The giant Danish pension fund ATP has reported small losses on its investments over the course of the year compared to its peers, thanks to its innovative hedging strategies faring well in the downturn.

The fund lost Dkr5.3bn (€711m), or 1.4%, over the first nine months of the year. This compares with Dutch scheme ABP losing 9.8% on investments over the same period and the New York City pension fund losing 8.5% over the last quarter alone.