3Q 2008 Quarterly report
“The third quarter of 2008 was an unusually demanding quarter for the management of the Government Pension Fund – Global. Uncertainty in financial markets increased dramatically, and this affected the return on the fund,” says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM).
The results in brief
- Return for the quarter of -7.7 per cent – the lowest in the fund’s history
- Crisis of confidence in the financial system
- Markets pricing in hard landing for the economy
- Record-high transfers to Government Pension Fund– Global
- Excess return from NBIM’s management -1.84 percentage points – the weakest in the fund’s history