A typical Sampension customer, with 15 years to retirement and a moderate investment profile, received a return of 3.4 per cent for the first six months of the year, the provider's interim results have revealed.

The provider said there was a "final spurt" towards the end of the first half of the year after six months of uncertainty about tariffs, fluctuating share prices and great interest in investments in defence stocks.

During the first half of the year, Sampension customers have experienced both positive and negative returns. However, it said that investors "underestimated" how robust the US economy is.

It noted that despite the turmoil surrounding US President, Donald Trump, the calamities in the US economy have been long in coming.

Sampension deputy chief investment officer, Jesper Nørgaard, said under the circumstances, things have “gone well”, and it has not needed any “major” adjustments to its investments.

“Equities are still a remarkably robust investment, and they have proven to be resilient to threats of increased tariffs and geopolitical turmoil,” he added.

The provider said 2025 is a “good test” of the investment strategy behind the pension scheme.

"In popular terms, you could say that the pension scheme has done what it was supposed to,” Nørgaard continued.

“A six-month period like 2025 shows why investments in your pension scheme should be made across countries and regions and in different types of securities. And how important it is that the risk in the investments is adapted to your age.”

Based on the first half of the year, Sampension said it will turn its focus to developments in the US, investments in defence, interest rate cuts in Europe and if the US follow suit and Novo's challenges.

In terms of developments in the US, the provider said it will look at whether activity among businesses and consumers will be lower as a result of uncertainty about tariffs, traffic and the falling dollar exchange rate.

Meanwhile, for the interest rate cuts, the provider said there is probably room for a few more interest rate cuts by the European Central Bank and will monitor whether the US Federal Reserve follow suit.

Sampension emphasised that Europe must “significantly” increase its defence spending, and the prices of companies in the defence industry have risen significantly. It said that the question is whether price increases will hold.

Finally, the provider said that in the domestic latitudes, it is largely Novo's falling share price that has been in focus.

Novo Nordisk, a major Danish pharmaceutical company, is a dominant stock on the Danish stock exchange (OMX Copenhagen), and many pension funds, including Sampension, hold a stake in it.

The provider said that the Novo share takes up more space in pension savings than most other stocks, but does not dominate.

Given this, it said the question is whether Novo's challenges will have consequences for the Danish economy.

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