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Benchmarks

The fund’s investments are measured against benchmark indices for stocks, bonds and real estate compiled by the FTSE Group, Barclays and Investment Property Databank (IPD) respectively, on behalf of the Ministry of Finance.

Operational reference portfolios

Norges Bank Investment Management has constructed internal operational reference portfolios for equities and bonds. These reflect the types of securities that we believe represent a neutral and appropriate strategy. The reference portfolios are designed to avoid undesirable risk in parts of the markets that do not fit with the fund’s size, long-term outlook and objective. They are based on groups of securities picked because of their return and risk profile.

Benchmark indices as at 30 September 2016. Percent

Asset class Strategic benchmark indices Actual benchmark indices
Fixed income 37.0 36.0
Equity 60.0 61.0
Real estate 3.0 3.0
Total 100.0 100.0

Fixed Income

FIXED INCOME Strategic benchmark indices Actual benchmark indices
Currency 37.0 36.0
     
CAD   3.4
CLP   0.1
MXN   1.8
USD   42.7
Total Americas   48.0
     
CHF   1.5
CZK   0.3
DKK   0.6
EUR   27.2
GBP   5.6
ILS   0.4
PLN   0.8
RUB   0.7
SEK   1.2
ZAR   0.5
Total Europe, Middle East and Africa   38.9
     
AUD   2.2
HKD   0.1
JPY   7.2
KRW   2.0
MYR   0.5
NZD   0.3
SGD   0.4
THB   0.6
Total Asia   13.2

Equity

EQUITY Strategic benchmark indices Actual benchmark indices
Country 60.0 61.0
     
Brazil   0.9
Chile   0.1
Colombia   0.1
Canada   2.3
Mexico   0.4
Peru   0.0
US   36.8
Total Americas   40.5
     
Belgium   0.9
Finland   0.7
France   5.0
Greece   0.0
Ireland   0.2
Italy   1.3
Netherlands   1.8
Austria   0.2
Portugal   0.1
Spain   1.8
Germany   5.2
Euro area   17.1
Denmark   1.1
Poland   0.1
Russia   0.4
UK   10.7
Switzerland   5.1
Sweden   1.9
Czech Republic   0.0
Turkey   0.1
Hungary   0.0
Total Europe   36.5
     
United Arab Emirates   0.1
Egypt   0.0
Israel   0.2
Qatar    
South Africa   0.8
Total Middle East and Africa   1.3
     
Australia   2.6
Phillippines   0.2
Hong Kong   1.3
India   1.2
Indonesia   0.3
Japan   8.9
China   2.4
Malaysia   0.4
New Zealand   0.1
Pakistan   0.0
Singapore   0.5
South Korea   1.8
Taiwan   1.6
Thailand   0.4
Total Asia and Oceania   21.7