Returns
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 index  1H 202113.4  202011.7  201925.7  20188.8  201718.7 
The fund's equity investments  1H 202113.7  202012.1  201926.0  20189.5  201719.4 
Fixedincome part of the fund's benchmark index  1H 20212.0  20206.8  20197.4  20180.6  20172.9 
The fund's fixedincome investments  1H 20212.0  20207.5  20197.6  20180.6  20173.3 
The fund's unlisted real estate investments  1H 20214.6  20200.1  20196.8  20187.5  20177.5 
Total return on fund  1H 20219,4  202010.9  2019 20.0  20186.1  201713.7 
Relative return on fund (percentage points)  1H 20210.3  20200.3  20190.2  20180.3  20170.7 
Management costs  1H 20210.02  20200.1  20190.1  20180.1  20170.01 
Return on fund after management costs  1H 20219.4  202010.8  201919.9  20186.2  201713.6 
Historical key figures
Annualised data
^{1} Based on aggregated equity and fixedincome investments until end of 2016. ^{2} Key figures for risk and riskadjusted 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 riskadjusted 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 months^{2}  

Fund return (percent)  Since 01.01.19986.56  Last 15 years7.04  Last 10 years8.67  Last 5 years10.53  Last 12 months225.57 
Relative return on fund (percentage points)^{1}  Since 01.01.19980.25  Last 15 years0.11  Last 10 years0.17  Last 5 years0.31  Last 12 months20.76 
Annual price inflation (percent)  Since 01.01.19981.80  Last 15 years1.81  Last 10 years1.62  Last 5 years1.87  Last 12 months23.41 
Annual management costs (percent)  Since 01.01.19980.08  Last 15 years0.07  Last 10 years0.06  Last 5 years0.05  Last 12 months20.05 
Net real return on fund (percent)  Since 01.01.19984.60  Last 15 years5.07  Last 10 years6.88  Last 5 years8.45  Last 12 months221.38 
Key figures for risk and riskadjusted return^{2}  
The fund's actual standard deviation (percent)  Since 01.01.19988.00  Last 15 years9.16  Last 10 years8.43  Last 5 years9.47  Last 12 months29.32 
Standard deviation difference. Fund versus benchmark index (percentage points)^{1}  Since 01.01.19980.33  Last 15 years0.42  Last 10 years0.13  Last 5 years0.10  Last 12 months20.06 
The fund's Sharpe ratio (percent)^{3}  Since 01.01.19980.61  Last 15 years0.69  Last 10 years0.97  Last 5 years1.00  Last 12 months22.50 
Sharpe ratio^{3} difference. Fund versus benchmark index (percentage points)^{1}  Since 01.01.19980.01  Last 15 years0.02  Last 10 years0.01  Last 5 years0.02  Last 12 months20.05 
The fund's tracking error (percentage points)^{1}  Since 01.01.19980.65  Last 15 years0.76  Last 10 years0.35  Last 5 years0.31  Last 12 months20.25 
The fund's information ratio (IR)^{1,4}  Since 01.01.19980.41  Last 15 years0.19  Last 10 years0.48  Last 5 years0.97  Last 12 months22.46 
5 year periods
19982002  20032007  20082012  20132017  2018YTD 2021  

^{1} Based on aggregated equity and fixedincome investments until end of 2016. ^{2} Key figures for risk and riskadjusted return are based on monthly observations. ^{3} Sharpe ratio is a measure for riskadjusted 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)  199820023.19  200320078.92  200820123.14  201320179.26  2018YTD 20219.32 
Relative return on fund (percentage points)^{1}  199820020.41  200320070.40  200820120.01  201320170.29  2018YTD 20210.11 
Annual price inflation (percent)  199820021.46  200320072.30  200820122.01  201320171.30  2018YTD 20212.01 
Annual management costs (percent)  199820020.08  200320070.10  200820120.10  201320170.06  2018YTD 20210.06 
Net real return on fund (percent)  199820021.62  200320076.37  200820121.01  201320177.81  2018YTD 20217.11 
Key figures for risk and riskadjusted return^{2}  
The fund's actual standard deviation (percent)  199820026.13  200320073.82  2008201211.31  201320175.90  2018YTD 202111.19 
Standard deviation difference. Fund versus benchmark index (percentage points)^{1}  199820020.12  200320070.17  200820120.86  201320170.11  2018YTD 20210.14 
The fund's Sharpe ratio (percent)^{3}  199820020.12  200320071.51  200820120.30  201320171.50  2018YTD 20210.74 
Sharpe ratio^{3} difference. Fund versus benchmark index (percentage points)^{1}  199820020.07  200320070.03  200820120.01  201320170.02  2018YTD 20210.00 
The fund's tracking error (percentage points)^{1}  199820020.43  200320070.42  200820121.20  201320170.38  2018YTD 20210.31 
The fund's information ratio (IR)^{1,4}  199820020.96  200320070.91  200820120.09  201320170.73  2018YTD 20210.38 
Equity management  Annualised
^{1} Key figures for risk and riskadjusted 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 riskadjusted 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 months^{1}  

