Returns

The fund seeks to achieve the highest possible long-term return with an acceptable risk.

The Norwegian government first transferred capital to the fund in May 1996. By the end of 2021, the fund has received a net inflow total of 2,909 billion kroner, while the fund's cumulative return was 8,007 billion kroner.

The fund has generated an annual return of 6.62 percent between 1 January 1998 and the end of 2021. The net annual return on the fund is 4.6 percent.

Annual return and accumulated annualised return

In percent as at 31 December 2021

Annual return by asset class

In percent as at 31 December 2021.

Return figures

Measured in the fund's currency basket. Percent

   2021  2020 2019 2018 2017
1 Excluding securities classified as Norwegian and securities denominated in Norwegian kroner, in accordance with equity and bond indices from the Ministry of Finance.
Equity part of the fund's benchmark index 202120.0 202011.7201925.72018-8.8201718.7
The fund's equity investments 202120.8 202012.1201926.02018-9.5201719.4
Fixed-income part of the fund's benchmark index 2021-1.9 20206.820197.420180.620172.9
The fund's fixed-income investments 2021-1.9 20207.520197.620180.620173.3
The fund's unlisted real estate investments 202113.6 2020-0.120196.820187.520177.5
The fund's unlisted renewable energy infrastructure investments 20214.2
Total return on fund 202114.5 202010.92019 20.02018-6.1201713.7
Relative return on fund (percentage points) 20210.7 20200.320190.22018-0.320170.7
Management costs 20210.04 20200.120190.120180.120170.01
Return on fund after management costs 202114.5 202010.8201919.92018-6.2201713.6

Historical key figures

Annualised data

1 Based on aggregated equity and fixed-income investments until end of 2016.
2 Key figures for risk and risk-adjusted return are based on monthly observations. When relatively few observations are used, as for «Last 12 months», the risk estimates have high uncertainty.    
3 Sharpe ratio is a measure for risk-adjusted return.    
4 The fund's information ratio (IR) is the ratio of the fund's average monthly relative return to the fund's tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months2
Fund return (percent)Since 01.01.19986.62Last 15 years6.87Last 10 years9.70Last 5 years10.19Last 12 months214.51
Relative return on fund (percentage points)1Since 01.01.19980.27Last 15 years0.14Last 10 years0.25Last 5 years0.30Last 12 months20.74
Annual price inflation (percent)Since 01.01.19981.86Last 15 years1.93Last 10 years1.77Last 5 years2.23Last 12 months25.20
Annual management costs (percent)Since 01.01.19980.08Last 15 years0.07Last 10 years0.05Last 5 years0.05Last 12 months20.04
Net real return on fund (percent)Since 01.01.19984.60Last 15 years4.78Last 10 years7.74Last 5 years7.74Last 12 months28.81
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)Since 01.01.19987.98Last 15 years9.24Last 10 years8.17Last 5 years9.64Last 12 months25.79
Standard deviation difference. Fund versus benchmark index (percentage points)1Since 01.01.19980.32Last 15 years0.41Last 10 years0.10Last 5 years0.10Last 12 months2-0.15
The fund's Sharpe ratio (percent)3Since 01.01.19980.63Last 15 years0.68Last 10 years1.11Last 5 years0.95Last 12 months22.38
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)1Since 01.01.19980.01Last 15 years-0.01Last 10 years0.02Last 5 years0.02Last 12 months20.17
The fund's tracking error (percentage points)1Since 01.01.19980.64Last 15 years0.76Last 10 years0.34Last 5 years0.32Last 12 months20.29
The fund's information ratio (IR)1,4Since 01.01.19980.43Last 15 years0.22Last 10 years0.70Last 5 years0.91Last 12 months22.25

5 year periods

1 Based on aggregated equity and fixed-income investments until end of 2016.
2 Key figures for risk and risk-adjusted return are based on monthly observations. 
3 Sharpe ratio is a measure for risk-adjusted return.    
4 The fund's information ratio (IR) is the ratio of the fund's average monthly relative return to the fund's tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  1998-2002 2003-2007 2008-2012 2013-2017 2018-2021
Fund return (percent)1998-20023,192003-20078,922008-20123,142013-20179,262018-20219,34
Relative return on fund (percentage points)11998-20020,412003-20070,402008-20120,012013-20170,292018-20210,21
Annual price inflation (percent)1998-20021,462003-20072,302008-20122,012013-20171,302018-20212,32
Annual management costs (percent)1998-20020,082003-20070,102008-20120,102013-20170,062018-20210,05
Net real return on fund (percent)1998-20021,622003-20076,372008-20121,012013-20177,812018-20216,82
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)1998-20026,132003-20073,822008-201211,312013-20175,902018-202110,74
Standard deviation difference. Fund versus benchmark index (percentage points)11998-20020,122003-20070,172008-20120,862013-20170,112018-20210,11
The fund's Sharpe ratio (percent)31998-2002-0,122003-20071,512008-20120,302013-20171,502018-20210,79
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)11998-20020,072003-20070,032008-2012-0,012013-20170,022018-20210,01
The fund's tracking error (percentage points)11998-20020,432003-20070,422008-20121,202013-20170,382018-20210,33
The fund's information ratio (IR)1,41998-20020,962003-20070,912008-20120,092013-20170,732018-20210,63

