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Fund Performance

Government Pension Fund Norway (GPFN)

The GPFN generated a nominal rate of return of minus 0.4 percent in 2018, as measured in Norwegian kroner and before the deduction of asset management costs. The equity and fixed-income portfolios produced an aggregate return of minus 1.8 percent and 1.7 percent, respectively.

Fund Performance in 2018
Measured in Norwegian kroner

Sources: Folketrygdfondet and Ministry of Finance

The fund’s average annual return the last 20 years was 7.6 percent before deduction of management costs. The net real return, wich is nominal return after deducition of management costs and inflation, was 5.3 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 2018, Folketrygdfondet generated a return 0.8 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 0.5 percentage points 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.


Sources: Folketrygdfondet and Ministry of Finance

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