Fund Performance

Government Pension Fund Global (GPFG)

GPFG annual geometric average return. Measured in currency basket. Per cent 2021 Last 3 years Last 5 years Last 10 years Last 20 years
GPFG          
Portfolio

  14.51

15.04

  10.19

     9.70

   6.90

Benchmark index

  13.76

 14.63

  9.89

   9.45

  6.66

Excess return (percentage points)1

 0.74

    0.41

   0.30

    0.25

     0.23

           
Equities          
Portfolio2

20.76

  19.50

  13.03

  12.85

     7.72

Benchmark index

   19.98

 18.98

 12.76

 12.53

     7.38

Excess return (percentage points)

0.78

0.52

 0.27

0.32

 0.34

           
Fixed income          
Portfolio

-1.94

 4.26

3.32

3.47

4.35

Benchmark index

-1.91

3.98

 3.07

3.42

4.18

Excess return (percentage points)

-0.03

0.28

  0.25

0.05

0.18

           
Unlisted real estate          
Portfolio3.4

13.64

6.65

7.00

7.34

6.36

           
Unlisted renewable energy infrastructure          
Portfolio5 4.15        
           
Real return          
Inflation

5.20

2.52

2.23

1.77

1.96

Management costs

0.04

0.05

0.05

0.05

0.08

Net real return

8.81

12.17

7.74

7.74

 4.76

1 Includes real estate from 2017. Prior to 2017 excess return was calculated based on equity and fixed income portfolio returns.

2 Since 2017 the equity portfolio includes listed real estate investments.

3 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.

4 In the period 2014-2016 the real estate portfolio included listed real estate investments.

5 The first investment in unlisted renewable energy infrastructure was made in May 2021. Return reported for 2021 is the annualised return since 1 June 2021.

Sources: Norges Bank and Ministry of Finance