Equity management - Annualised

1 Key figures for risk and risk-adjusted return are based on monthly observations. When relatively few observations are used, as for «Last 12 months», the risk estimates have high uncertainty.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  Since 01.01.1999 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on equity management (percent)Since 01.01.19997.09Last 15 years7.50Last 10 years12.91Last 5 years13.15Last 12 months120.60
Return on equity management benchmark index (percent)Since 01.01.19996.61Last 15 years7.21Last 10 years12.52Last 5 years12.74Last 12 months119.82
Relative return on equity management (percentage points)Since 01.01.19990.48Last 15 years0.30Last 10 years0.39Last 5 years0.41Last 12 months10.78
Key figures for risk and risk-adjusted return1
Standard deviation for equity management (percent)Since 01.01.199914.44Last 15 years14.77Last 10 years12.13Last 5 years13.76Last 12 months18.07
Standard deviation for equity management benchmark index (percent)Since 01.01.199914.12Last 15 years14.43Last 10 years11.94Last 5 years13.57Last 12 months18.14
Standard deviation difference. Equity management versus benchmark (percentage points)Since 01.01.19990.31Last 15 years0.34Last 10 years0.20Last 5 years0.20Last 12 months1-0.07
Sharpe ratio2 for equity management (percent)Since 01.01.19990.44Last 15 years0.51Last 10 years1.02Last 5 years0.90Last 12 months12.37
Sharpe ratio2 for equity management benchmark index (percent)Since 01.01.19990.41Last 15 years0.50Last 10 years1.01Last 5 years0.88Last 12 months12.27
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)Since 01.01.19990.03Last 15 years0.01Last 10 years0.01Last 5 years0.02Last 12 months10.10
Tracking error for equity management (percentage points)Since 01.01.19990.72Last 15 years0.62Last 10 years0.41Last 5 years0.37Last 12 months10.17
Information ratio (IR)3 for equity managementSince 01.01.19990.68Last 15 years0.53Last 10 years0.91Last 5 years1.09Last 12 months13.79

Equity management - 5 year periods

1 Key figures for risk and risk-adjusted return are based on monthly observations.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  1999-2002 2003-2007 2008-2012 2013-2017 2018-2021
Return on equity management (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.952018-202111.62
Return on equity management benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-202111.30
Relative return on equity management (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-20210.32
Key figures for risk and risk-adjusted return1
Standard deviation for equity management (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-202115.33
Standard deviation for equity management benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-202115.11
Standard deviation difference. Equity management versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-20210.22
Sharpe ratio2 for equity management (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.352018-20210.69
Sharpe ratio2 for equity management benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-20210.68
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-20210.01
Tracking error for equity management (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-20210.39
Information ratio (IR)3 for equity management1999-20020.872003-20071.072008-20120.132013-20170.882018-20210.84

Fixed-income management - annualised

1 Key figures for risk and risk-adjusted return are based on monthly observations. When relatively few observations are used, as for «Last 12 months», the risk estimates have high uncertainty.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on fixed-income management (percent)Since 01.01.19984.52Last 15 years4.02Last 10 years3.47Last 5 years3.32Last 12 months1-1.94
Return on fixed-income management benchmark index (percent)Since 01.01.19984.36Last 15 years3.92Last 10 years3.43Last 5 years3.09Last 12 months1-1.88
Relative return on fixed-income management (percentage points)Since 01.01.19980.16Last 15 years0.10Last 10 years0.04Last 5 years0.23Last 12 months1-0.05
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income management (percent)Since 01.01.19983.32Last 15 years3.43Last 10 years2.91Last 5 years3.07Last 12 months12.96
Standard deviation for fixed-income management benchmark index (percent)Since 01.01.19983.22Last 15 years3.25Last 10 years3.05Last 5 years3.13Last 12 months13.14
Standard deviation difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.10Last 15 years0.17Last 10 years-0.14Last 5 years-0.06Last 12 months1-0.18
Sharpe ratio2 for fixed-income management (percent)Since 01.01.19980.82Last 15 years0.94Last 10 years1.00Last 5 years0.74Last 12 months1-0.65
Sharpe ratio2 for fixed-income management benchmark index (percent)Since 01.01.19980.80Last 15 years0.95Last 10 years0.94Last 5 years0.66Last 12 months1-0.59
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.02Last 15 years-0.01Last 10 years0.06Last 5 years0.09Last 12 months1-0.06
Tracking error for fixed-income management (percentage points)Since 01.01.19980.95Last 15 years1.19Last 10 years0.40Last 5 years0.31Last 12 months10.29
Information ratio (IR)3 for fixed-income managementSince 01.01.19980.16Last 15 years0.09Last 10 years0.08Last 5 years0.73Last 12 months1-0.20