Return on equity management (percent)  Since 01.01.19996.97  Last 15 years7.95  Last 10 years10.97  Last 5 years14.24  Last 12 months137.01 
Return on equity management benchmark index (percent)  Since 01.01.19996.50  Last 15 years7.68  Last 10 years10.68  Last 5 years13.78  Last 12 months135.70 
Relative return on equity management (percentage points)  Since 01.01.19990.47  Last 15 years0.27  Last 10 years0.29  Last 5 years0.46  Last 12 months11.31 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for equity management (percent)  Since 01.01.199914.52  Last 15 years14.69  Last 10 years12.86  Last 5 years13.55  Last 12 months112.83 
Standard deviation for equity management benchmark index (percent)  Since 01.01.199914.20  Last 15 years14.36  Last 10 years12.63  Last 5 years13.35  Last 12 months112.77 
Standard deviation difference. Equity management versus benchmark (percentage points)  Since 01.01.19990.32  Last 15 years0.34  Last 10 years0.24  Last 5 years0.21  Last 12 months10.06 
Sharpe ratio^{2} for equity management (percent)  Since 01.01.19990.42  Last 15 years0.53  Last 10 years0.84  Last 5 years0.98  Last 12 months12.54 
Sharpe ratio^{2} for equity management benchmark index (percent)  Since 01.01.19990.40  Last 15 years0.52  Last 10 years0.83  Last 5 years0.96  Last 12 months12.47 
Sharpe ratio^{2} difference. Equity management versus benchmark (percentage points)  Since 01.01.19990.03  Last 15 years0.01  Last 10 years0.01  Last 5 years0.02  Last 12 months10.07 
Tracking error for equity management (percentage points)  Since 01.01.19990.73  Last 15 years0.64  Last 10 years0.44  Last 5 years0.38  Last 12 months10.25 
Information ratio (IR)^{3} for equity management  Since 01.01.19990.67  Last 15 years0.48  Last 10 years0.68  Last 5 years1.15  Last 12 months13.97 
Equity management  5 year periods
19992002  20032007  20082012  20132017  2018YTD 2021  

^{1} Key figures for risk and riskadjusted return are based on monthly observations. ^{2} Sharpe ratio is a measure for riskadjusted 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)  199920024.85  2003200716.28  200820120.59  2013201712.95  2018YTD 202111.50 
Return on equity management benchmark index (percent)  199920025.63  2003200715.37  200820120.59  2013201712.52  2018YTD 202111.23 
Relative return on equity management (percentage points)  199920020.78  200320070.90  200820120.01  201320170.42  2018YTD 20210.27 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for equity management (percent)  1999200216.88  200320079.24  2008201219.11  201320179.26  2018YTD 202115.99 
Standard deviation for equity management benchmark index (percent)  1999200216.55  200320079.00  2008201218.60  201320179.06  2018YTD 202115.73 
Standard deviation difference. Equity management versus benchmark (percentage points)  199920020.33  200320070.24  200820120.51  201320170.20  2018YTD 20210.25 
Sharpe ratio^{2} for equity management (percent)  199920020.44  200320071.38  200820120.05  201320171.35  2018YTD 20210.69 
Sharpe ratio^{2} for equity management benchmark index (percent)  199920020.50  200320071.32  200820120.04  201320171.33  2018YTD 20210.68 
Sharpe ratio^{2} difference. Equity management versus benchmark (percentage points)  199920020.06  200320070.05  200820120.00  201320170.01  2018YTD 20210.01 
Tracking error for equity management (percentage points)  199920021.00  200320070.76  200820120.84  201320170.45  2018YTD 20210.41 
Information ratio (IR)^{3} for equity management  199920020.87  200320071.07  200820120.13  201320170.88  2018YTD 20210.69 
Fixedincome management  annualised
^{1} Key figures for risk and riskadjusted 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 riskadjusted 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 months^{1}  

