ATP, the Danish statutory pension fund, is braced for the imminent publication of an external evaluation, begun a year ago, of both its investment strategy and how it communicates its complex results. ATP oversees a DKK 694 billion ($110 billion) allocation split roughly 80:20 between hedging assets comprising bonds and interest rate swaps, and a return-seeking portfolio.

A key part of the review will focus on how ATP could better communicate its results. The investor’s main value – the interest it earns on its guaranteed pension provision – is not always reflected in financial reporting because communication tends to hone in on the result of its investment portfolio instead.

Yet this constitutes a much smaller part of the…