Performance and risk 2015
We manage the fund on behalf of the Ministry of Finance, within a defined mandate. The mandate represents the owner's investment strategy and risk preferences. This report provides insight into the fund's return and risk characteristics.
Documentation and datasets related to the analysis of factor-adjusted returns in the appendix to the report:
The report is made up of two parts: a main report and an appendix aimed at the specialist reader. The report aims to incorporate the recommendations from an academic advisory panel on principles for risk adjustment of performance figures, and at the same time address the detailed reporting requirements related to risk and performance given in the management mandate.
Since inception the fund has returned 5.64 percent annually. The fund has had a relative return of 0.26 percentage point.
Since inception, the equity investments have returned 5.27 percent and have a relative return of 0.51 percentage point.
The fixed-income investments have returned 4.87 percent and have a relative return of 0.14 percentage point.
In 2015, the relative return was 0.45 percentage point, with an average expected relative volatility of 0.32 percentage point.