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 first half 2020, the fund has received a total of 3,220 billion kroner, while the fund's cumulative return was 5,170 billion kroner.

The fund has generated an annual return of 5.8 percent between 1 January 1998 and the first half of 2020. The net annual return on the fund is 3.9 percent.

Annual return and accumulated annualised return

In percent as at 30 June 2020

Annual return by asset class

In percent as at 30 June 2020.

    

    

Return figures

Measured in the fund's currency basket. Percent

  H1 2020 2019 2018 2017 2016
1 Excluding securities classified as Norwegian and securities denominated in Norwegian kroner, in accordance with equity and bond indices from the Ministry of Finance.
FTSE Global All Cap index1H1 2020-5.61201926.702018-7.40201717.80201611.02
Equity part of the fund's benchmark indexH1 2020-6.64201925.652018-8.80201718.6820168.58
The fund's equity investmentsH1 2020-6.75201926.022018-9.49201719.4420168.72
Bloomberg Barclays Global Aggregate index1H1 20204.182019 6.6020181.3220171.7820164.12
Fixed-income part of the fund's benchmark indexH1 20204.762019 7.3520180.5620172.8820164.16
The fund's fixed-income investmentsH1 20205.142019 7.5620180.5620173.3120164.32
The fund's unlisted real estate investmentsH1 2020-1.632019 6.8420187.5320177.5220160.78
Total return on fundH1 2020-3.402019 19.952018-6.12201713.6620166.92
Relative return on fund (percentage points)H1 2020-0.112019 0.232018-0.3020170.7020160.15
Management costsH1 20200.032019 0.0520180.0520170.0620160.05
Return on fund after management costsH1 2020-3.422019 19.902018-6.17201713.6020166.87

Historical key figures

Annualised data

  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months2
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.
Fund return (percent)Since 01.01.19985.79Last 15 years5.88Last 10 years7.64Last 5 years5.41Last 12 months23.17
Relative return on fund (percentage points)1Since 01.01.19980.24Last 15 years0.12Last 10 years0.19Last 5 years0.08Last 12 months20.11
Annual price inflation (percent)Since 01.01.19981.73Last 15 years1.77Last 10 years1.60Last 5 years1.36Last 12 months20.50
Annual management costs (percent)Since 01.01.19980.08Last 15 years0.08Last 10 years0.06Last 5 years0.05Last 12 months20.05
Net real return on fund (percent)Since 01.01.19983.90Last 15 years3.96Last 10 years5.88Last 5 years3.95Last 12 months22.60
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)Since 01.01.19987.89Last 15 years8.84Last 10 years8.10Last 5 years9.27Last 12 months214.76
Standard deviation difference. Fund versus benchmark index (percentage points)1Since 01.01.19980.35Last 15 years0.44Last 10 years0.14Last 5 years0.12Last 12 months20.24
The fund's Sharpe ratio3 (percent)Since 01.01.19980.52Last 15 years0.56Last 10 years0.89Last 5 years0.50Last 12 months20.19
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)1
Since 01.01.19980.01Last 15 years-0.01Last 10 years0.01Last 5 years0.00Last 12 months20.01
The fund's tracking error (percentage points)1Since 01.01.19980.66Last 15 years0.77Last 10 years0.36Last 5 years0.33Last 12 months20.36
The fund's information ratio (IR)1,4Since 01.01.19980.38Last 15 years0.20Last 10 years0.53Last 5 years0.27Last 12 months20.39

