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The benchmark portfolio for the Government Pension Fund – Global

Norges Bank’s letter to the Ministry of Finance of 3 November 2008.

3 November 2008

In a letter dated 20 June 2008, the Ministry of Finance asked for Norges Bank’s recommendations concerning the composition of the fixed-income benchmark portfolio for the Government Pension Fund Global. In particular, Norges Bank was asked to assess whether the benchmark portfolio should be expanded to include sectors such as emerging bond markets and high-yield corporate bonds.

In this letter, Norges Bank assesses how appropriate it would be to expand the benchmark portfolio on the basis of an analysis of historical risks and returns. The operational challenges associated with such a change are also presented.

This letter is in Norwegian only. The letter