2007

Report for: The Government Pension Fund – Global, Norges Bank's foreign exchange reserves and the Government Petroleum Insurance Fund

There was a positive overall return on the Government Pension Fund – Global of 1.15 per cent in the third quarter. There was turmoil in financial markets in July and August. Equity prices fell, but this was more than offset by rising bond prices.

The return on the Government Pension Fund – Global was 2.2 per cent in the second quarter. The advance in international equity markets contributed to the return, particularly in Europe, the US and emerging markets

The return on the Government Pension Fund – Global was 1.5 per cent in the first quarter. The rise in international equity markets made the largest contribution to the return. Norges Bank achieved an excess return of 0.09 percentage point compared with the return on the benchmark portfolio defined by the Ministry of Finance.