We invest a part of your savings in government bonds - the greater part in Danish government bonds. But we also have investments in government bonds in a number of countries all over the world in line with our investment strategy about diversifying risk and obtaining the highest possible return to our members. 

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

When we decide if we should invest in a country, it is always done on the basis of a total assessment of the country's financial conditions and an assessment of the social, climate and environmental issues as well as governance - a so-called ESG score. 

In some cases we also deselect countries if we assess that the citizens lack fundamental constitutional rights, or if the country has severe problems with corruption. 

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

Contrary to our investments in shares and corporate bonds we do not exercise active ownership towards countries. 

When we deselect a country, it implies that we neither invest in the country's government bonds nor bonds issued by public authorities in the country. When we deselect a country in P+ Sustainable, we take it a step further and deselect shares 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 in the standard portfolio. You can also read more about our approach to investments in countries.