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Meld. St. 19 (2013-2014)

The Management of the Government Pension Fund in 2013

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1 Historical tables

Table 1.1 Return on the GPFG in 2013, the last 3, 5, and 10 years, as well as over the period 1998–2013, measured in Norwegian kroner. Annual geometric average. Percent

2013

Last 3 years

Last 5 years

Last 10 years

1998–2013

GPFG incl. real estate

Actual portfolio

25.11

9.59

9.23

5.78

5.46

Norwegian inflation1

2.13

1.38

1.74

1.75

2.00

Management costs

0.07

0.07

0.09

0.10

0.09

Return net of costs and inflation

22.43

8.03

7.27

3.86

3.30

GPFG excl. real estate

Actual portfolio

25.14

9.61

9.24

5.79

5.46

Benchmark index

24.07

9.28

8.10

5.55

5.15

Excess return

1.07

0.33

1.13

0.24

0.31

Equity portfolio

Actual portfolio

36.26

11.76

12.75

7.28

5.23

Benchmark index

34.87

11.41

12.08

6.80

4.70

Excess return

1.39

0.35

0.67

0.49

0.53

Fixed income portfolio

Actual portfolio

8.01

5.49

3.35

3.89

4.79

Benchmark index

7.74

5.33

1.57

3.69

4.58

Excess return

0.27

0.17

1.79

0.21

0.21

1 Inflation figures in the table are not based on inflation measured in the currency basket of the Fund, but on Norwegian CPI data.

Source Norges Bank, Macrobond and the Ministry of Finance.

Table 1.2 Nominal return on the GPFG and inflation1 in selected currencies and measured in the currency basket of the Fund. Annual geometric average. Percent

Year

Currency basket of the Fund

NOK

USD

EUR

GBP

Return

Inflation

Return

Inflation

Return

Inflation

Return

Inflation

Return

Inflation

1997

9.07

1.75

10.83

2.62

-4.01

2.29

11.87

1.54

-0.16

1.82

1998

9.26

0.92

19.75

2.25

15.87

1.56

7.63

1.16

14.59

1.56

1999

12.44

1.28

13.84

2.30

7.92

2.21

26.42

1.04

11.41

1.32

2000

2.49

2.02

6.53

3.13

-2.91

3.36

3.66

2.16

4.75

0.87

2001

-2.47

1.17

-5.34

3.03

-6.93

2.85

-1.86

2.34

-4.47

1.18

2002

-4.74

1.91

-19.09

1.29

4.76

1.58

-11.12

2.29

-5.30

1.27

2003

12.59

1.57

19.96

2.45

24.92

2.28

3.92

2.02

12.34

1.36

2004

8.94

2.37

3.93

0.44

14.16

2.66

5.94

2.19

6.45

1.34

2005

11.09

2.33

14.28

1.59

2.22

3.39

17.80

2.15

14.32

2.04

2006

7.92

2.13

5.89

2.26

15.16

3.23

3.01

2.20

1.01

2.30

2007

4.26

3.12

-3.90

0.76

10.20

2.83

-0.61

2.15

8.35

2.35

2008

-23.31

1.42

-6.66

3.79

-27.62

3.86

-23.87

3.26

0.21

3.63

2009

25.62

1.82

7.88

2.11

30.77

-0.37

26.69

0.28

16.42

2.12

2010

9.62

1.98

9.49

2.47

8.82

1.68

16.38

1.57

12.24

3.34

2011

-2.54

2.84

-1.39

1.24

-3.96

3.12

-0.75

3.12

-3.25

4.45

2012

13.42

1.98

6.70

0.77

14.42

2.09

12.66

2.48

9.39

2.84

2013

15.95

1.39

25.11

2.13

14.77

1.48

9.81

1.38

12.64

2.52

1998–2013

5.70

1.89

5.46

2.00

6.75

2.36

5.20

1.96

6.71

2.15

1997–2013

5.89

1.88

5.77

2.03

6.09

2.35

5.58

1.94

6.29

2.13

1 Inflation figures in individual currencies presented in the table are not based on inflation measured in the currency basket of the Fund, but on CPI data for each country/currency area.

Source Norges Bank, Macrobond and the Ministry of Finance.

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