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3Q 2011 Quarterly report

The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 after global stock markets tumbled.

The results in brief

  • The Government Pension Fund Global returned -8.8 percent, or -284 billion kroner, in the third quarter of 2011 after global stock markets tumbled. It was the second-weakest quarter in the fund’s history. 
  •  Equity investments returned -16.9 percent and fixed-income holdings gained 3.7 percent. The overall return was 0.3 percentage point lower than the return on the benchmark indices. 
  • The fund’s market value fell 56 billion kroner to 3,055 billion kroner. 
  • The fund bought a 50 percent stake in seven properties in and around Paris from AXA Group in July. It was the fund’s first real estate investment in France and its second overall. 
  • The fund held 55.6 percent equities, 44.1 percent fixed-income and 0.3 percent real estate at the end of the quarter.

Webcast from the press conference