The Icelandic pension funds hold at least 40 percent of shares on the local stock market worth approximately ISK 365 billion (USD 3.1 billion, EUR 2.8 billion). Their combined share has increased by nine percent in three years, according to the analysis of business newspaper Viðskiptablaðið.
The largest shareholder on the Icelandic market is the Pension Fund of Commerce, which holds a total of 11.6 of stocks. Other major investors among pension funds include the Pension Fund for State Employees and the Pension Fund for Nurses with a 7.82 percent share and Gildi – Pension Fund with a 7.6 percent share, ruv.is reports.
The market value of companies registered in the Iceland Stock Exchange (NASDAQ OMX Iceland, or ICEX) has declined significantly since the selected share index (ICEX-IS) peaked on April 28, or by almost ISK 100 billion, resulting in the pension funds losing ISK 40 billion in total in the same period.