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Satisfying results in a volatile year

The Government Pension Fund Global returned 2.7 percent, or 334 billion kroner, in 2015.

9 March 2016

Equity investments returned 3.8 percent and fixed-income investments 0.3 percent. The overall return on the fund’s equity and fixed-income investments was 0.5 percentage point higher than the return on the benchmark indices. Real estate investments returned 10.0 percent.

“2015 was a volatile year, with negative interest rates, currency turmoil, falling oil prices and weaker growth expectations for emerging markets. We have seen fluctuations in the fund’s return from quarter to quarter, but overall a satisfying result” says Yngve Slyngstad, CEO of Norges Bank Investment Management.

The share of the fund invested in real estate climbed to 3.1 percent.

“The fund made fewer, but larger real estate investments. Two single investments made up the main part of the invested capital in 2015. During the year, we opened dedicated real estate offices in Tokyo and Singapore,” says Slyngstad.

The krone weakened against many of the main currencies during the year, which increased the fund's value by 668 billion kroner, and new capital of 42 billion kroner was transferred from the government.

The fund had a market value of 7,475 billion kroner at 31 December 2015, of which 61.2 percent was invested in equities, 35.7 percent in fixed income and 3.1 percent in real estate.

Press contacts

Thomas Sevang
Head of Communications and External Relations
Tel: +47 2407 3276/ +47 926 01 756

Marthe Skaar
Communications Advisor
Tel: +47 2407 3561/ +47 926 17 663

Line Aaltvedt
Communications Advisor (real estate)
Tel: +47 2407 3559/ +47 948 54 656



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