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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 June 2017

 Asset class   Strategic benchmark indices   Actual benchmark indices 
 Fixed income                                                      37.50                                                34.61
 Equity                                                      62.50                                                65.39
 Total                                                    100.00                                              100.00

Equity

 EQUITY   Strategic benchmark indices  Actual benchmark indices 
 Country                   62.50 65.39
     
 Brazil                                                     0.80
 Chile                                                     0.13
 Colombia                                                     0.05
 Canada                                                     2.25
 Mexico                                                     0.42
 Peru                                                     0.03
 US                                                   36.51
 Total Americas                                                   40.19
     
 Belgium                                                     0.74
 Finland                                                     0.69
 France                                                     5.34
 Greece                                                     0.05
 Ireland                                                     0.14
 Italy                                                     1.57
 Netherlands                                                     1.96
 Austria                                                     0.21
 Portugal                                                     0.12
 Spain                                                     1.98
 Germany                                                     5.49
 Euro area                                                   18.31
 Denmark                                                     1.08
 Poland                                                     0.15
 Russia                                                     0.36
 UK                                                   10.07
 Switzerland                                                     4.95
 Sweden                                                     1.94
 Czech Republic                                                     0.01
 Turkey                                                     0.14
 Hungary                                                     0.04
 Total Europe                                                   37.06
     
 United Arab Emirates                                                     0.10
 Egypt                                                     0.02
 Israel                                                     0.20
 Qatar                                                     0.08
 South Africa                                                     0.80
 Total Middle East and Africa                                                     1.20
     
 Australia                                                     2.54
 Phillippines                                                     0.18
 Hong Kong                                                     1.29
 India                                                     1.17
 Indonesia                                                     0.28
 Japan                                                     8.82
 China                                                     2.39
 Malaysia                                                     0.31
 New Zealand                                                     0.13
 Pakistan                                                     0.03
 Singapore                                                     0.50
 South Korea                                                     1.82
 Taiwan                                                     1.70
 Thailand                                                     0.40
 Total Asia and Oceania                                                   21.54
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Fixed income

 FIXED INCOME   Strategic benchmark indices   Actual benchmark indices 
 Currency  37.50                                                34.61
     
 CAD                                                     3.23
 CLP                                                     0.09
 MXN                                                     1.80
 USD                                                   43.96
 Total Americas                                                   49.07
     
 CHF                                                     1.51
 CZK                                                     0.29
 DKK                                                     0.59
 EUR                                                   26.71
 GBP                                                     5.77
 HUF                                                     0.19
 ILS                                                     0.45
 PLN                                                     0.75
 RUB                                                     0.63
 SEK                                                     1.10
 ZAR                                                     0.50
 Total Europe, Middle East and Africa                                                   38.48
     
 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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