Meld. St. 23 (2015–2016)

The Management of the Government Pension Fund in 2015

To table of content

2 Historical tables

Table 2.1 Return on the GPFG in 2015, in the last 3, 5 and 10 years, as well as over the period 1998–2015, measured in Norwegian kroner. Annual geometric average. Percent

2015

Last 3 years

Last 5 years

Last 10 years

1998–2015

GPFG incl. real estate

Actual portfolio

15.54

21.55

13.57

7.80

6.96

Norwegian inflation1

2.12

2.09

1.65

1.96

2.00

Asset management costs

0.06

0.06

0.06

0.09

0.09

Return net of costs and inflation

13.09

19.01

11.66

5.64

4.78

GPFG excl. real estate

Actual portfolio

15.30

21.46

13.52

7.78

6.95

Benchmark index

14.80

21.22

13.38

7.72

6.69

Excess return (percentage points)

0.51

0.24

0.15

0.06

0.27

Equity portfolio

Actual portfolio

16.77

25.63

15.22

8.02

6.83

Benchmark index

15.84

25.18

15.00

7.80

6.36

Excess return (percentage points)

0.94

0.45

0.23

0.23

0.48

Fixed-income portfolio

Actual portfolio

12.83

14.58

10.33

6.56

6.18

Benchmark index

13.10

14.83

10.42

6.51

6.05

Excess return (percentage points)

-0.27

-0.25

-0.09

0.04

0.14

Real estate portfolio

Actual portfolio2

23.71

23.91

14.19

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

2 The first real estate investment was made in the first quarter of 2011. The five-year return is the annualised return since 1 April 2011.

Source Norges Bank, Macrobond and Ministry of Finance.

Table 2.2 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

1.53

-0.16

1.89

1998

9.26

0.92

19.75

2.25

15.87

1.56

7.63

1.10

14.59

1.57

1999

12.44

1.28

13.84

2.30

7.92

2.21

26.43

1.08

11.40

1.26

2000

2.49

2.02

6.53

3.13

-2.91

3.36

3.66

2.14

4.75

0.83

2001

-2.47

1.17

-5.34

3.03

-6.93

2.85

-1.87

2.36

-4.48

1.24

2002

-4.74

1.91

-19.09

1.29

4.76

1.58

-11.11

2.18

-5.30

1.22

2003

12.59

1.57

19.96

2.45

24.92

2.28

3.92

2.13

12.34

1.34

2004

8.94

2.37

3.93

0.44

14.16

2.66

5.94

2.09

6.45

1.32

2005

11.09

2.33

14.28

1.59

2.22

3.39

17.80

2.17

14.32

2.09

2006

7.92

2.13

5.89

2.26

15.16

3.23

3.01

2.24

1.01

2.30

2007

4.26

3.12

-3.90

0.76

10.20

2.83

-0.61

2.07

8.35

2.38

2008

-23.31

1.42

-6.66

3.79

-27.62

3.86

-23.87

3.27

0.21

3.55

2009

25.62

1.82

7.88

2.11

30.77

-0.37

26.69

0.33

16.42

2.24

2010

9.62

1.98

9.49

2.47

8.82

1.68

16.38

1.63

12.24

3.23

2011

-2.54

2.84

-1.39

1.24

-3.96

3.12

-0.75

2.68

-3.25

4.47

2012

13.42

1.98

6.70

0.77

14.42

2.09

12.66

2.51

9.39

2.78

2013

15.95

1.41

25.11

2.13

14.77

1.48

9.81

1.32

12.63

2.60

2014

7.58

0.91

24.23

2.01

0.52

1.59

14.47

0.50

6.78

1.52

2015

2.74

0.86

15.54

2.12

-2.13

0.13

9.02

0.00

3.54

0.00

1998–2015

5.64

1.78

6.96

2.00

5.88

2.19

5.91

1.76

6.53

1.99

1997–2015

5.81

1.78

7.16

2.04

5.34

2.19

6.21

1.75

6.17

1.99

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, Thomson Reuters Datastream and Ministry of Finance.

Go to front page