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Quarterly report 3Q 2011

The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 after global stock markets tumbled.
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  • The Government Pension Fund Global returned -8.8 percent, or
    -284 billion kroner, in the third quarter of 2011 after global stock markets
    tumbled. It was the second-weakest quarter in the fund’s history.
     
  •  Equity investments returned -16.9 percent and fixed-income holdings
    gained 3.7 percent. The overall return was 0.3 percentage point lower than
    the return on the benchmark indices.
     
  • The fund’s market value fell 56 billion kroner to 3,055 billion kroner.
     
  • The fund bought a 50 percent stake in seven properties in and around
    Paris from AXA Group in July. It was the fund’s first real estate investment
    in France and its second overall.
     
  • The fund held 55.6 percent equities, 44.1 percent fixed income and
    0.3 percent real estate at the end of the quarter.

    

    

Europe's debt crisis and fears of a global economic slowdown weighed on stocks in the quarter,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund. “The fund placed most of its new capital into equities to exploit the declines and take advantage of its long-term perspective.”

Last Updated: 25 October 2011

Norges Bank Investment Management (NBIM) | Bankplassen 2, P.O. Box 1179 Sentrum | NO-0107 Oslo, Norway | Tel +47 24 07 30 00 | E-mail contact@nbim.no | Disclaimer