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Annual report 2009

Gains in international equity and fixed-income markets led to a record annual return for the Government Pension Fund Global in 2009. The fund returned 25.6 percent, equivalent to 613 billion kroner. This was 4.1 percentage points higher than the return on the benchmark portfolio.

The results in brief

  • Gains in international equity and fixed-income markets boosted the Government Pension Fund Global in 2009. The fund had a record return of 25.6 percent, equivalent to 613 billion kroner. That compares with -23.3 percent in 2008 when global securities markets tumbled.
  • The fund’s return was 4.1 percentage points higher than the return on the benchmark portfolio in 2009. The fixed-income portfolio had an excess return of 7.4 percentage points, while the equity portfolio’s excess return was 1.8 percentage points.
  • The fund’s market value rose by 365 billion kroner to 2 640 billion kroner in 2009.
  • Capital transfers to the fund amounted to 169 billion kroner in 2009. That is the lowest level since 2004 and less than half of the amount in 2008.
  • Equities made up 62.4 percent of the fund’s total investments at the end of 2009, while fixed-income securities constituted 37.6 percent of the investments.

Webcast from the press conference

Additional information

GIPS Report.pdf

GIPS Compliance Manual.pdf

GIPS method.pdf

Referenceportfolio_09.pdf