Kapitalforeningen LD (KLD) (Formerly named 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 fully owned by LD Pensions. LD Pensions' investment activities are therefore mainly conducted through this subsidiary. The assets in KLD represent 90% of LD Pensions' total assets.
The assets are placed in a number of 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 Equties
- Credit Investments
- Other Credit Investments
External portfolio managers have been selected for each of these mandates.
Furthermore, there is established a number of mandates where LD Pensions is the portfolio manager. These mandates include some of LD Pensions’ present portfolios, which are not suited to be part of the external managed mandates.
KLD also includes mandates, which are offered to the members of LD Pensions, and the members are able to invest their contributions according to their own choice. 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 equities and bonds, but place the pooled assets in one or more of the mandates. This means that the portfolios invest together in the mandates, which reduce the investment costs and give the portfolios 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 pensions' own organisation. In that 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 in Kapitalforeningen LD consists of Lars Mayland Nielsen (Chairman), Else Nyvang (Vice Chairman) and Stefan Elbrønd Andersen (Board Member).