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 the first half 2021, the fund has received a total of 2,942 billion kroner, while the fund's cumulative return was 7,417 billion kroner.

The fund has generated an annual return of 6.6 percent between 1 January 1998 and by the end of first half 2021. The net annual return on the fund is 4.6 percent.

Annual return and accumulated annualised return

In percent as at 30 June 2021

Annual return by asset class

In percent as at 30 June 2021.

Return figures

Measured in the fund's currency basket. Percent

  1H 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 index1H 202113.4 202011.7201925.72018-8.8201718.7
The fund's equity investments1H 202113.7 202012.1201926.02018-9.5201719.4
Fixed-income part of the fund's benchmark index1H 2021-2.0 20206.820197.420180.620172.9
The fund's fixed-income investments1H 2021-2.0 20207.520197.620180.620173.3
The fund's unlisted real estate investments1H 20214.6 2020-0.120196.820187.520177.5
Total return on fund1H 20219,4 202010.92019 20.02018-6.1201713.7
Relative return on fund (percentage points)1H 20210.3 20200.320190.22018-0.320170.7
Management costs1H 20210.02 20200.120190.120180.120170.01
Return on fund after management costs1H 20219.4 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 01.01.19986.56Last 15 years7.04Last 10 years8.67Last 5 years10.53Last 12 months225.57
Relative return on fund (percentage points)1Since 01.01.19980.25Last 15 years0.11Last 10 years0.17Last 5 years0.31Last 12 months20.76
Annual price inflation (percent)Since 01.01.19981.80Last 15 years1.81Last 10 years1.62Last 5 years1.87Last 12 months23.41
Annual management costs (percent)Since 01.01.19980.08Last 15 years0.07Last 10 years0.06Last 5 years0.05Last 12 months20.05
Net real return on fund (percent)Since 01.01.19984.60Last 15 years5.07Last 10 years6.88Last 5 years8.45Last 12 months221.38
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)Since 01.01.19988.00Last 15 years9.16Last 10 years8.43Last 5 years9.47Last 12 months29.32
Standard deviation difference. Fund versus benchmark index (percentage points)1Since 01.01.19980.33Last 15 years0.42Last 10 years0.13Last 5 years0.10Last 12 months20.06
The fund's Sharpe ratio (percent)3Since 01.01.19980.61Last 15 years0.69Last 10 years0.97Last 5 years1.00Last 12 months22.50
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)1Since 01.01.19980.01Last 15 years-0.02Last 10 years0.01Last 5 years0.02Last 12 months20.05
The fund's tracking error (percentage points)1Since 01.01.19980.65Last 15 years0.76Last 10 years0.35Last 5 years0.31Last 12 months20.25
The fund's information ratio (IR)1,4Since 01.01.19980.41Last 15 years0.19Last 10 years0.48Last 5 years0.97Last 12 months22.46

5 year periods

  1998-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2021
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.
Fund return (percent)1998-20023.192003-20078.922008-20123.142013-20179.262018-YTD 20219.32
Relative return on fund (percentage points)11998-20020.412003-20070.402008-20120.012013-20170.292018-YTD 20210.11
Annual price inflation (percent)1998-20021.462003-20072.302008-20122.012013-20171.302018-YTD 20212.01
Annual management costs (percent)1998-20020.082003-20070.102008-20120.102013-20170.062018-YTD 20210.06
Net real return on fund (percent)1998-20021.622003-20076.372008-20121.012013-20177.812018-YTD 20217.11
Key figures for risk and risk-adjusted return2
The fund's actual standard deviation (percent)1998-20026.132003-20073.822008-201211.312013-20175.902018-YTD 202111.19
Standard deviation difference. Fund versus benchmark index (percentage points)11998-20020.122003-20070.172008-20120.862013-20170.112018-YTD 20210.14
The fund's Sharpe ratio (percent)31998-2002-0.122003-20071.512008-20120.302013-20171.502018-YTD 20210.74
Sharpe ratio3 difference. Fund versus benchmark index (percentage points)11998-20020.072003-20070.032008-2012-0.012013-20170.022018-YTD 20210.00
The fund's tracking error (percentage points)11998-20020.432003-20070.422008-20121.202013-20170.382018-YTD 20210.31
The fund's information ratio (IR)1,41998-20020.962003-20070.912008-20120.092013-20170.732018-YTD 20210.38

