Fund Performance
Government Pension Fund Global (GPFG)
Article | Last updated: 31/03/2023 | Ministry of Finance
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2022 |
Last 5 years |
Last 10 years |
Last 20 years |
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GPFG |
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Portfolio |
-14.11 |
4.19 |
6.70 |
6.34 |
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Benchmark index |
-14.98 |
3.82 |
6.36 |
6.08 |
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Excess return (percentage points)1 |
0.87 |
0.37 |
0.33 |
0.27 |
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Equities |
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Portfolio 2 |
-14.88 |
5.73 |
9.28 |
8.39 |
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Benchmark index 3 |
-15.40 |
5.36 |
8.88 |
7.98 |
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Excess return (percentage points) |
0.52 |
0.38 |
0.40 |
0.41 |
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Fixed income |
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Portfolio |
-12.11 |
0.03 |
1.48 |
3.19 |
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Benchmark index 4 |
-13.79 |
-0.50 |
1.22 |
2.95 |
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Excess return (percentage points) |
1.68 |
0.54 |
0.26 |
0.25 |
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Unlisted real estate |
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Portfolio 5 |
0.07 |
5.47 |
6.84 |
5.90 |
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Equities and fixed income sold |
-14.54 |
2.00 |
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Listed real estate |
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Portfolio 6 |
-30.77 |
-4.13 |
0.37 |
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Equities and fixed income sold |
-13.73 |
4.43 |
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Unlisted infrastructure |
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Portfolio 7 |
5.12 |
5.89 |
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Equities and fixed income sold |
-19.98 |
-15.28 |
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Real return |
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Inflation |
6,83 |
3,22 |
2,26 |
2,21 |
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Management costs |
0,04 |
0,05 |
0,05 |
0,08 |
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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.