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Annual report 2011

The Government Pension Fund Global returned -2.5 percent, or -86 billion kroner, in 2011 as global stock markets slumped.

The results in brief

  • The Government Pension Fund Global returned -2.5 percent, or -86 billion kroner, in 2011 as global stock markets declined. 
  • Equity holdings returned -8.8 percent and fixed-income investments returned 7 percent. The overall return was 0.1 percentage point lower than the return on the benchmark indices. 
  • The fund’s market value rose 234 billion kroner to 3,312 billion kroner in 2011. Capital inflows to the fund amounted to 271 billion kroner, the largest since 2008. 
  • The fund made its first real estate investments in 2011 and held interests in 114 buildings in London and Paris at the end of the year. 
  • Assets under external management were reduced during the year to 145 billion kroner, or 4.4 percent of the fund, from 283 billion kroner. 
  • The fund held 58.7 percent in equities, 41 percent in fixed income and 0.3 percent in real estate at the end of the year.

Webcast from the press conference