Quarterly report 1Q 2012

The Government Pension Fund Global returned 7.1 percent, or 234 billion kroner, in the first quarter of 2012 as stock markets rose. Measured in kroner, the quarterly return was the third largest since the fund’s inception.

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Presentation from the press conference

Web cast of the press conference (Norwegian)

Press Release

The Government Pension Fund Global returned 7.1 percent, or 234 billion kroner, in the first quarter of 2012, helped by rising global stock markets and gains on corporate and bank bonds.
Equity investments returned 11 percent and fixed-income investments returned 1.6 percent. The overall return was 0.3 percentage point higher than the return on the benchmark indices.
The fund’s market value rose 185 billion kroner to 3,496 billion kroner.
The fund held 60.7 percent in equities, 39 percent in fixed income and 0.3 percent in real estate at the end of the quarter.

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Monthly performance numbers (Excel)

Factor exposures

“Stock markets in the US, Europe and Asia moved up in lockstep in the quarter, driving the fund’s return,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM).

“Predictability is important for a long-term investor and the euro area faces considerable structural and monetary challenges,” says Slyngstad.

Last Updated: 24 April 2012