Return on the fund

Fund's annual return

	Fund's return Percent	Benchmark return Percent	Relative return Percentage points
1999	12.44	11.21	1.23
2000	2.49	2.22	0.27
2001	-2.47	-2.62	0.15
2002	-4.74	-5.04	0.30
2003	12.59	12.04	0.55
2004	8.94	8.39	0.54
2005	11.09	10.03	1.06
2006	7.92	7.78	0.14
2007	4.26	4.50	-0.24
2008	-23.30	-19.93	-3.37
2009	25.62	21.49	4.13
2010	9.62	8.57	1.06

Return on fund's equity investments

	Fund's return Percent	Benchmark return Percent	Relative return Percentage points
1999	34.81	31.32	3.49
2000	-5.82	-6.31	0.49
2001	-14.60	-14.66	0.06
2002	-24.39	-24.47	0.07
2003	22.84	22.33	0.51
2004	13.00	12.21	0.79
2005	22.49	20.33	2.16
2006	17.04	17.13	-0.09
2007	6.82	5.67	1.15
2008	-40.71	-39.55	-1.15
2009	34.27	32.41	1.86
2010	13.34	12.61	0.73

Return on fund's fixed-income investments

	Fund's return Percent	Benchmark return Percent	Relative return Percentage points
1999	-0.99	-1.00	0.01
2000	8.41	8.34	0.07
2001	5.04	4.96	0.08
2002	9.90	9.41	0.49
2003	5.26	4.77	0.48
2004	6.10	5.73	0.37
2005	3.82	3.46	0.36
2006	1.93	1.68	0.25
2007	2.96	4.26	-1.29
2008	-0.53	6.07	-6.60
2009	12.49	5.13	7.36
2010	4.11	2.58	1.53

Quarterly return and accumulated annualised return since 1.1.1998. Percent


Quarterly exess return and accumulated annualised excess return since 1.1.1998. Percentage points

Fund return 3Q 2011

The fund returned -8.8 percent in the third quarter of 2011 as global stock markets tumbled. It was the second-weakest quarter in the fund’s history.

Equity investments returned -16.9 percent and fixed-income holdings gained 3.7 percent in the period, as measured in international currency. The overall return was 0.3 percentage point lower than the return on the benchmark indices.

Returns in international currency

The fund’s investments in international securities are not converted into kroner in connection with financial reporting and are not hedged against moves in the krone. Changes in the krone exchange rate do not affect the fund’s international purchasing power. Consequently, the return is generally given in international currency – a weighted combination of the currencies in the fund’s benchmark indices for equities and fixed income. This basket consisted of 35 currencies at the end of the third quarter. The krone weakened 4.9 percent against the group of currencies in the quarter..

Annual and quarterly reports on the fund

Annual reports

Last Updated: 28 October 2011

Government Pension Fund Global