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External mandates

Norges Bank Investment Management uses external managers to handle parts of the fund’s investments. We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed and in-depth analysis of specific markets and companies.

We award investment mandates to external equity managers with deep understanding of companies and market dynamics. We expect they will enhance returns and reduce our exposure to companies with ESG issues. The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets. 

The fund had 742 billion kroner, or 4.7 percent of its capital, under external management at the end of 2023, compared with 569 billion kroner at the start of the year. A total of 111 mandates were managed externally by 103 organisations.

External managers as at 31 December 2023

Manager name
Manager name4-4-2 Capital
Manager nameAbax Investments
Manager nameAjeej Capital
Manager nameAlaska Investimentos  
Manager nameAlgebris Investments
Manager nameAM Advisors
Manager nameAmwal Capital Partners
Manager nameAnthilia Capital Partners
Manager nameAPS Asset Management
Manager nameAreca Capital
Manager nameAshmore Investment Management
Manager nameATRAM Trust Corporation
Manager nameAzimut-Kaan
Manager nameBaring Asset Management
Manager nameBarrier Capital Management
Manager nameBlackRock Investment Management
Manager nameBNY Mellon Investment Management
Manager nameBrasil Capital Adviser
Manager nameCamissa Asset Management
Manager nameCeleste Fund Management
Manager nameCephei Capital Management
Manager nameCERES Dom Inwestycyjny
Manager nameCoeli European
Manager nameDragon Capital Management
Manager nameDSP Asset Managers
Manager nameEast Capital Financial Services
Manager nameEastspring Investments
Manager nameEllerston Capital
Manager nameElvest Co
Manager nameENAM Asset Management
Manager nameFairtree Capital
Manager nameFalcom Administradora General de Fondos
Manager nameFirst Beijing Investment
Manager nameFirst Turn Management
Manager nameGavilan Investment Partners
Manager nameGreen Court Capital Management 
Manager nameHarbour Asset Management
Manager nameHawksbill Investors
Manager nameHigh Ground Investment Management
Manager nameInsignis TFI
Manager nameIntrospect Capital
Manager nameIon Value Management
Manager nameIpopema TFI
Manager nameIstanbul Portfoy
Manager nameIvyRock Asset Management
Manager nameKAF Investment
Manager nameKairos Partners
Manager nameKarma Capital Advisors
Manager nameKernow Asset Management
Manager nameKeywise Capital Management
Manager nameKrungsri Asset Management
Manager nameLandseer Asset Management
Manager nameLaurium Capital
Manager nameLupus alpha Asset Management
Manager nameLynear Wealth Management
Manager nameManchester Global Management
Manager nameMaybank Asset Management
Manager nameMeitav Dash Portfolio Management
Manager nameMetzler Asset Management
Manager nameMoneda Asset Management
Manager nameNavegar Asset Management
Manager nameNavi International
Manager nameNeuberger Berman
Manager nameNinetyOne
Manager nameNZS Capital
Manager nameOyster Catcher Investments
Manager namePascal Investment Advisers
Manager namePerennial Value Management
Manager namePerseverance Asset Management
Manager namePhilequity Management
Manager nameProsperity Capital Management
Manager namePT Samuel Aset Manajemen
Manager nameQuad Investment Management
Manager nameQuantum Advisors Private Limited
Manager nameRed Gate Asset Management
Manager nameRheos Capital Works
Manager nameRyo Gestao de Recursos
Manager nameSancta Capital Advisors
Manager nameSanlam Investments
Manager nameSanta Lucia Asset Management
Manager nameSchroder Investment Management
Manager nameSparx Asset Management
Manager nameSphera Portfolio Management
Manager nameSprings Capital
Manager nameSPSW Capital
Manager nameSquadra Investments
Manager nameStony Point Capital
Manager nameTalis Asset Management
Manager nameTempleton Asset Management
Manager nameThreadneedle Asset Management
Manager nameTISCO Asset Management
Manager nameTRG Management
Manager nameTriata Capital
Manager nameTrigon Asset Management
Manager nameTriton Asset Management
Manager nameTrivista Capital
Manager nameTwenty Acre Capital
Manager nameValueQuest Investment Advisors
Manager nameVergent Asset Managment
Manager nameVinci Partners
Manager nameVIP Research & Management
Manager nameVisio Fund Management
Manager nameZeal Asset Management 

Last saved: 27/02/2024