External mandates
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 322 billion kroner, or 3.9 percent of its capital, under external management at the end of 2018, compared with 451 billion kroner at the start of the year. A total of 81 mandates were managed externally by 70 organisations. These included 63 country-specific mandates for investments in emerging and frontier equity markets, 18 country-specific mandates for investments in small-capitalisation companies in developed equity markets.
External managers as at 31 December 2018
| Abax Investments | Krungsri Asset Management |
| Ajeej Capital | Laurium Capital |
| Alaska Investimentos | Lazard Asset Management |
| All Weather Capital | Lynear Wealth Management |
| AM Advisors | Maybank Asset Management |
| Amwal Capital Partners | Mirabaud Asset Management |
| APS Asset Management | Moneda Asset Management |
| Ashmore Investment Management | Nabo Capital |
| ATRAM Trust Corporation | Obafrica AM and La Financiere de l’Echiquier |
| B & P Asset Management | Old Mutual Investment Group |
| DSP Investment Managers | Operadora GBM |
| BNY Mellon Investment Management | Pacific Alternative Asset Management Company |
| BTG Pactual Asset Management | Perennial Value Management |
| Capital International Limited | Prosperity Capital Management |
| Cephei Capital Management | PT Samuel Asset Manajemen |
| CIM Investment Management | Quantum Advisors Private Limited |
| Cobas Asset Management | Rasmala Asset Management |
| Denali Prestige Asset Management | Red Gate Asset Management |
| Dragon Capital Management | Rheos Capital Works |
| East Capital Asset Management | Rimon Z.Z Advisors |
| Ellerston Capital | SAM Asset Management |
| ENAM Asset Management | Schroder Investment Management |
| Esaliens TFI | Sparx Asset Management |
| Fairtree Capital | Specialised Research |
| Financiere Arbevel | Springs Capital |
| Gondo Visio and Visio Capital Management | Squadra Investments |
| Green Court Capital Management | Templeton Asset Management |
| Harbour Asset Management | Threadneedle Asset Management |
| Inocap Gestion | Toesca |
| Ion Value Management | Trigon Asset Management |
| Istanbul Portfoy | Triton Asset Management |
| Kairos Partners | Truston Asset Management |
| Karma Capital Advisors | VIP Research & Management |
| Keel Capital | Visio Capital Management |
| Keywise Capital Management | Zeal Asset Management |
Last saved: 27/02/2019
