PensionDanmark was the standout in this category thanks to a well-considered investment approach supported by consistently strong returns across mainstream fixed income and alternative credit investments. A 20% allocation to credit showed firm commitment to the asset class, while performance remains above benchmark, including over the past year. A disciplined yet innovative approach spans AAA-overlays, CLO tranches, investment grade, high yield, loans, emerging markets, and opportunistic credit funds. The fund’s AAA-rated fixed-income component is thoughtfully structured, with detailed explanations of how related asset classes are managed. Judges praised the disciplined credit and sub-credit strategy, the balanced liquid/illiquid mix that adapts to emerging opportunities, and a robust, cost-aware structure with a clear focus on ESG. PensionDanmark’s success lies in its patient management, as well as in the balance between liquidity and long-term value creation. With dedicated teams across liquid and illiquid credit, and a proven record of outperforming benchmarks, the fund exemplifies excellence in this category, also delivering tangible value to its members.