External managers have over its 20-year history played an important role in fulfilling the fund’s mandate of the highest possible return after costs with a moderate risk. The overall results have exceeded our expectations by a good margin with an excess return on 1.8 percent annually after costs, or 47 billion kroner. This publication reviews our first 20-year history of investing with external managers. It describes the strategy we have pursued when selecting mandate types and offers an insight into our thinking and the lessons we have learned.
The management review was presented at a virtual NBIM Talk on 16 April. Our CEO, Yngve Slyngstad, and Global Head of External Strategies, Erik Hilde, talked us through the 20-year journey of investing with external managers. We took a virtual travel to meet two of our external managers, located in Shanghai and London.