Dagens Næringsliv published an article on 18 February 2015 where they draw a line between the amount spent on external managers and the risk-adjusted excess return. Such a line cannot be drawn, however, and it gives a misleading impression of the external management.
External managers have contributed with a positive result of 15 billion NOK after costs since the fund was established.
4 percent of the fund is today managed externally. We dedicate the external management to those markets and segments where local knowledge and presence is especially important, and where it is unrealistic for Norges Bank Investment Management to secure internal capacity and competency. We use external managers for most of our investments in emerging markets. We also use external managers as a supplement to our internal resources for selected strategies, such as investments in smaller companies and our environmental mandates. The use of external managers helps us obtain our main objective of a global and diversified portfolio.