The judges commended this fund for its well-structured equities portfolio, enhancing both diversification and performance while embedding ESG criteria as a central pillar. The fund’s equity strategy exemplifies innovation, resilience, and responsibility. Built on a multi-sleeve architecture, it balances passive efficiency, quantitative enhancement, and fundamental conviction to deliver strong risk-adjusted returns across market cycles. Index-near portfolios provide cost-efficient global coverage with minimal tracking error, while dynamic synthetic replication optimises exposures through futures, ETFs, and collateralised assets, enhancing returns. Quant-based enhanced indexing, powered by AI and multi-factor models, captures alpha, while fundamental strategies target long-term value creation and thematic opportunities, such as in European defence and artificial intelligence (AI). ESG integration is embedded at every level, with exclusions aligned to international standards and active engagement driving sustainable practices. Custom benchmarks are combined with advanced risk-monitoring tools to mitigate concentration and momentum risks. Crucially, equity allocations are embedded within PensionDanmark’s lifecycle framework, aligning risk with member age and needs. In the judges’ opinion, this holistic, forward-looking approach makes PensionDanmark a leader in equity strategies, delivering both performance and responsibility.