Returns
The Norwegian government first transferred capital to the fund in May 1996. By the end of first half 2023, the fund has received a net inflow total of 4,382 billion kroner, while the fund's cumulative return was 7,871 billion kroner.
The fund has generated an annual return of 5.99 percent between 1 January 1998 and the end of first half 2023. The net annual real return on the fund is 3.72 percent. In first half of 2023, the fund's relative return was 0.23 percentage point weaker than the benchmark index the fund is measured against. The fund has outperformed the benchmark index by 0.28 percentage point since 1998.
Annual return and accumulated annualised return
In percent as at 30 June 2023
Annual return by asset class
In percent as at 30 June 2023.
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 35 currencies at the end of first half 2023. Unless otherwise stated, results are measured in this currency basket.
Return figures
Measured in the fund's currency basket. Percent
1H 2023 | 2022 | 2021 | 2020 | 2019 | |
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^{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 | 1H 202313.6 | 2022-15.3 | 202120.0 | 202011.7 | 201925.7 |
The fund's equity investments | 1H 202313.7 | 2022-15.4 | 202120.8 | 202012.1 | 201926.0 |
Fixed-income part of the fund's benchmark index | 1H 20232.1 | 2022-14.0 | 2021-1.9 | 20206.8 | 20197.4 |
The fund's fixed-income investments | 1H 20232.2 | 2022-12.1 | 2021-1.9 | 20207.5 | 20197.6 |
The fund's unlisted real estate investments | 1H 2023-4.6 | 20220.1 | 202113.6 | 2020-0.1 | 20196.8 |
The fund's unlisted renewable energy infrastructure investments | 1H 2023-6.5 | 20225.1 | 20214.2 | ||
Total return on fund | |||||
Relative return on fund (percentage points) | 1H 2023-0.2 | 20220.9 | 20210.7 | 20200.3 | 20190.2 |
Management costs | 1H 20230.0 | 20220.0 | 20210.0 | 20200.01 | 20190.0 |
Return on fund after management costs | 1H 202310.0 | 2022-14.2 | 202114.5 | 202010,8 | 201919.9 |
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. |
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Since 01.01.1998 | Last 15 years | Last 10 years | Last 5 years | Last 12 months^{2} | |
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Fund return (percent) | Since 01.01.19985.99 | Last 15 years6.71 | Last 10 years7.14 | Last 5 years6.14 | Last 12 months210.38 |
Relative return on fund (percentage points)^{1} | Since 01.01.19980.28 | Last 15 years0.26 | Last 10 years0.25 | Last 5 years0.34 | Last 12 months2-0.58 |
Annual price inflation (percent) | Since 01.01.19982.11 | Last 15 years2.17 | Last 10 years2.40 | Last 5 years3.40 | Last 12 months23.87 |
Annual management costs (percent) | Since 01.01.19980.08 | Last 15 years0.07 | Last 10 years0.05 | Last 5 years0.05 | Last 12 months20.04 |
Net real return on fund (percent) | Since 01.01.19983.72 | Last 15 years4.38 | Last 10 years4.58 | Last 5 years2.60 | Last 12 months26.23 |
Key figures for risk and risk-adjusted return^{2} | |||||
The fund's actual standard deviation (percent) | Since 01.01.19988.37 | Last 15 years9.89 | Last 10 years9.35 | Last 5 years11.93 | Last 12 months213.58 |
Standard deviation difference. Fund versus benchmark index (percentage points)^{1} | Since 01.01.19980.23 | Last 15 years0.27 | Last 10 years-0.05 | Last 5 years-0.08 | Last 12 months2-0.43 |
The fund's Sharpe ratio (percent)^{3} | Since 01.01.19980.52 | Last 15 years0.64 | Last 10 years0.69 | Last 5 years0.44 | Last 12 months20.54 |
Sharpe ratio^{3} difference. Fund versus benchmark index (percentage points)^{1} | Since 01.01.19980.02 | Last 15 years0.01 | Last 10 years0.03 | Last 5 years0.03 | Last 12 months2-0.03 |
The fund's tracking error (percentage points)^{1} | Since 01.01.19980.65 | Last 15 years0.74 | Last 10 years0.41 | Last 5 years0.46 | Last 12 months20.59 |
The fund's information ratio (IR)^{1,4} | Since 01.01.19980.45 | Last 15 years0.36 | Last 10 years0.56 | Last 5 years0.69 | Last 12 months2-0.99 |
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. |
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Since 01.01.1999 | Last 15 years | Last 10 years | Last 5 years | Last 12 months^{1} | |