Return on fixedincome management (percent)  Since 01.01.19984.62  Last 15 years4.25  Last 10 years3.91  Last 5 years3.00  Last 12 months10.16 
Return on fixedincome management benchmark index (percent)  Since 01.01.19984.46  Last 15 years4.15  Last 10 years3.87  Last 5 years2.68  Last 12 months10.01 
Relative return on fixedincome management (percentage points)  Since 01.01.19980.16  Last 15 years0.11  Last 10 years0.04  Last 5 years0.32  Last 12 months10.15 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for fixedincome management (percent)  Since 01.01.19983.33  Last 15 years3.42  Last 10 years2.94  Last 5 years3.15  Last 12 months13.11 
Standard deviation for fixedincome management benchmark index (percent)  Since 01.01.19983.22  Last 15 years3.25  Last 10 years3.09  Last 5 years3.21  Last 12 months13.10 
Standard deviation difference. Fixedincome management versus benchmark (percentage points)  Since 01.01.19980.11  Last 15 years0.17  Last 10 years0.15  Last 5 years0.06  Last 12 months10.01 
Sharpe ratio2 for fixedincome management (percent)  Since 01.01.19980.84  Last 15 years0.96  Last 10 years1.14  Last 5 years0.62  Last 12 months10.05 
Sharpe ratio^{2} for fixedincome management benchmark index (percent)  Since 01.01.19980.82  Last 15 years0.97  Last 10 years1.07  Last 5 years0.51  Last 12 months10.00 
Sharpe ratio^{2} difference. Fixedincome management versus benchmark (percentage points)  Since 01.01.19980.02  Last 15 years0.02  Last 10 years0.07  Last 5 years0.11  Last 12 months10.05 
Tracking error for fixedincome management (percentage points)  Since 01.01.19980.96  Last 15 years1.18  Last 10 years0.40  Last 5 years0.30  Last 12 months10.15 
Information ratio (IR)^{3} for fixedincome management  Since 01.01.19980.17  Last 15 years0.09  Last 10 years0.08  Last 5 years1.01  Last 12 months11.00 
Fixedincome management  5 year periods
19982002  20032007  20082012  20132017  2018 YTD 2021 


^{1} Key figures for risk and riskadjusted return are based on monthly observations. ^{2} Sharpe ratio is a measure for riskadjusted 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 fixedincome management (percent)  199820026.26  200320074.00  200820125.87  201320172.96  2018YTD 20213.79 
Return on fixedincome management benchmark index (percent)  199820026.09  200320073.97  200820125.44  201320172.98  2018YTD 20213.57 
Relative return on fixedincome management (percentage points)  199820020.17  200320070.03  200820120.43  201320170.02  2018YTD 20210.22 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for fixedincome management (percent)  199820023.06  200320073.04  200820124.27  201320172.67  2018YTD 20213.41 
Standard deviation for fixedincome management benchmark index (percent)  199820023.05  200320073.10  200820123.62  201320172.92  2018YTD 20213.44 
Standard deviation difference. Fixedincome management versus benchmark (percentage points)  199820020.01  200320070.05  200820120.64  201320170.24  2018YTD 20210.03 
Sharpe ratio2 for fixedincome management (percent)  199820020.67  200320070.36  200820121.27  201320171.03  2018YTD 20210.74 
Sharpe ratio^{2} for fixedincome management benchmark index (percent)  199820020.62  200320070.34  200820121.38  201320170.95  2018YTD 20210.68 
Sharpe ratio^{2} difference. Fixedincome management versus benchmark (percentage points)  199820020.05  200320070.02  200820120.11  201320170.08  2018YTD 20210.07 
Tracking error for fixedincome management (percentage points)  199820020.31  200320070.37  200820121.96  201320170.47  2018YTD 20210.31 
Information ratio (IR)^{3} for fixedincome management  199820020.52  200320070.08  200820120.22  201320170.06  2018YTD 20210.68 
Equity investments  annualised data*
Since 01.01.1999  Last 15 years  Last 10 years  Last 5 years  Last 12 months^{1}  