5 year periods

  1998-2002 2003-2007 2008-2012 2013-2017 2018-YTD2020
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.
Fund return (percent)1998-20023.192003-20078.922008-20123.142013-20179.262018-YTD20203.43
Relative return on fund1 (percentage points)1998-20020.412003-20070.402008-20120.012013-20170.292018-YTD2020-0.10
Annual price inflation (percent)1998-20021.462003-20072.302008-20122.012013-20171.302018-YTD20201.47
Annual management costs (percent)1998-20020.082003-20070.102008-20120.102013-20170.062018-YTD20200.05
Net real return on fund (percent)1998-20021.622003-20076.372008-20121.012013-20177.812018-YTD20201.88
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)1998-20026.132003-20073.822008-201211.312013-20175.902018-YTD202011.61
Standard deviation difference. Fund versus benchmark index (percentage points)11998-20020.122003-20070.172008-20120.862013-20170.112018-YTD20200.14
The fund's Sharpe ratio (percent)31998-2002-0.122003-20071.512008-20120.302013-20171.502018-YTD20200.20
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)11998-20020.072003-20070.032008-2012-0.012013-20170.022018-YTD2020-0.01
The fund's tracking error (percentage points)11998-20020.432003-20070.422008-20121.202013-20170.382018-YTD20200.32
The fund's information ratio (IR)1,41998-20020.962003-20070.912008-20120.092013-20170.732018-YTD2020-0.25

Equity management - Annualised

  Since 01.01.1999 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on equity management (percent)Since 01.01.19995.74Last 15 years6.92Last 10 years9.66Last 5 years6.08Last 12 months12.02
Return on equity management benchmark index (percent)Since 01.01.19995.30Last 15 years6.63Last 10 years9.42Last 5 years5.93Last 12 months11.58
Relative return on equity management (percentage points)Since 01.01.19990.44Last 15 years0.29Last 10 years0.24Last 5 years0.15Last 12 months10.45
Key figures for risk and risk-adjusted return1     
Standard deviation for equity management (percent)Since 01.01.199914.53Last 15 years14.46Last 10 years12.59Last 5 years13.72Last 12 months120.85
Standard deviation for equity management benchmark index (percent)Since 01.01.199914.21Last 15 years14.09Last 10 years12.35Last 5 years13.48Last 12 months120.48
Standard deviation difference. Equity management versus benchmark (percentage points)Since 01.01.19990.33Last 15 years0.37Last 10 years0.24Last 5 years0.24Last 12 months10.37
Sharpe ratio2 for equity management (percent)Since 01.01.19990.34Last 15 years0.45Last 10 years0.76Last 5 years0.42Last 12 months10.13
Sharpe ratio2 for equity management benchmark index (percent)Since 01.01.19990.31Last 15 years0.44Last 10 years0.75Last 5 years0.42Last 12 months10.11
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)Since 01.01.19990.03Last 15 years0.01Last 10 years0.01Last 5 years0.01Last 12 months10.02
Tracking error for equity management (percentage points)Since 01.01.19990.75Last 15 years0.69Last 10 years0.44Last 5 years0.42Last 12 months10.45
Information ratio (IR)3 for equity managementSince 01.01.19990.63Last 15 years0.48Last 10 years0.58Last 5 years0.43Last 12 months11.14
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.

Equity management - 5 year periods

  1999-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2020
Return on equity management (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.952018-YTD 20202.68
Return on equity management benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-YTD 20202.73
Relative return on equity management (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-YTD 2020-0.05
Key figures for risk and risk-adjusted return1
Standard deviation for equity management (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-YTD 202016.70
Standard deviation for equity management benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-YTD 202016.41
Standard deviation difference. Equity management versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-YTD 20200.28
Sharpe ratio2 for equity management (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.352018-YTD 20200.14
Sharpe ratio2 for equity management benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-YTD 20200.14
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-YTD 20200.00
Tracking error for equity management (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-YTD 20200.43
Information ratio (IR)3 for equity management1999-20020.872003-20071.072008-20120.132013-20170.882018-YTD 2020-0.01
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.