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Return on equity management (percent) | Since 01.01.19996.51 | Last 15 years7.90 | Last 10 years9.75 | Last 5 years8.44 | Last 12 months116.79 |
Return on equity management benchmark index (percent) | Since 01.01.19996.03 | Last 15 years7.62 | Last 10 years9.40 | Last 5 years7.98 | Last 12 months116.50 |
Relative return on equity management (percentage points) | Since 01.01.19990.48 | Last 15 years0.28 | Last 10 years0.35 | Last 5 years0.46 | Last 12 months10.28 |
Key figures for risk and risk-adjusted return^{1} | |||||
Standard deviation for equity management (percent) | Since 01.01.199914.56 | Last 15 years14.94 | Last 10 years13.14 | Last 5 years16.23 | Last 12 months116.83 |
Standard deviation for equity management benchmark index (percent) | Since 01.01.199914.28 | Last 15 years14.66 | Last 10 years13.01 | Last 5 years16.10 | Last 12 months116.97 |
Standard deviation difference. Equity management versus benchmark (percentage points) | Since 01.01.19990.28 | Last 15 years0.28 | Last 10 years0.13 | Last 5 years0.13 | Last 12 months1-0.14 |
Sharpe ratio^{2} for equity management (percent) | Since 01.01.19990.39 | Last 15 years0.54 | Last 10 years0.71 | Last 5 years0.49 | Last 12 months10.80 |
Sharpe ratio^{2} for equity management benchmark index (percent) | Since 01.01.19990.37 | Last 15 years0.53 | Last 10 years0.69 | Last 5 years0.47 | Last 12 months10.78 |
Sharpe ratio^{2} difference. Equity management versus benchmark (percentage points) | Since 01.01.19990.03 | Last 15 years0.01 | Last 10 years0.02 | Last 5 years0.02 | Last 12 months10.02 |
Tracking error for equity management (percentage points) | Since 01.01.19990.71 | Last 15 years0.58 | Last 10 years0.40 | Last 5 years0.36 | Last 12 months10.28 |
Information ratio (IR)^{3} for equity management | Since 01.01.19990.70 | Last 15 years0.52 | Last 10 years0.84 | Last 5 years1.26 | Last 12 months10.80 |
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. |
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Since 01.01.1998 | Last 15 years | Last 10 years | Last 5 years | Last 12 months^{1} | |
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Return on fixed-income management (percent) | Since 01.01.19983.81 | Last 15 years3.14 | Last 10 years1.75 | Last 5 years0.56 | Last 12 months1-0.90 |
Return on fixed-income management benchmark index (percent) | Since 01.01.19983.58 | Last 15 years2.73 | Last 10 years1.51 | Last 5 years-0.03 | Last 12 months1-1.57 |
Relative return on fixed-income management (percentage points) | Since 01.01.19980.24 | Last 15 years0.41 | Last 10 years0.23 | Last 5 years0.59 | Last 12 months10.67 |
Key figures for risk and risk-adjusted return^{1} | |||||
Standard deviation for fixed-income management (percent) | Since 01.01.19983.67 | Last 15 years4.02 | Last 10 years3.85 | Last 5 years4.82 | Last 12 months17.35 |
Standard deviation for fixed-income management benchmark index (percent) | Since 01.01.19983.66 | Last 15 years4.00 | Last 10 years4.11 | Last 5 years5.13 | Last 12 months17.90 |
Standard deviation difference. Fixed-income management versus benchmark (percentage points) | Since 01.01.19980.01 | Last 15 years0.01 | Last 10 years-0.26 | Last 5 years-0.31 | Last 12 months1-0.55 |
Sharpe ratio^{2} for fixed-income management (percent) | Since 01.01.19980.55 | Last 15 years0.63 | Last 10 years0.24 | Last 5 years-0.16 | Last 12 months1-0.56 |
Sharpe ratio^{2} for fixed-income management benchmark index (percent) | Since 01.01.19980.49 | Last 15 years0.53 | Last 10 years0.17 | Last 5 years-0.26 | Last 12 months1-0.60 |
Sharpe ratio^{2} difference. Fixed-income management versus benchmark (percentage points) | Since 01.01.19980.06 | Last 15 years0.10 | Last 10 years0.07 | Last 5 years0.10 | Last 12 months10.04 |
Tracking error for fixed-income management (percentage points) | Since 01.01.19980.94 | Last 15 years1.15 | Last 10 years0.45 | Last 5 years0.46 | Last 12 months10.57 |
Information ratio (IR)^{3} for fixed-income management | Since 01.01.19980.24 | Last 15 years0.35 | Last 10 years0.48 | Last 5 years1.24 | Last 12 months11.12 |
