Fund Performance

Government Pension Fund Norway (GPFN)

The GPFN generated a nominal rate of return of 4.3 percent in the first half of 2017, as measured in Norwegian kroner and before the deduction of asset management costs. The equity and fixed-income portfolios produced an aggregate return of 7.2 percent and – 0.03 percent, respectively.

Fund Performance 30 June 2018
Measured in Norwegian kroner

Sources: Folketrygdfondet and Ministry of Finance

The return on the GPFN is measured against a benchmark index set by the Ministry of Finance. In the first half of 2018, Folketrygdfondet generated a return 0.8 percentage points higher than that of the benchmark index. The equity portfolio delivered negative excess return, whilst the bond portfolio delivered positive excess returns. The manager performance must be assessed over time. Folketrygdfondet has delivered an average annual gross excess return of 0.6 percentage points from January 1998 to end of the first half of 2018. Gross excess return is considered a reasonable measure of net value added in the operational management of the Fund, cf. Report on the Fund for 2015, chapter 7.

Sources: Folketrygdfondet and Ministry of Finance

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