Investment
Benchmarks
The fund’s investments are measured against benchmark indices for stocks, bonds and real estate compiled by the FTSE Group, Barclays Capital and Investment Property Databank (IPD), respectively, on behalf of the Ministry of Finance.
Operational reference portfolios
NBIM has constructed internal operational reference portfolios for equities and bonds. These reflect the types of securities that we believe represent a neutral and appropriate strategy. The reference portfolios are designed to avoid undesirable risk in parts of the markets that do not fit with the fund’s size, long-term outlook and objective. They are based on groups of securities picked because of their return and risk profile.
Benchmark indices on 31 March 2013. Percent
| Asset class | Strategic benchmark
indices | Actual benchmark
indices |
| Fixed Income |
39.1 |
37.0 |
| Equity |
60.0 |
62.2 |
| Real estate |
0.9 |
0.9 |
| Total |
100.0 |
100.0 |
| Currency | Strategic benchmark
indices | Actual benchmark
indices |
| Fixed Income |
39.1 |
37.0 |
| |
|
|
| CAD |
|
3.4 |
| CLP |
|
0.3 |
| MXN |
|
1.6 |
| USD |
|
38.4 |
| Total Americas |
|
43.8 |
| |
|
|
| CHF |
|
1.5 |
| CZX |
|
0.3 |
| DKK |
|
0.6 |
| EUR |
|
30.6 |
| GBP |
|
6.2 |
| ILS |
|
0.3 |
| PLN |
|
0.7 |
| SEK |
|
1.4 |
| ZAR |
|
0.6 |
| Total Europe / Middle East / Africa |
|
42.3 |
| |
|
|
| AUD |
|
2.0 |
| HKD |
|
0.4 |
| JPY |
|
8.4 |
| KRW |
|
1.6 |
| MYR |
|
0.4 |
| NZD |
|
0.2 |
| SGD |
|
0.4 |
| THB |
|
0.5 |
| Total Asia |
|
13.9 |
| Country | Strategic benchmark
indices | Actual benchmark
indices |
| Equity |
60.0 |
62.2 |
| |
|
|
| Brazil |
|
1.4 |
| Chile |
|
0.2 |
| Colombia |
|
0.1 |
| Canada |
|
2.5 |
| Mexico |
|
0.5 |
| Peru |
|
0.0 |
| US |
|
30.4 |
| Total Americas |
|
35.2 |
| |
|
|
| Belgium |
|
0.9 |
| Finland |
|
0.7 |
| France |
|
6.0 |
| Greece |
|
0.1 |
| Ireland |
|
0.2 |
| Italy |
|
1.5 |
| Netherlands |
|
1.8 |
| Austria |
|
0.2 |
| Portugal |
|
0.1 |
| Spain |
|
1.9 |
| Germany |
|
5.9 |
| Euro-area |
|
19.5 |
| Denmark |
|
0.9 |
| Poland |
|
0.2 |
| Russia |
|
0.8 |
| UK |
|
15.0 |
| Switzerland |
|
6.4 |
|
Sweden
|
|
2.4 |
| Czech Republic |
|
0.0 |
| Turkey |
|
0.4 |
| Hungary |
|
0.0 |
| Total Europe |
|
45.7 |
| |
|
|
| United Arab Emirates |
|
0.0 |
| Egypt |
|
0.0 |
| Israel |
|
0.2 |
| Morocco |
|
0.0 |
| South Africa |
|
0.8 |
| Total Middle East / Africa |
|
1.1 |
| |
|
|
| Australia |
|
2.8 |
| Phillipines |
|
0.2 |
| Hong Kong |
|
1.1 |
| India |
|
0.8 |
| Indonesia |
|
0.3 |
| Japan |
|
6.6 |
| China |
|
1.9 |
| Malaysia |
|
0.4 |
| New Zealand |
|
0.1 |
| Pakistan |
|
0.0 |
| Singapore |
|
0.6 |
| South Korea |
|
1.5 |
| Taiwan |
|
1.4 |
| Thailand |
|
0.3 |
| Total Asia/Oceania |
|
18.0 |
|
|
|
|