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 01.01.19996.97Last 15 years7.95Last 10 years10.97Last 5 years14.24Last 12 months137.01
Return on equity management benchmark index (percent)Since 01.01.19996.50Last 15 years7.68Last 10 years10.68Last 5 years13.78Last 12 months135.70
Relative return on equity management (percentage points)Since 01.01.19990.47Last 15 years0.27Last 10 years0.29Last 5 years0.46Last 12 months11.31
Key figures for risk and risk-adjusted return1
Standard deviation for equity management (percent)Since 01.01.199914.52Last 15 years14.69Last 10 years12.86Last 5 years13.55Last 12 months112.83
Standard deviation for equity management benchmark index (percent)Since 01.01.199914.20Last 15 years14.36Last 10 years12.63Last 5 years13.35Last 12 months112.77
Standard deviation difference. Equity management versus benchmark (percentage points)Since 01.01.19990.32Last 15 years0.34Last 10 years0.24Last 5 years0.21Last 12 months10.06
Sharpe ratio2 for equity management (percent)Since 01.01.19990.42Last 15 years0.53Last 10 years0.84Last 5 years0.98Last 12 months12.54
Sharpe ratio2 for equity management benchmark index (percent)Since 01.01.19990.40Last 15 years0.52Last 10 years0.83Last 5 years0.96Last 12 months12.47
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)Since 01.01.19990.03Last 15 years0.01Last 10 years0.01Last 5 years0.02Last 12 months10.07
Tracking error for equity management (percentage points)Since 01.01.19990.73Last 15 years0.64Last 10 years0.44Last 5 years0.38Last 12 months10.25
Information ratio (IR)3 for equity managementSince 01.01.19990.67Last 15 years0.48Last 10 years0.68Last 5 years1.15Last 12 months13.97

Equity management - 5 year periods

  1999-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2021
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 equity management (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.952018-YTD 202111.50
Return on equity management benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-YTD 202111.23
Relative return on equity management (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-YTD 20210.27
Key figures for risk and risk-adjusted return1
Standard deviation for equity management (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-YTD 202115.99
Standard deviation for equity management benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-YTD 202115.73
Standard deviation difference. Equity management versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-YTD 20210.25
Sharpe ratio2 for equity management (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.352018-YTD 20210.69
Sharpe ratio2 for equity management benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-YTD 20210.68
Sharpe ratio2 difference. Equity management versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-YTD 20210.01
Tracking error for equity management (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-YTD 20210.41
Information ratio (IR)3 for equity management1999-20020.872003-20071.072008-20120.132013-20170.882018-YTD 20210.69

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 01.01.19984.62Last 15 years4.25Last 10 years3.91Last 5 years3.00Last 12 months10.16
Return on fixed-income management benchmark index (percent)Since 01.01.19984.46Last 15 years4.15Last 10 years3.87Last 5 years2.68Last 12 months10.01
Relative return on fixed-income management (percentage points)Since 01.01.19980.16Last 15 years0.11Last 10 years0.04Last 5 years0.32Last 12 months10.15
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income management (percent)Since 01.01.19983.33Last 15 years3.42Last 10 years2.94Last 5 years3.15Last 12 months13.11
Standard deviation for fixed-income management benchmark index (percent)Since 01.01.19983.22Last 15 years3.25Last 10 years3.09Last 5 years3.21Last 12 months13.10
Standard deviation difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.11Last 15 years0.17Last 10 years-0.15Last 5 years-0.06Last 12 months10.01
Sharpe ratio2 for fixed-income management (percent)Since 01.01.19980.84Last 15 years0.96Last 10 years1.14Last 5 years0.62Last 12 months10.05
Sharpe ratio2 for fixed-income management benchmark index (percent)Since 01.01.19980.82Last 15 years0.97Last 10 years1.07Last 5 years0.51Last 12 months10.00
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)Since 01.01.19980.02Last 15 years-0.02Last 10 years0.07Last 5 years0.11Last 12 months10.05
Tracking error for fixed-income management (percentage points)Since 01.01.19980.96Last 15 years1.18Last 10 years0.40Last 5 years0.30Last 12 months10.15
Information ratio (IR)3 for fixed-income managementSince 01.01.19980.17Last 15 years0.09Last 10 years0.08Last 5 years1.01Last 12 months11.00

