Returns: Positive momentum for equities in April

April proved to be a strong month for investors, although the picture was far from uniform. The conflict involving Iran continued, and while negotiations at times showed signs of progress, in reality we’re almost in the same position as at the beginning of the month. The temporary ceasefire has reduced the noise somewhat, but the Strait of Hormuz remains blocked, and oil prices therefore remain high. This is putting pressure on both consumers and businesses. Not least because higher oil prices have pushed interest rates upwards, driven by growing expectations of rate hikes from the European Central Bank and Danmarks Nationalbank (the central bank of Denmark). As a result, taking out a mortgage has become significantly more expensive than it was before the conflict. 

 
Equity markets no longer focused on Iran 

For equity markets, however, the story is anything but stagnation or decline. Global equities rose by approximately 8 per cent in Danish kroner (DKK), placing April 2026 among the strongest months for equity returns in several years. The narrative has been driven by the AI wave, where substantial share price gains in a number of the largest companies have lifted the broader indices. This upswing has, by and large, continued into May, with equities maintaining their upward momentum. 
 
It’s fair to question whether this AI-driven momentum can be sustained much longer, which is why diversification of equity exposure remains a key priority. I continue to believe that there’s still considerable upside potential in other parts of the equity market, particularly if we soon see signs of genuine progress in negotiations to end the conflict involving Iran and reopen oil transport routes. Parts of the equity market remain weighed down by the economic risks associated with the conflict. 
 

Velliv remains at the top of the returns comparison 

Despite the many potential stumbling blocks, investment returns for 2026 have so far been clearly positive. A typical Velliv customer with a medium risk profile and 15 years until retirement will, for 2026, have achieved a return of between 3.6 per cent and 4.5 per cent up to the end of April. Compared with the rest of the industry, our returns continue to rank among the best. We’re proud of this performance, while remaining mindful that conditions may change as the year progresses. We therefore monitor risks related to our investment portfolio on a daily basis to ensure they remain aligned with an increasingly dynamic risk environment.