We invest part of your savings in government bonds - the majority in Danish government bonds. But we also have investments in government bonds in a number of countries worldwide as part of our investment strategy to diversify risk and achieve the best possible returns for our members. 

We typically invest in groups of countries at the same time, because they form part of the same benchmark. Additionally, we also select or deselect a few countries. 

When we decide whether to invest in a country, it is always based on an overall assessment of the financial conditions and an assessment of the social, climate, environmental and governance conditions in the country - a so-called ESG score. 

In some cases, we also deselect countries where we consider that citizens lack fundamental freedoms, or where the country has severe problems with corruption. 

We monitor countries' behaviour and reassess our approach to investments in countries at least once a year to decide whether there are countries that we should select or deselect.

Contrary to our investments in equities and corporate bonds, we do not exercise active ownership vis-á-vis countries. 

When we deselect a country, it means that we invest neither in the country's government bonds nor in bonds issued by public authorities in that country. When we deselect a country in P+ Sustainable, we take it a step further and also deselect equities in all companies where the state owns more than 50 percent of the company. 

Below, you can see which countries P+ has investments in, and you can see which countries we have deselected from the standard portfolio. You can also read more about our approach to investments in countries (only available in Danish).