Fixed-income management - 5 year periods

  1998-2002 2003-2007 2008-2012 2013-2017 2018-
YTD 2021
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 fixed-income management (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-YTD 20213.79
Return on fixed-income management benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.982018-YTD 20213.57
Relative return on fixed-income management (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-YTD 20210.22
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 20213.41
Standard deviation for fixed-income management benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-YTD 20213.44
Standard deviation difference. Fixed-income management versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-YTD 2021-0.03
Sharpe ratio2 for fixed-income management (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-YTD 20210.74
Sharpe ratio2 for fixed-income management benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-YTD 20210.68
Sharpe ratio2 difference. Fixed-income management versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-YTD 20210.07
Tracking error for fixed-income management (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-YTD 20210.31
Information ratio (IR)3 for fixed-income management1998-20020.522003-20070.082008-20120.222013-2017-0.062018-YTD 20210.68

Equity investments - annualised data*

  Since 01.01.1999 Last 15 years Last 10 years Last 5 years Last 12 months1
* 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.
Return on equity investments (percent)Since 01.01.19996.94Last 15 years7.91Last 10 years10.90Last 5 years14.09Last 12 months136.77
Return on equity benchmark index (percent)Since 01.01.19996.50Last 15 years7.68Last 10 years10.68Last 5 years13.79Last 12 months135.73
Relative return on equity investments (percentage points)Since 01.01.19990.44Last 15 years0.22Last 10 years0.22Last 5 years0.30Last 12 months11.04
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)Since 01.01.199914.52Last 15 years14.69Last 10 years12.86Last 5 years13.56Last 12 months112.94
Standard deviation for equity benchmark index (percent)Since 01.01.199914.21Last 15 years14.36Last 10 years12.64Last 5 years13.37Last 12 months112.82
Standard deviation difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.31Last 15 years0.33Last 10 years0.22Last 5 years0.19Last 12 months10.12
Sharpe ratio2 for equity investments (percent)Since 01.01.19990.42Last 15 years0.53Last 10 years0.83Last 5 years0.97Last 12 months12.50
Sharpe ratio2 for equity benchmark index (percent)Since 01.01.19990.40Last 15 years0.52Last 10 years0.83Last 5 years0.96Last 12 months12.47
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)Since 01.01.19990.02Last 15 years0.01Last 10 years0.00Last 5 years0.01Last 12 months10.04
Tracking error for equity investments (percentage points)Since 01.01.19990.73Last 15 years0.64Last 10 years0.44Last 5 years0.39Last 12 months10.30
Information ratio (IR)3 for equity investmentsSince 01.01.19990.63Last 15 years0.40Last 10 years0.51Last 5 years0.75Last 12 months12.63