Fixed-income management - 5 year periods

1 Key figures for risk and risk-adjusted return are based on monthly observations.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  1998-2002 2003-2007 2008-2012 2013-2017 2018-2021
Return on fixed-income management (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-20213.32
Return on fixed-income management benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.982018-20213.13
Relative return on fixed-income management (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-20210.19
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income management (percent)1998-20023.062003-20073.042008-20124.272013-20172.672018-20213.34
Standard deviation for fixed-income management benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-20213.40
Standard deviation difference. Fixed-income management versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-2021-0.06
Sharpe ratio2 for fixed-income management (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-20210.67
Sharpe ratio2 for fixed-income management benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-20210.60
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-20210.07
Tracking error for fixed-income management (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-20210.32
Information ratio (IR)3 for fixed-income management1998-20020.522003-20070.082008-20120.222013-2017-0.062018-20210.57

Equity investments - annualised data*

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance
1
Key figures for risk and risk-adjusted return are based on monthly observations. When relatively few observations are used, as for «Last 12 months», the risk estimates have high uncertainty.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  Since 01.01.1999 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on equity investments (percent)Since 01.01.19997.06Last 15 years7.46Last 10 years12.85Last 5 years13.03Last 12 months120.76
Return on equity benchmark index (percent)Since 01.01.19996.61Last 15 years7.21Last 10 years12.53Last 5 years12.76Last 12 months119.98
Relative return on equity investments (percentage points)Since 01.01.19990.45Last 15 years0.25Last 10 years0.32Last 5 years0.27Last 12 months10.78
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)Since 01.01.199914.44Last 15 years14.77Last 10 years12.14Last 5 years13.77Last 12 months18.12
Standard deviation for equity benchmark index (percent)Since 01.01.199914.13Last 15 years14.44Last 10 years11.95Last 5 years13.59Last 12 months18.18
Standard deviation difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.31Last 15 years0.33Last 10 years0.18Last 5 years0.17Last 12 months1-0.06
Sharpe ratio2 for equity investments (percent)Since 01.01.19990.43Last 15 years0.51Last 10 years1.02Last 5 years0.89Last 12 months12.38
Sharpe ratio2 for equity benchmark index (percent)Since 01.01.19990.41Last 15 years0.50Last 10 years1.01Last 5 years0.88Last 12 months12.28
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.02Last 15 years0.01Last 10 years0.01Last 5 years0.01Last 12 months10.10
Tracking error for equity investments (percentage points)Since 01.01.19990.73Last 15 years0.63Last 10 years0.42Last 5 years0.38Last 12 months10.20
Information ratio (IR)3 for equity investmentsSince 01.01.19990.64Last 15 years0.46Last 10 years0.74Last 5 years0.69Last 12 months13.29

Equity investments - 5 year periods*

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance.
1
Key figures for risk and risk-adjusted return are based on monthly observations.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  1999-2002 2003-2007 2008-2012 2013-2017 2018-2021
Return on equity investments (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.942018-202111.48
Return on equity benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-202111.33
Relative return on equity investments (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-20210.15
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-202115.34
Standard deviation for equity benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-202115.14
Standard deviation difference. Equity investments versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-20210.20
Sharpe ratio2 for equity investments (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.342018-20210.67
Sharpe ratio2 for equity benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-20210.68
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-20210.00
Tracking error for equity investments (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-20210.40
Information ratio (IR)3 for equity investments1999-20020.872003-20071.072008-20120.132013-20170.862018-20210.42

