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Fund Performance

Government Pension Fund Norway (GPFN)

The GPFN generated a nominal rate of return of 6.6 percent in the first half of 2019, as measured in Norwegian kroner and before the deduction of asset management costs. The equity and fixed-income portfolios produced an aggregate return of 9.0 percent and 6.0 percent, respectively.

Fund Performance in the first half of 2019
Measured in Norwegian kroner

Fund performance
Sources: Folketrygdfondet and Ministry of Finance

The fund’s average annual return the last 20 years has been 7.7 percent before deduction of management costs. The net real return, wich is nominal return after deducition of management costs and inflation, was 5.5 percent in the same period, cf. table below.

The return on the GPFN is measured against a benchmark index set by the Ministry of Finance. In the first half of 2019, Folketrygdfondet generated a return 0.29 percentage points higher than that of the benchmark index. Both the equity portfolio and 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 over the last 20 years. 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.

GPFN key figures
Sources: Folketrygdfondet and Ministry of Finance
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