Fund Performance
Government Pension Fund Norway (GPFN)
Article | Last updated: 06/10/2023 | Ministry of Finance
GPFN annual geometric average return. Measured in Norwegian kroner. Per cent |
Half year 20231 |
Last 3 years |
Last 5 years |
Last 10 years |
Since 2007 |
Last 20 years |
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GPFN |
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Portfolio |
4,07 |
8,90 |
5,80 |
8,23 |
7,16 |
7,79 |
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Benchmark index |
3,56 |
7,96 |
5,11 |
7,41 |
6,20 |
7,15 |
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Excess return (percentage points) |
0,51 |
0,94 |
0,69 |
0,82 |
0,96 |
0,64 |
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Equities2 |
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Portfolio |
5,16 |
16,32 |
8,60 |
11,78 |
8,14 |
12,48 |
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Benchmark index |
4,67 |
15,10 |
8,01 |
10,85 |
6,90 |
11,80 |
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Excess return (percentage points) |
0,49 |
1,22 |
0,59 |
0,94 |
1,24 |
0,68 |
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Fixed Income3 |
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Portfolio |
2,44 |
-2,35 |
0,93 |
2,48 |
4,21 |
4,08 |
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Benchmark index |
1,88 |
-2,93 |
0,08 |
1,79 |
3,42 |
3,57 |
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Excess return (percentage points) |
0,57 |
0,59 |
0,85 |
0,70 |
0,79 |
0,52 |
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Real Return |
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Inflation |
3,57 |
5,17 |
3,75 |
3,14 |
2,65 |
2,47 |
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Management cost |
0,03 |
0,06 |
0,06 |
0,07 |
0,07 |
0,06 |
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Net real return |
0,45 |
3,48 |
1,92 |
4,86 |
4,32 |
5,13 |
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1 Returns last six months are not annualized.
2 Nordic equity investments commenced in May 2001.
3 Nordic fixed income investments commenced in February 2007.
Sources: Folketrygdfondet and Ministry of Finance.