Fund Performance

Government Pension Fund Norway (GPFN)

GPFN annual geometric average return. Measured in the Fund currency basket. Per cent 2021 Last 3 years Last 5 years Last 10 years 2007- 2021 Last 20 years
GPFN            
Portfolio 14.00 11.72 9.49 9.97 7.94 8.37
Benchmark index

 13.03

10.96

  8.79

  9.29

  6.96

7.82

Excess return (percentage points)

   0.97

  0.75

  0.70

  0.68

  0.98

0.54

             
Equities1            
Portfolio

24.86

 16.81

 13.31

 13.60

  8.74

 11.20

Benchmark index

 23.56

 16.34

 12.81

 12.98

 7.49

 10.46

Excess return (percentage points)

  1.30

  0.47

  0.50

  0.62

  1.25

  0.74

             
Fixed income2            
Portfolio

-1.43

  3.31

  3.05

  4.10

  5.12

  5.28

Benchmark index

-2.05

  2.16

  2.07

  3.28

  4.29

  4.82

Excess return (percentage points)

   0.61

  1.15

  0.98

  0.82

  0.83

  0.46

             
Real return            
Inflation

   3.48

  2.31

  2.31

  2.21

  2.16

 2.03

Management costs

   0.06

  0.06

  0.07

  0.08

  0.08

  0.06

Net real return

10.11

  9.14

  6.95

  7.52

  5.57

  6.15

1 Nordic equity investments commenced in May 2001.

2 Nordic fixed income investments commenced in February 2007.

Sources: Folketrygdfondet, Macrobonod and Ministry of Finance