Fund Performance
Government Pension Fund Global (GPFG)
Article | Last updated: 06/10/2023 | Ministry of Finance
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GPFG annual geometric average return. Measured in the currency basket. Per cent |
2023 |
Lat 5 years |
Last 10 years |
Last 20 years |
|
GPFG |
|
|
|
|
|
Portfolio |
16,14 |
8,72 |
6,71 |
6,51 |
|
Benchmark index |
16,32 |
8,30 |
6,48 |
6,27 |
|
Excess return (percentage points)1 |
-0,18 |
0,42 |
0,22 |
0,23 |
|
|
|
|
|
|
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Equities |
|
|
|
|
|
Portfolio2 |
21,35 |
12,12 |
8,85 |
8,33 |
|
Benchmark index3 |
20,98 |
11,48 |
8,53 |
7,92 |
|
Excess return (percentage points) |
0,38 |
0,64 |
0,32 |
0,40 |
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|
|
|
|
|
|
Fixed income |
|
|
|
|
|
Portfolio |
6,13 |
1,12 |
2,08 |
3,24 |
|
Benchmark index4 |
5,62 |
0,48 |
1,79 |
2,99 |
|
Excess return (percentage points) |
0,51 |
0,64 |
0,29 |
0,25 |
|
|
|
|
|
|
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Unlisted real estate |
|
|
|
|
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Portfolio5 |
-12,37 |
1,25 |
4,27 |
4,34 |
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Norges Bank internal benchmark6 |
9,72 |
4,34 |
|
|
|
|
|
|
|
|
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Listed real estate |
|
|
|
|
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Portfolio 7 |
16,61 |
1,04 |
2,03 |
|
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Norges Bank internal benchmark 6 |
11,21 |
7,69 |
|
|
|
|
|
|
|
|
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Unlisted renewable energy infrastructure |
|
|
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Portfolio 8 |
3,68 |
5,03 |
|
|
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Norges Bank internal benchmark 6 |
9,35 |
-6,48 |
|
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- Includes real estate from 2017. Prior to 2017 excess return was calculated based on equity and fixed income portfolio returns.
- Equities without listed real estate. Norges Bank manages listed and unlisted real estate within a combined strategy.
- Benchmark index adjusted for equities which are used to measure the real estate investment performance.
- Benchmark index adjusted for bonds which are used to measure the real estate and infrastructure investment performance.
- The first real estate investment was made in the first quarter of 2011. Return reported in the column «Last 20 years» is the annualised return since 1. April 2011.
- Norges Bank decide on equities and bonds from the benchmark index which are used to measure the real estate and infrastructure investment performance.
- A portfolio of listed real estate investments was transferred from the equity management to the real estate management in October 2014. Return reported in the column «Last 10 years» is the annualised return since 1. November 2014.
- The first investment in unlisted renewable energy infrastructure was made in May 2021. Return reported in the column «Last 5 years» is the annualised return since 1. June 2021.
Sources: Norges Bank and Ministry of Finance.
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Real return GPFG for 2023, last 5, 10 og 20 years, in currency basket. Annual geometric average. Per cent |
2023 |
Lat 5 years |
Last 10 years |
Last 20 years |
|
Reutrn GPFG |
16,14 |
8,72 |
6,71 |
6,51 |
|
Inflation |
3,20 |
3,52 |
2,43 |
2,29 |
|
Management cost |
0,05 |
0,05 |
0,05 |
0,07 |
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Net real return |
12,49 |
4,97 |
4,13 |
4,05 |
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Sources: Norges Bank and Ministry of Finance. |
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