Fixed-income investments - annualised data*

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance.
1
Key figures for risk and risk-adjusted return are based on monthly observations. When relatively few observations are used, as for «Last 12 months», the risk estimates have high uncertainty.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on fixed-income investments (percent)Since 01.01.19984.52Last 15 years4.02Last 10 years3.47Last 5 years3.32Last 12 months1-1.94
Return on fixed-income benchmark index (percent)Since 01.01.19984.36Last 15 years3.91Last 10 years3.42Last 5 years3.07Last 12 months1-1.91
Relative return on fixed-income investments (percentage points)Since 01.01.19980.16Last 15 years0.11Last 10 years0.05Last 5 years0.25Last 12 months1-0.03
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income investments (percent)Since 01.01.19983.32Last 15 years3.43Last 10 years2.91Last 5 years3.07Last 12 months12.96
Standard deviation for fixed-income benchmark index (percent)Since 01.01.19983.22Last 15 years3.27Last 10 years3.05Last 5 years3.13Last 12 months13.21
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)Since 01.01.19980.10Last 15 years0.16Last 10 years-0.14Last 5 years-0.06Last 12 months1-0.25
Sharpe ratio2 for fixed-income investments (percent)Since 01.01.19980,84Last 15 years0.96Last 10 years1.14Last 5 years0.62Last 12 months10.05
Sharpe ratio2 for fixed-income benchmark index (percent)Since 01.01.19980,82Last 15 years0.97Last 10 years1.07Last 5 years0.51Last 12 months1-0.05
Sharpe ratio2 difference. Fixed-income investments versus benchmark (percentage points)Since 01.01.19980,02Last 15 years-0.01Last 10 years0.07Last 5 years0.11Last 12 months10.09
Tracking error for fixed-income investments (percentage points)Since 01.01.19980,95Last 15 years1.19Last 10 years0.42Last 5 years0.37Last 12 months10.38
Information ratio (IR)3 for fixed-income investmentsSince 01.01.19980,17Last 15 years0.09Last 10 years0.10Last 5 years0.67Last 12 months1-0.10

Fixed-income investments - 5 year periods*

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance.
1
Key figures for risk and risk-adjusted return are based on monthly observations.
2 Sharpe ratio is a measure for risk-adjusted return.  
3 The information ratio (IR) is the ratio of average monthly relative return to the tracking error. The IR indicates how much relative return has been achieved per unit of relative risk.
  1998-2002 2003-2007 2008-2012 2013-2017 2018-2021
Return on fixed-income investments (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-20213.32
Return on fixed-income benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.972018-20213.12
Relative return on fixed-income investments (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-20210.21
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income investments (percent)1998-20023.062003-20073.042008-20124.272013-20172.672018-20213.34
Standard deviation for fixed-income benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-20213.40
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-2021-0.05
Sharpe ratio2 for fixed-income investments (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-20210.67
Sharpe ratio2 for fixed-income benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-20210.60
Sharpe ratio2 difference. Fixed-income investments versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-20210.07
Tracking error for fixed-income investments (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-20210.38
Information ratio (IR)3 for fixed-income investments1998-20020.522003-20070.082008-20120.222013-2017-0.052018-20210.52

Return on unlisted real estate, funding return, and other return series

Measured in the fund's currency basket. Percent

  2021  2020 2019
Return unlisted real estate202113.64 2020-0.0820196.84
Funding benchmark20217.33 20208.74201913.02
Return difference funding benchmark20216.31 2020-8.822019-6.18
Other return series
FTSE Global All Cap index Real Estate1202115.24 2020-7.50201925.21
Benchmark index fixed income2021-1.91 20206.7720197.35
Benchmark index equity202119.98 202011.74201925.65
Fund benchmark index (equity and fixed income)202113.76 202010.60201919.72
ICB Industry Real Estate. 

Property returns measured against MSCI Global

Measured in local currency. Percent. Will be updated in April when the MSCI Global Index is released.

  2020 2019 2018 2017 2016
Property return unlisted real estate investments20200.8020196.920187.920178.420165.6
MSCI Global120202.5820197.020187.820178.320167.7
MSCI Global. Portfolio weights120202.1020196.220187.420178.620166.9
Return difference to MSCI Global 2020-1.7820190.020180.120170.12016-2.1
Return difference to MSCI Global. Portfolio weights2020-1.3020190.820180.52017-0.22016-1.3
1 Adjusted for transaction costs

Returns in international currency

The fund invests in international securities in foreign currency. The fund’s returns are generally measured in international currency – a weighted composition of the currencies in the fund’s reference indices for equities and bonds. This is known as the fund’s currency basket and consisted of 36 currencies at the end of 2021. Unless otherwise stated in the text, results are measured in this currency basket.

Relative and risk-adjusted return

In decomposing the fund's relative return and risk-adjusted return we distinguish between the terms equity investments and equity management. Equity investments is the total holding of listed stocks measured against the strategic equity benchmark from the Ministry of Finance. Equity management is our holding of listed stock excluding listed real estate that is managed together with unlisted real estate in the overall real estate management, measured against a benchmark adjusted for funding of listed and unlisted real estate investments. The same goes for fixed income. 

Methodology for the calculations of returns

The methodology for calculating returns on the funds managed by Norges Bank Investment Management is based on the international standard Global Investment Performance Standards (GIPS®). This is GIPS reports and the GIPS compliance manual, including formulae for calculating returns.

Last saved: 03/03/2022

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