External mandates
Norges Bank Investment Management uses external managers to handle parts of the fund’s investments.
We award investment mandates in markets and segments where in-depth knowledge of companies, local business conditions and market developments are crucial to making well-informed investment decisions.
The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets. With few exceptions, these are single-country mandates where the portfolio manager is based locally in the same country as the mandate.
We expect external equity managers to enhance excess returns through detailed company-level analysis, while reducing exposure to companies with weak corporate governance or unsustainable business models.
At the end of 2025, 1,062 billion kroner, or 5.0 percent of the fund’s assets, was allocated to external managers, up from 994 billion kroner at the start of the year. A total of 111 mandates were managed externally by 103 organisations. During the year, we awarded 14 new mandates and terminated 17 existing mandates.
External managers have delivered strong results over time. Since the first mandates were awarded in 1998, they have outperformed the market in 25 out of 28 years, after costs. The average annual excess return after costs has been 1.7 percent, increasing the fund’s income by a total of 93 billion kroner after costs.
We expect external equity managers to enhance excess returns.
Selection and oversight
We regard the selection of external managers as an investment decision. Our approach focuses on analysing managers' actual portfolios and decision-making processes rather than relying primarily on historical track records.
Before awarding a mandate, we conduct in-depth on-site meetings with relevant investment personnel and assess investment philosophy, organisational structure and risk management practices.
All mandates are managed in segregated accounts in Norges Bank's name. This provides daily transparency into trading activity and ensures that assets remain under our control. It also allows us to terminate mandates with immediate effect if necessary.
We monitor performance continuously across multiple dimensions, including returns net of all costs and risk relative to benchmarks. External managers are also subject to ongoing integrity due diligence through the Integrity Due Diligence (IDD) framework, which assesses risks related to corruption, money laundering and other unethical or illegal activities.
Dynamic portfolio management
We actively manage our portfolio of external mandates. Allocations are increased where our expectations for future excess returns increase and reduced where circumstances change.
Since 1998, we have funded 383 mandates and terminated 275. This dynamic approach allows us to adapt to changing market conditions and maintain a portfolio of managers well positioned to deliver strong results.
Since 1998, we have funded 383 mandates and terminated 275.
Strategy and focus areas
Over time, we have refined our use of external managers. While earlier mandates were broader in regional and sector scope, our focus today is on segments where specialist expertise is most valuable and where index- based strategies are less effective.
We use external mandates for several investment strategies. In emerging markets, we use local equity managers with country-specific mandates. In developed markets in Asia, we use local managers, primarily focused on small-capitalisation companies, while in Europe, we use managers with regional mandates. We also employ sector-specific mandates across markets where specialised expertise is particularly valuable.
Some managers with European and sector-based mandates are permitted to sell more equities than in the benchmark index they are measured against (long-short mandates). Such positions are nevertheless limited to equities included in the fund’s portfolio.
Local managers provide access to knowledge that is difficult to obtain as an external investor, including close contact with companies and regulators. Their portfolios typically cover a more limited number of companies than the index, reflecting a selective investment approach.
External managers as at 31 December 2025
| Manager name |
|---|
| 4-4-2 Capital |
| Abax Investments |
| Acuto Capital |
| Ajeej Capital |
| Alaska Investimentos |
| Altimeter Capital Management |
| AM Advisors |
| Amwal Capital Partners |
| Apeiron Capital |
| APS Asset Management |
| Areca Capital, SDN BHD |
| Ashmore Investment Management |
| ATRAM Trust Corporation |
| Azimut–Kaan |
| Baring Asset Management |
| Barrier Capital Management |
| BlackRock Investment Management |
| Breakout Capital Partners |
| BTG Pactual Asset Management |
| Camissa Asset Management |
| Cephei Capital Management |
| CERES Dom Inwestycyjny |
| Coeli European |
| Cypress Point Investment Management |
| Davern Capital Partners |
| Dragon Capital Management |
| DSP Asset Managers |
| East Capital Financial Services |
| Eastspring Investments |
| Ellerston Capital |
| Elvest Co |
| ENAM Asset Management |
| Encore Gestão de Recursos |
| Fairtree Capital |
| Falcom Administradora General de Fondos |
| First Beijing Investment |
| First Turn Management |
| Gavilan Investment Partners |
| Graticule Asia Macro Advisors |
| Green Court Capital Management |
| Harbour Asset Management |
| Hawksbill Investors |
| High Ground Investment Management |
| Incentive |
| Insignis TFI |
| Introspect Capital |
| Investment Lab |
| Ipopema TFI |
| IvyRock Asset Management |
| Jennison Associates |
| JPMorgan Asset Management |
| KAF Investment |
| Karma Capital Advisors |
| Keywise Capital Management |
| Krungsri Asset Management |
| Laburnum Capital Advisors |
| Landseer Asset Management |
| Laurium Capital |
| Lombardi Capital |
| Lynear Wealth Management |
| Manchester Global Management |
| Maybank Asset Management |
| Metha Asset Management |
| Moneda Asset Management |
| Navegar Asset Management |
| Navi International |
| Neuberger Berman |
| NinetyOne |
| NZS Capital |
| Origo Fonder |
| Oyster Catcher Investments |
| Park Presidio Capital |
| Pascal Investment Advisers |
| Perennial Value Management |
| Perseverance Asset Management |
| Philequity Management |
| Prosperity Capital Management |
| PT Samuel Asset Manajemen |
| Quad Investment Management |
| Quantum Advisors Private Limited |
| Red Gate Asset Management |
| Rheos Capital Works |
| Ryo Gestao de Recursos |
| Sancta Capital Advisors |
| Sanlam Investments |
| Santa Lucia Asset Management |
| Schroder Investment Management |
| Sparx Asset Management |
| Springs Capital |
| Squadra Investments |
| Stony Point Capital |
| Talis Asset Management |
| TISCO Asset Management |
| TRG Management |
| Tri Locum Partners |
| Triata Capital |
| Trigon Asset Management |
| Triton Asset Management |
| Trivista Capital |
| ValueQuest Investment Advisors |
| Vergent Asset Management |
| Vinci Partners |
| VIP Research & Management |