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. |
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Since 01.01.1999 | Last 15 years | Last 10 years | Last 5 years | Last 12 months^{1} | |
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Return on equity investments (percent) | Since 01.01.19996.45 | Last 15 years7.80 | Last 10 years9.59 | Last 5 years8.15 | Last 12 months115.98 |
Return on equity benchmark index (percent) | Since 01.01.19996.03 | Last 15 years7.62 | Last 10 years9.40 | Last 5 years7.99 | Last 12 months116.46 |
Relative return on equity investments (percentage points) | Since 01.01.19990.42 | Last 15 years0.17 | Last 10 years0.19 | Last 5 years0.16 | Last 12 months1-0.49 |
Key figures for risk and risk-adjusted return^{1} | |||||
Standard deviation for equity investments (percent) | Since 01.01.199914.57 | Last 15 years14.95 | Last 10 years13.16 | Last 5 years16.27 | Last 12 months116.97 |
Standard deviation for equity benchmark index (percent) | Since 01.01.199914.29 | Last 15 years14.67 | Last 10 years13.03 | Last 5 years16.13 | Last 12 months116.97 |
Standard deviation difference. Equity investments versus benchmark (percentage points) | Since 01.01.19990.28 | Last 15 years0.29 | Last 10 years0.14 | Last 5 years0.14 | Last 12 months10.00 |
Sharpe ratio^{2} for equity investments (percent) | Since 01.01.19990.39 | Last 15 years0.54 | Last 10 years0.70 | Last 5 years0.48 | Last 12 months10.75 |
Sharpe ratio^{2} for equity benchmark index (percent) | Since 01.01.19990.37 | Last 15 years0.53 | Last 10 years0.69 | Last 5 years0.47 | Last 12 months10.78 |
Sharpe ratio^{2} difference. Equity investments versus benchmark (percentage points) | Since 01.01.19990.02 | Last 15 years0.00 | Last 10 years0.01 | Last 5 years0.01 | Last 12 months1-0.03 |
Tracking error for equity investments (percentage points) | Since 01.01.19990.71 | Last 15 years0.59 | Last 10 years0.43 | Last 5 years0.42 | Last 12 months10.50 |
Information ratio (IR)^{3} for equity investments | Since 01.01.19990.61 | Last 15 years0.35 | Last 10 years0.46 | Last 5 years0.42 | Last 12 months1-0.85 |
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. |
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Since 01.01.1998 | Last 15 years | Last 10 years | Last 5 years | Last 12 months^{1} | |
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Return on fixed-income investments (percent) | Since 01.01.19983.81 | Last 15 years3.14 | Last 10 years1.75 | Last 5 years0.56 | Last 12 months1-0.90 |
Return on fixed-income benchmark index (percent) | Since 01.01.19983.57 | Last 15 years2.71 | Last 10 years1.49 | Last 5 years-0.08 | Last 12 months1-1.70 |
Relative return on fixed-income investments (percentage points) | Since 01.01.19980.25 | Last 15 years0.43 | Last 10 years0.26 | Last 5 years0.64 | Last 12 months10.79 |
Key figures for risk and risk-adjusted return^{1} | |||||
Standard deviation for fixed-income investments (percent) | Since 01.01.19983.67 | Last 15 years4.02 | Last 10 years3.85 | Last 5 years4.82 | Last 12 months17.35 |
Standard deviation for fixed-income benchmark index (percent) | Since 01.01.19983.66 | Last 15 years4.01 | Last 10 years4.12 | Last 5 years5.14 | Last 12 months17.95 |
Standard deviation difference. Fixed-income investments versus benchmark (percentage points) | Since 01.01.19980.00 | Last 15 years0.01 | Last 10 years-0.27 | Last 5 years-0.32 | Last 12 months1-0.60 |
Sharpe ratio^{2 }for fixed-income investments (percent) | Since 01.01.19980.55 | Last 15 years0.63 | Last 10 years0.24 | Last 5 years-0.16 | Last 12 months1-0.56 |
Sharpe ratio^{2} for fixed-income benchmark index (percent) | Since 01.01.19980.49 | Last 15 years0.52 | Last 10 years0.16 | Last 5 years-0.27 | Last 12 months1-0.61 |
Sharpe ratio^{2} difference. Fixed-income investments versus benchmark (percentage points) | Since 01.01.19980.06 | Last 15 years0.10 | Last 10 years0.07 | Last 5 years0.11 | Last 12 months10.05 |
Tracking error for fixed-income investments (percentage points) | Since 01.01.19980.94 | Last 15 years1.16 | Last 10 years0.48 | Last 5 years0.52 | Last 12 months10.64 |
