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Benchmarks

The fund’s investments are measured against benchmark indices for stocks and bonds compiled by the FTSE Group and Bloomberg L.P. 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 2017 *

 Asset class   Strategic benchmark indices   Actual benchmark indices 
 Fixed income                                                    30.00                                                33.82
 Equity                                                    70.00                                                66.18
 Total                                                    100.00                                              100.00

 EQUITY   Strategic benchmark indices   Actual benchmark indices 
 Country                               70.00  66.18
     
 Brazil                                                     0.94
 Chile                                                     0.15
 Colombia                                                     0.06
 Canada                                                     2.29
 Mexico                                                     0.40
 Peru                                                     0.04
 US                                                   35.95
 Total Americas                                                   39.82
     
 Belgium                                                     0.76
 Finland                                                     0.68
 France                                                     5.47
 Greece                                                     0.05
 Ireland                                                     0.16
 Italy                                                     1.69
 Netherlands                                                     2.05
 Austria                                                     0.22
 Portugal                                                     0.12
 Spain                                                     1.99
 Germany                                                     5.65
 Euro area                                                   18.84
 Denmark                                                     1.10
 Poland                                                     0.15
 Russia                                                     0.39
 UK                                                   10.07
 Switzerland                                                     4.79
 Sweden                                                     1.94
 Czech Republic                                                     0.01
 Turkey                                                     0.14
 Hungary                                                     0.04
 Total Europe                                                   37.48
     
 United Arab Emirates                                                     0.10
 Egypt                                                     0.02
 Israel                                                     0.16
 Qatar                                                     0.07
 South Africa                                                     0.78
 Total Middle East and Africa                                                     1.13
     
 Australia                                                     2.45
 Phillippines                                                     0.17
 Hong Kong                                                     1.29
 India                                                     1.17
 Indonesia                                                     0.26
 Japan                                                     8.73
 China                                                     2.77
 Malaysia                                                     0.31
 New Zealand                                                     0.12
 Pakistan                                                     0.03
 Singapore                                                     0.47
 South Korea                                                     1.76
 Taiwan                                                     1.62
 Thailand                                                     0.42
 Total Asia and Oceania                                                   21.57
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 FIXED INCOME   Strategic benchmark indices   Actual benchmark indices 
 Currency                                   30.00                                              33.82
     
 CAD                                                   3.24
 CLP                                                   0.09
 MXN                                                   1.80
 USD                                                 43.76
 Total Americas                                                 48.90
     
 CHF                                                   1.48
 CZK                                                   0.29
 DKK                                                   0.59
 EUR                                                 26.91
 GBP                                                   5.78
 HUF                                                   0.19
 ILS                                                   0.45
 PLN                                                   0.75
 RUB                                                   0.63
 SEK                                                   1.09
 ZAR                                                   0.50
 Total Europe, Middle East and Africa                                                 38.65
     
 AUD                                                   1.99
 HKD                                                   0.11
 JPY                                                   6.53
 KRW                                                   2.04
 MYR                                                   0.47
 NZD                                                   0.27
 SGD                                                   0.44
 THB                                                   0.60
 Total Asia                                                 12.45
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* The Ministry of Finance has set a plan for the gradual increase of the equity share in the strategic benchmark index to 70 percent pursuant to the mandate § 1-5 (3).