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Annual report 2008

The global financial crisis in 2008 presented major challenges to all parts of the portfolio of the Government Pension Fund – Global. The results for the year were the weakest in the fund’s history and have led to a number of changes.

The results in brief

  • The financial crisis and global economic downturn presented major challenges for all areas of investment management.
  • The market value of the Government Pension Fund – Global was NOK 2 275 billion at the end of 2008.
  • Inflows of capital into the fund were record-high at NOK 384 billion and invested entirely in global equity markets.
  • The fund’s ownership of global equity markets rose to 0.77 per cent.
    The fund’s allocation to equities was 49.6 per cent.
  • The return on the fund was -23.3 per cent in international currency,  the weakest result in the fund’s history.
  • The operational management of the fund produced a negative excess return of 3.37 per cent, which is considerably weaker than we would have expected given our investment strategy.
  • Norges Bank Investment Management (NBIM) is making significant changes to its investment strategy in order to make better use of the fund’s size and long-term investment horizon.

Webcast from the press conference