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-YTD 2021
Return on equity investments (percent)1999-2002-4.852003-200716.282008-2012-0.592013-201712.942018-YTD 202111.30
Return on equity benchmark index (percent)1999-2002-5.632003-200715.372008-2012-0.592013-201712.522018-YTD 202111.25
Relative return on equity investments (percentage points)1999-20020.782003-20070.902008-20120.012013-20170.422018-YTD 20210.06
Key figures for risk and risk-adjusted return1
Standard deviation for equity investments (percent)1999-200216.882003-20079.242008-201219.112013-20179.262018-YTD 202115.99
Standard deviation for equity benchmark index (percent)1999-200216.552003-20079.002008-201218.602013-20179.062018-YTD 202115.76
Standard deviation difference. Equity investments versus benchmark (percentage points)1999-20020.332003-20070.242008-20120.512013-20170.202018-YTD 20210.23
Sharpe ratio2 for equity investments (percent)1999-2002-0.442003-20071.382008-20120.052013-20171.342018-YTD 20210.67
Sharpe ratio2 for equity benchmark index (percent)1999-2002-0.502003-20071.322008-20120.042013-20171.332018-YTD 20210.68
Sharpe ratio2 difference. Equity investments versus benchmark (percentage points)1999-20020.062003-20070.052008-20120.002013-20170.012018-YTD 20210.00
Tracking error for equity investments (percentage points)1999-20021.002003-20070.762008-20120.842013-20170.452018-YTD 20210.41
Information ratio (IR)3 for equity investments1999-20020.872003-20071.072008-20120.132013-20170.862018-YTD 20210.21

Fixed-income investments - annualised data*

  Since 01.01.1998 Last 15 years Last 10 years Last 5 years Last 12 months1
* 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.
Return on fixed-income investments (percent)Since 01.01.19984.62Last 15 years4.25Last 10 years3.91Last 5 years3.00Last 12 months10.16
Return on fixed-income benchmark index (percent)Since 01.01.19984.45Last 15 years4.14Last 10 years3.86Last 5 years2.65Last 12 months1-0.13
Relative return on fixed-income investments (percentage points)Since 01.01.19980.17Last 15 years0.12Last 10 years0.05Last 5 years0.34Last 12 months10.29
Key figures for risk and risk-adjusted return1
Standard deviation for fixed-income investments (percent)Since 01.01.19983.33Last 15 years3.42Last 10 years2.94Last 5 years3.15Last 12 months13.11
Standard deviation for fixed-income benchmark index (percent)Since 01.01.19983.21Last 15 years3.25Last 10 years3.08Last 5 years3.19Last 12 months13.11
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)Since 01.01.19980.11Last 15 years0.17Last 10 years-0.14Last 5 years-0.05Last 12 months10.00
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 01.01.19980.96Last 15 years1.19Last 10 years0.42Last 5 years0.35Last 12 months10.18
Information ratio (IR)3 for fixed-income investmentsSince 01.01.19980.17Last 15 years0.10Last 10 years0.11Last 5 years0.97Last 12 months11.59

Fixed-income investments - 5 year periods*

  1998-2002 2003-2007 2008-2012 2013-2017 2018-YTD 2021
* 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 fixed-income investments (percent)1998-20026.262003-20074.002008-20125.872013-20172.962018-YTD 20213.79
Return on fixed-income benchmark index (percent)1998-20026.092003-20073.972008-20125.442013-20172.972018-YTD 20213.54
Relative return on fixed-income investments (percentage points)1998-20020.172003-20070.032008-20120.432013-2017-0.022018-YTD 20210.25
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 20213.41
Standard deviation for fixed-income benchmark index (percent)1998-20023.052003-20073.102008-20123.622013-20172.922018-YTD 20213.42
Standard deviation difference. Fixed-income investments versus benchmark (percentage points)1998-20020.012003-2007-0.052008-20120.642013-2017-0.242018-YTD 2021-0.01
Sharpe ratio2 for fixed-income investments (percent)1998-20020.672003-20070.362008-20121.272013-20171.032018-YTD 20210.74
Sharpe ratio2 for fixed-income benchmark index (percent)1998-20020.622003-20070.342008-20121.382013-20170.952018-YTD 20210.67
Sharpe ratio2 difference. Fixed-income investments versus benchmark (percentage points)1998-20020.052003-20070.022008-2012-0.112013-20170.082018-YTD 20210.07
Tracking error for fixed-income investments (percentage points)1998-20020.312003-20070.372008-20121.962013-20170.472018-YTD 20210.36
Information ratio (IR)3 for fixed-income investments1998-20020.522003-20070.082008-20120.222013-2017-0.052018-YTD 20210.67

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. Will be updated in April when the MSCI Global Index is released.

  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 2020. 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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