Fixed-income management - annualised

  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on fixed-income management (percent)Since 01.01.19984.82Last 15 years4.16Last 10 years4.24Last 5 years4.35Last 12 months16.66
Return on fixed-income management benchmark index (percent)Since 01.01.19984.66Last 15 years4.04Last 10 years4.10Last 5 years4.21Last 12 months16.14
Relative return on fixed-income management (percentage points)Since 01.01.19980.16Last 15 years0.12Last 10 years0.14Last 5 years0.14Last 12 months10.52
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income management (percent)Since 01.01.19983.33Last 15 years3.39Last 10 years2.96Last 5 years3.05Last 12 months14.53
Standard deviation for fixed-income management benchmark index (percent)Since 01.01.19983.22Last 15 years3.23Last 10 years3.10Last 5 years3.16Last 12 months14.59
Standard deviation difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.11Last 15 years0.17Last 10 years-0.15Last 5 years-0.10Last 12 months1-0.07
Sharpe ratio2 for fixed-income management (percent)Since 01.01.19980.87Last 15 years0.86Last 10 years1.24Last 5 years1.06Last 12 months11.15
Sharpe ratio2 for fixed-income management benchmark index (percent)Since 01.01.19980.85Last 15 years0.87Last 10 years1.14Last 5 years0.99Last 12 months11.03
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.02Last 15 years-0.01Last 10 years0.10Last 5 years0.08Last 12 months10.12
Tracking error for fixed-income management (percentage points)Since 01.01.19980.98Last 15 years1.18Last 10 years0.42Last 5 years0.37Last 12 months10.33
Information ratio (IR)3 for fixed-income managementSince 01.01.19980.16Last 15 years0.10Last 10 years0.32Last 5 years0.36Last 12 months11.48
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.

Fixed-income management - 5 year periods

  1998-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2020
Return on fixed-income management (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-YTD 20205.28
Return on fixed-income management benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.982018-YTD 20205.02
Relative return on fixed-income management (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-YTD 20200.25
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income management (percent)1998-20023.062003-20073.042008-20124.272013-20172.672018-YTD 20203.48
Standard deviation for fixed-income management benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-YTD 20203.53
Standard deviation difference. Fixed-income management versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-YTD 2020-0.05
Sharpe ratio2 for fixed-income management (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-YTD 20201.00
Sharpe ratio2 for fixed-income management benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-YTD 20200.92
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-YTD 20200.08
Tracking error for fixed-income management (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-YTD 20200.36
Information ratio (IR)3 for fixed-income management1998-20020.522003-20070.082008-20120.222013-2017-0.062018-YTD 20200.67
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.

Equity investments - annualised data*

  Since 01.01.1999 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on equity investments (percent)Since 01.01.19995.72Last 15 years6.89Last 10 years9.61Last 5 years5.97Last 12 months11.68
Return on equity benchmark index (percent)Since 01.01.19995.30Last 15 years6.63Last 10 years9.42Last 5 years5.92Last 12 months11.57
Relative return on equity investments (percentage points)Since 01.01.19990.42Last 15 years0.26Last 10 years0.19Last 5 years0.05Last 12 months10.11
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)Since 01.01.199914.53Last 15 years14.45Last 10 years12.58Last 5 years13.70Last 12 months120.86
Standard deviation for equity benchmark index (percent)Since 01.01.199914.21Last 15 years14.09Last 10 years12.35Last 5 years13.50Last 12 months120.50
Standard deviation difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.32Last 15 years0.36Last 10 years0.23Last 5 years0.20Last 12 months10.35
Sharpe ratio2 for equity investments (percent)Since 01.01.19990.34Last 15 years0.45Last 10 years0.75Last 5 years0.42Last 12 months10.12
Sharpe ratio2 for equity benchmark index (percent)Since 01.01.19990.31Last 15 years0.44Last 10 years0.75Last 5 years0.42Last 12 months10.11
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.02Last 15 years0.01Last 10 years0.00Last 5 years0.00Last 12 months10.01
Tracking error for equity investments (percentage points)Since 01.01.19990.75Last 15 years0.69Last 10 years0.44Last 5 years0.42Last 12 months10.46
Information ratio (IR)3 for equity investmentsSince 01.01.19990.59Last 15 years0.43Last 10 years0.46Last 5 years0.18Last 12 months10.40
* 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.

Equity investments - 5 year periods*

  1999-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2020
Return on equity investments (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.942018-YTD 20202.50
Return on equity benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-YTD 20202.74
Relative return on equity investments (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-YTD 2020-0.23
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-YTD 202016.66
Standard deviation for equity benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-YTD 202016.43
Standard deviation difference. Equity investments versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-YTD 20200.23
Sharpe ratio2 for equity investments (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.342018-YTD 20200.13
Sharpe ratio2 for equity benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-YTD 20200.14
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-YTD 2020-0.01
Tracking error for equity investments (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-YTD 20200.43
Information ratio (IR)3 for equity investments1999-20020.872003-20071.072008-20120.132013-20170.862018-YTD 2020-0.46
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.

