(Bloomberg) -- ATP, Denmark’s biggest pension fund, lost the most money on record last year as the value of its bonds and stocks sank. 

The investor had a net loss of 56.8 billion kroner ($8.2 billion) compared with a net profit of 13.5 billion kroner in 2021, ATP, which is based north of Copenhagen, said on Thursday. Its total assets declined 28% to 678 billion kroner.

“ATP has had a very difficult year where we lost a lot of money in our investment portfolio,” Chief Executive Officer Martin Praestegaard said in a separate statement. “ATP was hit by losses in both equities and particularly bonds, which constitutes a large share of the investment portfolio.”

ATP lost 64.4 billion kroner on its investments last year, equal to a negative return of 41% of its bonus potential, after expenses, it said. The state-controlled fund, which all Danes are required to contribute to by law, has been criticized in local media in the past year for taking on excessive risks with its investments. 

ATP has “the right long-term strategy, and a 2022 that disappointed in terms of results does not change this,” the CEO said in Thursday’s statement.

©2023 Bloomberg L.P.