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.