Denmark's €83bn public pension fund ATP made a return of 9% in 2012, with most of it coming from hedging interest-rates and inflation, demonstrating the need for pension funds of to cover these risks in a "challenging" market environment.

ATP's chairman Jørgen Søndergaard and acting chief executive Henrik Gade Jepsen said in this morning's results statement that they expected low interest-rates and low growth to persist during 2013.