Quarterly report 3Q 2010

The Government Pension Fund Global returned 7.2 percent, or 199 billion kroner, in the third quarter, driven by gains in global stock and bond markets. The return was the fifth-largest in the fund’s history.

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The Government Pension Fund Global returned 7.2 percent, or 199 billion
kroner, in the third quarter, driven by gains in global stock and bond
markets. The result exceeded the return on the fund’s benchmark portfolio
by 0.4 percentage point.
The fund’s equity investments returned 9.8 percent, beating the
benchmark by 0.3 percentage point.
The fund’s fixed-income holdings returned 3.4 percent, surpassing the
benchmark by 0.5 percentage point.
The fund’s market value rose 116 billion kroner to 2,908 billion kroner.
The fund was invested 60.4 percent in equities and 39.6 percent in fixedincome
securities at the end of the quarter.

“A rebound in global stock markets helped the fund’s investments, which gained in all sectors in the third quarter,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund.

“Better-than-expected earnings figures from a range of companies and reduced fears of an economic slowdown in Europe contributed to the stock market rally,” Slyngstad says. “Concern over some southern European countries’ sovereign debt also eased somewhat.”

Last Updated: 03 November 2010