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Investment strategy

We aim to use the oil fund's long-term outlook and considerable size to generate high returns and safeguard wealth for future generations.

The fund has broad exposure to global markets for equities, fixed income and real estate. In addition, the fund is exposed to risk factors that are expected to produce high returns over time, and invested in selected sectors and companies that are expected to deliver good long-term returns.

Organisational setup

The fund’s investment strategy is reflected in how we are organised, so that we can make the most of the fund’s diversified and global approach. The management of the equities and fixed-income investments is organised into three main areas, each headed by its own chief investment officer. There is also a separate area for real estate investments.


This area works on the fund’s long-term strategy and its overall market and risk exposure. It is responsible for the analyses underlying the recommendations on the fund’s strategy made to the Ministry of Finance, as well as for the internal reference portfolio, external management mandates and the Norwegian Finance Initiative.

The area is headed by Ole Christian Bech-Moen, Chief Investment Officer Allocation Strategies, and employs more than 40 people.

The Chief Investment Officer Allocation Strategies is advised by the Allocation Advisory Board.


This area’s main role is to achieve the desired market and risk exposure as efficiently as possible. It is responsible for managing the broad equity and fixed-income portfolios and the execution of securities trades. In addition, it manages cash, foreign exchange and securities lending. A substantial analytical team has also been built up to help traders and portfolio managers to buy and sell in the markets at the lowest possible transaction costs.

The area is headed by Chief Investment Officer Asset Strategies, and employs around 90 people.


This area’s main role is company-specific investment management based on long-term qualitative and quantitative fundamental analysis.

Most of those working in this area are sector and company specialists. The aim is to have good coverage of all sectors and the largest companies. To take advantage of related equity analyses, some analytical coverage of corporate bonds is included in this area, as well as specific sector mandates, a number of broad cross-sector mandates and various specialist mandates (e.g. bonds, environment, listed real estate and China). To ensure the best possible integration of responsible investment practices, the ownership department is also part of this area.

The area is headed by Petter Johnsen, Chief Investment Officer Equity Strategies, and employs around 100 people.

Real estate

This area is responsible for building a global, but concentrated, real estate portfolio. We expect to invest 1 percent of the fund in real estate in each of the next few years. The area’s strategy is to invest in a limited number of major cities in key markets. In the US, investments are concentrated in New York, Washington, D.C., Boston and San Francisco. In Europe, we will continue to invest in London and Paris. The area will also look at opportunities in a limited number of other European cities and consider investing in cities outside Europe and the US, primarily in Asia. In addition, the area will continue to invest in logistics properties in both Europe and the US.

The area is headed by Karsten Kallevig, Chief Executive Officer of Norges Bank Real Estate Management, and employs more than 100 people.