3Q 2008 Quarterly report
“The third quarter of 2008 was an unusually demanding quarter for the management of the Government Pension Fund – Global. Uncertainty in financial markets increased dramatically, and this affected the return on the fund,” says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM).
26 October 2008
The results in brief
- Return for the quarter of -7.7 per cent – the lowest in the fund’s history
- Crisis of confidence in the financial system
- Markets pricing in hard landing for the economy
- Record-high transfers to Government Pension Fund– Global
- Excess return from NBIM’s management -1.84 percentage points – the weakest in the fund’s history