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Strong stock markets gave good returns

27 October 2017

The Government Pension Fund Global returned 3.2 percent, or 192 billion kroner, in the third quarter of 2017.

Go to the 3Q 2017 report

Equity investments returned 4.3 percent, while fixed-income investments returned 0.8 percent. Investments in unlisted real estate returned 2.7 percent. The total return on investments was 0.1 percentage point higher than the return on the benchmark index.

“We have had positive results in all asset classes so far this year, and especially the return on our equity investments has been very good. In this quarter, the return on equity investments was driven by economic growth globally and good results from the companies,” says Yngve Slyngstad, Chief Executive Officer of Norges Bank Investment Management.

The fund has now had six quarters in a row with positive return.

"We must be prepared for volatile stock markets, and can not expect such a return every quarter," says Slyngstad.

In the third quarter, 10 billion kroner was withdrawn from the fund. The krone appreciated against the main currencies during the quarter. This decreased the value of the fund by 250 billion kroner.

The fund had a market value of 7,952 billion kroner as at 30 September 2017, of which 65.9 percent was invested in equities, 31.6 percent in fixed income and 2.5 percent in unlisted real estate.

 

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