Fund Performance
Government Pension Fund Global (GPFG)
Article | Last updated: 12/05/2021 | Ministry of Finance
| GPFG annual geometric average return. Measured in currency basket. Per cent | 2020 | Last 3 years | Last 5 years | Last 10 years | Last 20 years |
| GPFG | |||||
| Portfolio | 10.86 | 7.68 | 8.69 | 7.95 | 6.04 |
| Benchmark index | 10.60 | 7.64 | 8.55 | 7.79 | 5.84 |
| Excess return (percentage points)1 | 0.27 | 0.04 | 0.19 | 0.16 | 0.20 |
| Equities | |||||
| Portfolio2 | 12.14 | 8.55 | 10.68 | 9.72 | 5.87 |
| Benchmark index | 11.74 | 8.59 | 10.53 | 9.54 | 5.57 |
| Excess return (percentage points) | 0.40 | -0.04 | 0.15 | 0.18 | 0.31 |
| Fixed income | |||||
| Portfolio | 7.46 | 5.14 | 4.61 | 4.38 | 4.71 |
| Benchmark index | 6.77 | 4.85 | 4.31 | 4.28 | 4.53 |
| Excess return (percentage points) | 0.69 | 0.29 | 0.29 | 0.10 | 0.18 |
| Unlisted real estate | |||||
| Portfolio3.4 | -0.08 | 4.70 | 4.46 | 5.65 | |
| Real return | |||||
| Inflation | 0.59 | 1.38 | 1.52 | 1.54 | 1.76 |
| Management costs | 0.05 | 0.05 | 0.05 | 0.06 | 0.08 |
| Net real return | 10.16 | 6.16 | 7.02 | 6.25 | 4.13 |
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 10 years" is the annualised return since 1 April 2011.
4 In the period 2014-2016 the real estate portfolio included listed real estate investments.
Sources: Norges Bank and Ministry of Finance