Information ratio (IR)^{3} for fixed-income investments | Since 01.01.19980.25 | Last 15 years0.36 | Last 10 years0.50 | Last 5 years1.20 | Last 12 months11.20 |
Return on unlisted real estate, funding return, and other return series
Measured in the fund's currency basket. Percent
1H 2023 | 2022 | 2021 | |
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Return unlisted real estate | 1H 2023-4.57 | 20220,07 | 202113.64 |
Funding benchmark | 1H 20235.23 | 2022-14,54 | 20217.33 |
Return difference funding benchmark | 1H 2023-9.80 | 202214,61 | 20216.31 |
Other return series | |||
FTSE Global All Cap index Real Estate^{1} | 1H 20230.47 | 2022-21.59 | 202115.24 |
Benchmark index fixed income | 1H 20232.06 | 2022-13,96 | 2021-1.91 |
Benchmark index equity | 1H 202313.59 | 2022-15,32 | 202119.98 |
Fund benchmark index (equity and fixed income) | 1H 202310.23 | 2022-14,98 | 202113.76 |
^{1 }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.
2021 | 2020 | 2019 | 2018 | 2017 | |
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Property return unlisted real estate investments | 202113.4 | 20200.8 | 20196.9 | 20187.9 | 20178.4 |
MSCI Global^{1} | 202113.3 | 20202.6 | 20197.0 | 20187.8 | 20178.3 |
MSCI Global. Portfolio weights^{1} | 202114.2 | 20202.1 | 20196.2 | 20187.4 | 20178.6 |
Return difference to MSCI Global | 20210.2 | 2020-1.8 | 20190.0 | 20180.1 | 20170.1 |
Return difference to MSCI Global. Portfolio weights | 2021-0.8 | 2020-1.3 | 20190.8 | 20180.5 | 2017-0.2 |
^{1} Adjusted for transaction costs |
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.
Relative return
Annual relative return and accumulated annualised relative return
Calculations based on aggregated equity and fixed-income investments until end of 2016. In percentage points as at 30 June 2023.
Relative return by asset class
In percentage percentage points as at 30 June 2023
^{1} Includes real estate management from 2017. The fund's relative return prior to 2017 is calculated on equity and fixed-income management only. ^{2} Measured against actual funding from 2017. The relative return on equity and fixed-income management before 2017 is measured against the respective Ministry of Finance asset class indices. ^{3} The relative return on the fund and fixed-income management for 2021 have been adjusted by 0.01 percentage point as a result of an update of the return on the benchmark index. |
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Year | Fund^{1} | Equity management^{2} | Fixed-income management^{2} | Real estate management^{2} | Infrastructure management |
1H 2023 | -0.23 | 0.19 | 0.22 | -7.46 | -10.95 |
2022 | 0.87 | 0.52 | 1.68 | 0.22 | 25.09 |
2021^{3} | 0.75 | 0.78 | -0.04 | 7.36 | 8.04 |
2020 | 0.27 | 0.98 | 0.76 | -13.81 | - |
2019 | 0.23 | 0.51 | 0.11 | -3.89 | - |
2018 | -0.30 | -0.69 | -0.01 | 5.49 | - |
2017 | 0.70 | 0.79 | 0.39 | 0.70 | - |
2016 | 0.15 | 0.15 | 0.16 | - | - |
2015 | 0.45 | 0.83 | -0.24 | - | - |
2014 | -0.77 | -0.82 | -0.70 | - | - |
2013 | 0.99 | 1.28 | 0.25 | - | - |
2012 | 0.21 | 0.52 | -0.29 | - | - |
2011 | -0.13 | -0.48 | 0.52 | - | - |
2010 | 1.06 | 0.73 | 1.53 | - | - |
2009 | 4.13 | 1.86 | 7.36 | - | - |
2008 | -3.37 | -1.15 | -6.60 | - | - |
2007 | -0.24 | 1.15 | -1.29 | - | - |
2006 | 0.14 | -0.09 | 0.25 | - | - |
2005 | 1.06 | 2.16 | 0.36 | - | - |
2004 | 0.54 | 0.79 | 0.37 | - | - |
2003 | 0.55 | 0.51 | 0.48 | - | - |
2002 | 0.30 | 0.07 | 0.49 | - | - |
2001 | 0.15 | 0.06 | 0.08 | - | - |
2000 | 0.27 | 0.49 | 0.07 | - | - |
1999 | 1.23 | 3.49 | 0.01 | - | - |
1998 | 0.18 | - | 0.21 | - | - |
Cost-adjusted relative return
The fund’s relative return after management costs can be compared with the investment performance that could theoretically be expected to be achieved with a passive index management strategy. A passive investment strategy would aim at replicating a benchmark following set rules. The estimated relative return of a passive strategy is dependent on various estimated cost components. The return adjustments made are management costs of a passive strategy, revenues from securities lending, transaction costs related to replication of the benchmark index, and transaction costs related to inflows and extraordinary benchmark changes.
