Passive aktieinvesteringsstrategier – direkte eller indirekte ejerskab? En analyse af indirekte kontra direkte ejerskab, fra privat investorens synsvinkel. Derudover redegørelse for investeringsforeningsmodellen og de nyere ETF’ere, hvis popularitet har været støt stigende de seneste år

Kim Høi

Student thesis: Master thesis


In recent years, the market for indirect ownership of equity investments has experienced a significant boom, both globally and in Denmark. Consequently, the Danish private investor’s usage of Danish mutual funds represents a substantial part of his/hers total equity investments. A great percentage of these indirect investments are however allocated in actively managed funds. In broad-spectrum, active funds have repeatedly been proved to underperform the overall market and passive fund’s net return, once the active fund’s yearly costs are subtracted. The main objective of the thesis has therefore been to present and calculate the following passive alternatives, to the actively managed strategy: 1) direct investment in the Danish stock index “OMXC20”, 2) indirect investment in Danish benchmark funds, 3) indirect investment in “Exchange Traded Funds” (ETF’s). ETF’s have gained a great amount of popularity globally, but are still an unknown strategy to many Danish private investors. ETF’s have various similarities to the Danish mutual fund model, one being that they are both traded at public stock exchanges. Furthermore, they are often passively managed and have lower yearly costs, than most Danish benchmark funds. The thesis starts by explaining the different conditions concerning Danish mutual funds and ETF’s. Subsequently, the various types of costs, which the Danish private investor will incur in relation to the 3 strategies, are defined and examined. Thus, the foundation is laid is for the actual analysis of the strategies. The yearly costs are then calculated, after the various assumptions have been discussed and determined. Conclusively, the net return after tax is estimated, on the basis of different investment volumes and conditions, and most importantly 2 types of means: retirement savings and regular cash financing. The thesis concludes, that direct investment is by far the most profitable strategy, regardless of what means are used. However, there are certain considerations that need to be addressed, regarding the associated risks and the investor’s workload. If indirect ownership is still preferred, the private investor is best of with investing in Danish benchmarks funds, when using regular cash financing. In the case of retirement savings however, the private investor will gain a higher, yearly net return, by using ETF’s.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2011
Number of pages105