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External mandates

Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed and in-depth analysis of specific markets and companies.

We award investment mandates to external equity managers with expertise in specific markets. The mandates are in markets and segments where it is not expedient to build internal expertise and the potential for excess returns is considerable. The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets.

The fund had 451 billion kroner, or 5.3 percent of its capital, under external management at the end of 2017, compared with 336 billion kroner at the start of the year. A total of 92 mandates were managed externally by 81 organisations. These included 67 country-specific mandates for investments in emerging and frontier equity markets, 20 country-specific mandates for investments in small-capitalisation companies in developed equity markets, and 5 mandates for environment-related investments.