Danish Equities
  • Danish Short-Term Bonds
  • Global Equities (excluding Danish and Emerging Market Equities)
  • Danish High-Grade Bonds
  • Emerging Market Bonds
  • Global inflation-linked bonds
  • Environment & Climate Equities
  • High-Yield Bonds
  • Emerging Market Equities
  • Investment-Grade Bonds
  • Credit Investments
  • Other Credit Investments

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

Furthermore, a number of mandates have been established in which LD Pensions acts as portfolio manager. These mandates include some of LD Pensions’ current portfolios, which are not suitable for inclusion in the externally managed mandates.

KLD also offers investment options to members of LD Pensions, and members are able to invest their contributions as they see fit. The following portfolios are available:

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

The portfolios do not invest directly in shares and bonds, but allocate the pooled assets to one or more of the investment mandates. This means that the portfolios invest collectively in the mandates, which reduces investment costs and enables the portfolios to invest in a broad range of assets in a flexible manner.

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

The Board of Directors

The Board of Directors of Kapitalforeningen LD comprises Lars Mayland Nielsen (Chairman), Else Nyvang (Vice-Chairman) and Stefan Elbrønd Andersen (Board Member).