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Total return larger than total inflow to the fund

7 April 2017

In the first quarter, the fund’s total return since inception was larger than the total inflow to the fund. Total return amounted to 3,421 billion kroner compared to a total inflow of 3,375 billion kroner at the end of the quarter.

The Government Pension Fund Global returned 3.8 percent, or 298 billion kroner, in the first quarter of 2017. Equity investments returned 5.5 percent, while fixed-income investments returned 0.8 percent. Investments in unlisted real estate returned 0.5 percent. The return on the total investments where 0.1 percentage point higher than the return on the benchmark index.

"Measured in Norwegian kroner, this was the third best quarter in the history of the fund, driven by strong returns on the equity investments. In the last month of the quarter, the total return exceeded the total inflow to the fund", says Yngve Slyngstad, Chief Executive Officer of Norges Bank Investment Management.

In the first quarter, 23 billion kroner was withdrawn from the fund. The krone depreciated against the main currencies during the quarter. This increased the value of the fund by 82 billion kroner.

The fund had a market value of 7,867 billion kroner on 31 March, of which 64.6 percent were invested in equities, 32.9 percent in fixed income and 2.5 percent in unlisted real estate.

These results are preliminary. The complete quarterly report, including financial reporting, will be published on www.nbim.no 28 April 2017.

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