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 | 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