Annual report 2008

The financial crisis and global economic downturn presented major challenges for all areas of investment management.
The market value of the Government Pension Fund – Global was NOK 2 275 billion at the end of 2008.
Inflows of capital into the fund were record-high at NOK 384 billion and invested entirely in global equity markets.
The fund’s ownership of global equity markets rose to 0.77 per cent.
The fund’s allocation to equities was 49.6 per cent.
The return on the fund was -23.3 per cent in international currency, the weakest result in the fund’s history.
The operational management of the fund produced a negative excess return of 3.37 per cent, which is considerably weaker than we would have expected given our investment strategy.
Norges Bank Investment Management (NBIM) is making significant changes to its investment strategy in order to make better use of the fund’s size and long-term investment horizon.

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