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance^{1} Key figures for risk and riskadjusted 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 riskadjusted 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 01.01.19996.94  Last 15 years7.91  Last 10 years10.90  Last 5 years14.09  Last 12 months136.77 
Return on equity benchmark index (percent)  Since 01.01.19996.50  Last 15 years7.68  Last 10 years10.68  Last 5 years13.79  Last 12 months135.73 
Relative return on equity investments (percentage points)  Since 01.01.19990.44  Last 15 years0.22  Last 10 years0.22  Last 5 years0.30  Last 12 months11.04 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for equity investments (percent)  Since 01.01.199914.52  Last 15 years14.69  Last 10 years12.86  Last 5 years13.56  Last 12 months112.94 
Standard deviation for equity benchmark index (percent)  Since 01.01.199914.21  Last 15 years14.36  Last 10 years12.64  Last 5 years13.37  Last 12 months112.82 
Standard deviation difference. Equity investments versus benchmark (percentage points)  Since 01.01.19990.31  Last 15 years0.33  Last 10 years0.22  Last 5 years0.19  Last 12 months10.12 
Sharpe ratio^{2} for equity investments (percent)  Since 01.01.19990.42  Last 15 years0.53  Last 10 years0.83  Last 5 years0.97  Last 12 months12.50 
Sharpe ratio^{2} for equity benchmark index (percent)  Since 01.01.19990.40  Last 15 years0.52  Last 10 years0.83  Last 5 years0.96  Last 12 months12.47 
Sharpe ratio^{2} difference. Equity investments versus benchmark (percentage points)  Since 01.01.19990.02  Last 15 years0.01  Last 10 years0.00  Last 5 years0.01  Last 12 months10.04 
Tracking error for equity investments (percentage points)  Since 01.01.19990.73  Last 15 years0.64  Last 10 years0.44  Last 5 years0.39  Last 12 months10.30 
Information ratio (IR)^{3} for equity investments  Since 01.01.19990.63  Last 15 years0.40  Last 10 years0.51  Last 5 years0.75  Last 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 riskadjusted return are based on monthly observations. ^{2} Sharpe ratio is a measure for riskadjusted 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. 

19992002  20032007  20082012  20132017  2018YTD 2021  

Return on equity investments (percent)  199920024.85  2003200716.28  200820120.59  2013201712.94  2018YTD 202111.30 
Return on equity benchmark index (percent)  199920025.63  2003200715.37  200820120.59  2013201712.52  2018YTD 202111.25 
Relative return on equity investments (percentage points)  199920020.78  200320070.90  200820120.01  201320170.42  2018YTD 20210.06 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for equity investments (percent)  1999200216.88  200320079.24  2008201219.11  201320179.26  2018YTD 202115.99 
Standard deviation for equity benchmark index (percent)  1999200216.55  200320079.00  2008201218.60  201320179.06  2018YTD 202115.76 
Standard deviation difference. Equity investments versus benchmark (percentage points)  199920020.33  200320070.24  200820120.51  201320170.20  2018YTD 20210.23 
Sharpe ratio^{2} for equity investments (percent)  199920020.44  200320071.38  200820120.05  201320171.34  2018YTD 20210.67 
Sharpe ratio^{2} for equity benchmark index (percent)  199920020.50  200320071.32  200820120.04  201320171.33  2018YTD 20210.68 
Sharpe ratio^{2} difference. Equity investments versus benchmark (percentage points)  199920020.06  200320070.05  200820120.00  201320170.01  2018YTD 20210.00 
Tracking error for equity investments (percentage points)  199920021.00  200320070.76  200820120.84  201320170.45  2018YTD 20210.41 
Information ratio (IR)^{3} for equity investments  199920020.87  200320071.07  200820120.13  201320170.86  2018YTD 20210.21 
Fixedincome investments  annualised data*
Since 01.01.1998  Last 15 years  Last 10 years  Last 5 years  Last 12 months^{1}  

