Fund Performance

Government Pension Fund Global (GPFG)

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