Quarterly report 2Q 2010

The Government Pension Fund Global returned -5.4 percent (-155 billion kroner) in the second quarter of 2010, pulled down by a decline in global equity markets.

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Press release

The Government Pension Fund Global returned -5.4 percent in the second quarter of 2010, pulled down by a decline in global equity markets. The result was in line with the return on the fund’s benchmark portfolio.
The fund’s equity investments returned -9.2 percent, lagging the return on the benchmark portfolio by 0.03 percentage point.
Fixed-income investments returned 1 percent, exceeding the benchmark by 0.06 percentage point.
The market value of the fund rose 29 billion kroner to 2,792 billion kroner.
Inflows of new capital to the fund totalled 35 billion kroner. Most of the capital went to fixed-income purchases.
The fund’s investments consisted of 59.6 percent equities and 40.4 percent fixed-income securities at the end of the quarter. Second quarter of 2010 in brief Published

“The biggest stock market drop was in Europe, where the fund has about half its equity investments,” says Yngve Slyngstad, Chief Executive Officer of Norges Bank Investment Management (NBIM). “The decline was largely driven by concern over high sovereign debt in some European countries, funding challenges for banks and fears of a new economic slowdown.”

Updated GIPS report 2009

Benchmark returns have been restated following a review of the dividend tax rates applied historically to the equity benchmark.

GIPS report,
updated 13 August 2010

Last Updated: 14 April 2010