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance.^{1} Key figures for risk and riskadjusted 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 riskadjusted 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 fixedincome investments (percent)  Since 01.01.19984.62  Last 15 years4.25  Last 10 years3.91  Last 5 years3.00  Last 12 months10.16 
Return on fixedincome benchmark index (percent)  Since 01.01.19984.45  Last 15 years4.14  Last 10 years3.86  Last 5 years2.65  Last 12 months10.13 
Relative return on fixedincome investments (percentage points)  Since 01.01.19980.17  Last 15 years0.12  Last 10 years0.05  Last 5 years0.34  Last 12 months10.29 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for fixedincome investments (percent)  Since 01.01.19983.33  Last 15 years3.42  Last 10 years2.94  Last 5 years3.15  Last 12 months13.11 
Standard deviation for fixedincome benchmark index (percent)  Since 01.01.19983.21  Last 15 years3.25  Last 10 years3.08  Last 5 years3.19  Last 12 months13.11 
Standard deviation difference. Fixedincome investments versus benchmark (percentage points)  Since 01.01.19980.11  Last 15 years0.17  Last 10 years0.14  Last 5 years0.05  Last 12 months10.00 
Sharpe ratio^{2 }for fixedincome investments (percent)  Since 01.01.19980.84  Last 15 years0.96  Last 10 years1.14  Last 5 years0.62  Last 12 months10.05 
Sharpe ratio^{2} for fixedincome benchmark index (percent)  Since 01.01.19980.82  Last 15 years0.97  Last 10 years1.07  Last 5 years0.51  Last 12 months10.05 
Sharpe ratio^{2} difference. Fixedincome investments versus benchmark (percentage points)  Since 01.01.19980.02  Last 15 years0.01  Last 10 years0.07  Last 5 years0.11  Last 12 months10.09 
Tracking error for fixedincome investments (percentage points)  Since 01.01.19980.96  Last 15 years1.19  Last 10 years0.42  Last 5 years0.35  Last 12 months10.18 
Information ratio (IR)^{3} for fixedincome investments  Since 01.01.19980.17  Last 15 years0.10  Last 10 years0.11  Last 5 years0.97  Last 12 months11.59 
Fixedincome investments  5 year periods*
19982002  20032007  20082012  20132017  2018YTD 2021  

* The definition of asset classes and benchmark indices follows mandate given by the Ministry of Finance.^{1} Key figures for risk and riskadjusted return are based on monthly observations. ^{2} Sharpe ratio is a measure for riskadjusted 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 fixedincome investments (percent)  199820026.26  200320074.00  200820125.87  201320172.96  2018YTD 20213.79 
Return on fixedincome benchmark index (percent)  199820026.09  200320073.97  200820125.44  201320172.97  2018YTD 20213.54 
Relative return on fixedincome investments (percentage points)  199820020.17  200320070.03  200820120.43  201320170.02  2018YTD 20210.25 
Key figures for risk and riskadjusted return^{1}  
Standard deviation for fixedincome investments (percent)  199820023.06  200320073.04  200820124.27  201320172.67  2018YTD 20213.41 
Standard deviation for fixedincome benchmark index (percent)  199820023.05  200320073.10  200820123.62  201320172.92  2018YTD 20213.42 
Standard deviation difference. Fixedincome investments versus benchmark (percentage points)  199820020.01  200320070.05  200820120.64  201320170.24  2018YTD 20210.01 
Sharpe ratio^{2 }for fixedincome investments (percent)  199820020.67  200320070.36  200820121.27  201320171.03  2018YTD 20210.74 
Sharpe ratio^{2} for fixedincome benchmark index (percent)  199820020.62  200320070.34  200820121.38  201320170.95  2018YTD 20210.67 
Sharpe ratio^{2} difference. Fixedincome investments versus benchmark (percentage points)  199820020.05  200320070.02  200820120.11  201320170.08  2018YTD 20210.07 
Tracking error for fixedincome investments (percentage points)  199820020.31  200320070.37  200820121.96  201320170.47  2018YTD 20210.36 
Information ratio (IR)^{3} for fixedincome investments  199820020.52  200320070.08  200820120.22  201320170.05  2018YTD 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 estate  Half year 20202.00  20201.63  20196.84 
Funding benchmark  Half year 20206.23  20202.00  201913.02 
Return difference funding benchmark  Half year 20208.23  20203.63  20196.18 
Other return series  
FTSE Global All Cap index Real Estate^{1}  Half year 202011.67  202016.23  201925.21 
Benchmark index fixed income  Half year 20203.22  20204.76  20197.35 
Benchmark index equity  Half year 202017.84  20206.64  201925.65 
Fund benchmark index (equity and fixed income)  Half year 202012.91  20203.29  201919.72 
^{1 }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 investments  20196.9  20187.9  20178.4  20165.6  201510.6 
MSCI Global^{1}  20197.0  20187.8  20178.3  20167.7  201510.9 
MSCI Global. Portfolio weights^{1}  20196.2  20187.4  20178.6  20166.9  201511.6 
Return difference to MSCI Global  20190.0  20180.1  20170.1  20162.1  20150.3 
Return difference to MSCI Global. Portfolio weights  20190.8  20180.5  20170.2  20161.3  20151.0 
^{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 riskadjusted return
In decomposing the fund's relative return and riskadjusted 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