Management costs of a passive strategy
The estimated management costs for a passive management strategy are based on the fund’s actual management costs for each year, where costs related to active management strategies have been subtracted.
Revenues from securities lending
Unlike a theoretical index, but similar to an actively managed portfolio, a passive index portfolio would also be expected to generate income from securities lending activities. In this analysis, actual revenues from securities lending have been used, consistent with the financial reporting for the fund
Transaction costs related to replication of the benchmark index
Changes in the equity and bond indices, such as company inclusions and periodic index re-weightings, would trigger transactions in the portfolio and subsequent costs. These index replication costs are estimates based on models and not on realised costs, and are therefore uncertain in nature.
Transaction costs related to inflows and extraordinary benchmark changes
These costs are estimated costs related to the phasing-in of new capital into the fund, costs related to the set rules for rebalancing of the asset allocation in the benchmark, and transition costs related to rule changes for the benchmark. The broad benchmark indices for equity and fixed-income investments set by the Ministry of Finance are used as the underlying indices. The costs related to inflows, rebalancing and index transition costs are estimates based on standard market assumptions about trading costs and not actual realised costs, and are therefore uncertain in nature.
The fund's relative return after management costs
In basis points as at 31 December 2022. Annualised.
Last 12 months | Last 5 years | Since 01.01.1998 | |
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The fund's relative return before management costs | 87 | 37 | 30 |
The fund's management costs ^{1} | 4 | 5 | 8 |
The fund's relative return after management costs | 83 | 32 | 22 |
^{1} The fund's management costs exlude costs related to unlisted real estate prior to 2017. |
Estimated relative return of a passive strategy
In basis points as at 31 December 2022. Annualised.
Last 12 months | Last 5 years | Since 01.01.1998 | |
---|---|---|---|
Management costs of a passive strategy | -2 | -3 | -4 |
Revenues from securities lending | 3 | 5 | 6 |
Transaction costs related to replication of the benchmark index | -3 | -2 | -4 |
Transaction costs related to inflows and extraordinary benchmark changes | -3 | -1 | -4 |
Estimated relative return of a passive strategy | -5 | -1 | -6 |
Cost-adjusted relative return comparison
In basis points as at 31 December 2022. Annualised.
Last 12 months | Last 5 years | Since 01.01.1998 | |
The fund's relative return after management costs | 83 | 32 | 22 |
Estimated relative return of a passive strategy | -5 | -1 | -6 |
Estimated relative return difference | 88 | 34 | 28 |
Historic relative return
Annualised figures measured in the fund's currency basket. In percentage points as at 30 June 2023
^{1} Based on aggregated equity and fixed-income investments until end of 2016. ^{2} 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. |
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Since 01.01.1998 | Last 15 years | Last 10 years | Last 5 years | Last 12 months | |
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Relative return on fund (percentage points)^{1} | Since 01.01.19980.28 | Last 15 years0.26 | Last 10 years0.25 | Last 5 years0.34 | Last 12 months-0.58 |
The fund's tracking error (percentage points)^{1} | Since 01.01.19980.65 | Last 15 years0.74 | Last 10 years0.41 | Last 5 years0.46 | Last 12 months0.59 |
The fund's information ratio (IR)^{1,2} | Since 01.01.19980.45 | Last 15 years0.36 | Last 10 years0.56 | Last 5 years0.69 | Last 12 months-0.99 |
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: 16/08/2023