Government Pension Fund Global (GPFG)

Fund Performance

Government Pension Fund Global (GPFG)

 

2022

Last 5 years

Last 10 years

Last 20 years

GPFG

 

 

 

Portfolio

-14.11

4.19

6.70

6.34

Benchmark index

-14.98

3.82

6.36

6.08

Excess return (percentage points)1

0.87

0.37

0.33

0.27

 

 

 

 

 

Equities

 

 

 

Portfolio 2

-14.88

5.73

9.28

8.39

Benchmark index 3

-15.40

5.36

8.88

7.98

Excess return (percentage points)

0.52

0.38

0.40

0.41

 

 

 

 

 

Fixed income

 

 

 

Portfolio

-12.11

0.03

1.48

3.19

Benchmark index 4

-13.79

-0.50

1.22

2.95

Excess return (percentage points)

1.68

0.54

0.26

0.25

 

 

 

 

 

Unlisted real estate

 

 

 

Portfolio 5

0.07

5.47

6.84

5.90

Equities and fixed income sold

-14.54

2.00

 

 

 

 

 

 

 

Listed real estate

 

 

 

Portfolio 6

-30.77

-4.13

0.37

 

Equities and fixed income sold

-13.73

4.43

 

 

 

 

 

 

 

Unlisted infrastructure

 

 

Portfolio 7

5.12

5.89

 

 

Equities and fixed income sold

-19.98

-15.28

 

 

 

 

 

 

 

Real return

 

 

 

 

Inflation

6,83

3,22

2,26

2,21

Management costs

0,04

0,05

0,05

0,08

Net real return

-19,65

0,89

4,29

3,97

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

2 Equities without listed real estate. Norges Bank manages listed and unlisted real estate within a combined strategy.

3 Benchmark index adjusted for equities sold to finance real esate and infrastructure investments.

4 Benchmark index adjusted for bonds sold to finance real esate and infrastructure investments.

5 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.

6 A portfolio of listed real estate investments was transfered from the equity managment to the real estate management in October 2014. En portefølje av noterte eiendomsinvesteringer ble i oktober 2014 overført fra aksjeforvaltningen til eiendomsforvaltningen. Return reported in the column «Last 10 years» is the annualised return since 1. November 2011.

7 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 og Ministry of Finance.