Fixed-income investments - annualised data*

  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months1
Return on fixed-income investments (percent)Since 01.01.19984.82Last 15 years4.16Last 10 years4.24Last 5 years4.35Last 12 months16.66
Return on fixed-income benchmark index (percent)Since 01.01.19984.66Last 15 years4.04Last 10 years4.10Last 5 years4.21Last 12 months16.26
Relative return on fixed-income investments (percentage points)Since 01.01.19980.16Last 15 years0.12Last 10 years0.14Last 5 years0.14Last 12 months10.40
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income investments (percent)Since 01.01.19983.33Last 15 years3.39Last 10 years2.96Last 5 years3.05Last 12 months14.53
Standard deviation for fixed-income benchmark index (percent)Since 01.01.19983.21Last 15 years3.22Last 10 years3.10Last 5 years3.14Last 12 months14.50
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)Since 01.01.19980.12Last 15 years0.17Last 10 years-0.14Last 5 years-0.09Last 12 months10.02
Sharpe ratio2 for fixed-income investments (percent)Since 01.01.19980.87Last 15 years0.86Last 10 years1.24Last 5 years1.06Last 12 months11.15
Sharpe ratio2 for fixed-income benchmark index (percent)Since 01.01.19980.85Last 15 years0.87Last 10 years1.14Last 5 years0.99Last 12 months11.08
Sharpe ratio2 difference. Fixed-income investments versus benchmark (percentage points)Since 01.01.19980.02Last 15 years-0.01Last 10 years0.10Last 5 years0.07Last 12 months10.08
Tracking error for fixed-income investments (percentage points)Since 01.01.19980.98Last 15 years1.19Last 10 years0.43Last 5 years0.40Last 12 months10.46
Information ratio (IR)3 for fixed-income investmentsSince 01.01.19980.16Last 15 years0.10Last 10 years0.31Last 5 years0.33Last 12 months10.81
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.

Fixed-income investments - 5 year periods*

  1998-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2020
Return on fixed-income investments (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-YTD 20205.28
Return on fixed-income benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.972018-YTD 20205.04
Relative return on fixed-income investments (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-YTD 20200.23
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income investments (percent)1998-20023.062003-20073.042008-20124.272013-20172.672018-YTD 20203.48
Standard deviation for fixed-income benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-YTD 20203.49
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-YTD 2020-0.01
Sharpe ratio2 for fixed-income investments (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-YTD 20201.00
Sharpe ratio2 for fixed-income benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-YTD 20200.94
Sharpe ratio2 difference. Fixed-income investments versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-YTD 20200.07
Tracking error for fixed-income investments (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-YTD 20200.41
Information ratio (IR)3 for fixed-income investments1998-20020.522003-20070.082008-20120.222013-2017-0.052018-YTD 20200.54
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.

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

Measured in the fund's currency basket. Percent

  Half year 2020 2020 2019
Return unlisted real estateHalf year 2020-2.002020-1.6320196.84
Funding benchmarkHalf year 20206.2320202.00201913.02
Return difference funding benchmarkHalf year 2020-8.232020-3.632019-6.18
Other return series
FTSE Global All Cap index Real Estate1Half year 202011.672020-16.23201925.21
Benchmark index fixed incomeHalf year 20203.2220204.7620197.35
Benchmark index equityHalf year 202017.842020-6.64201925.65
Fund benchmark index (equity and fixed income)Half year 202012.912020-3.29201919.72
ICB Supersector Real Estate. 

Property returns measured against MSCI Global

Measured in local currency. Percent

  2019 2018 2017 2016 2015
Property return unlisted real estate investments20196.920187.920178.420165.6201510.6
MSCI Global120197.020187.820178.320167.7201510.9
MSCI Global. Portfolio weights120196.220187.420178.620166.9201511.6
Return difference to MSCI Global 20190.020180.120170.12016-2.12015-0.3
Return difference to MSCI Global. Portfolio weights20190.820180.52017-0.22016-1.32015-1.0
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 2019. 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: 02/01/2020

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