The Dkr237.7bn (€32bn) Danish labour market supplementary pension fund, ATP, is slashing further its equities exposure as global markets continue to look volatile.

The reduction, from 30% to 25% of total assets, means the fund has nearly halved its equity holdings since the beginning of 2002, when it held 48% of assets in equities. The sale of equities and increase in bond investments, including global high yield, started last year because of volatility in the equity markets.