To main content
Oilfund, Norges Bank Investment Management
language Norsk  
 
Discussion notes
Investments
  • All investments
  • Investment areas
  • The fund's value
  • Returns
  • Risk management
  • Investment strategy
  • Benchmark index
  • External mandates
  • Investment Conference
  • Responsible investment
  • Our expectations
  • Divesting from companies
  • Voting
  • Engaging with companies
  • How we influence markets and industries
  • 2025 Climate action plan
  • Sustainability due diligence
  • Ethical exclusions
  • Position papers
  • News and insights
  • The press
  • Reports
  • Podcast: In Good Company
  • Strategy 25
  • Our views
  • Consultations
  • Submissions to ministry
  • Publications
  • Calendar
  • About us
  • About the fund
  • Norges Bank Investment Management
  • Leader group
  • Careers at the fund
  • Women in finance
  • Contact us
  • language Norsk
    Popular pages
    Latest event
    • About the fund
    • All investments
    • Careers at the fund
    • Podcast: In Good Company
    • Investment Conference
     
    Investment Conference 2025

    The conference explored what makes a great company. The event took place on 29 April at our Oslo office. Watch the full recording.

    1. Home
    2. News and insights
    3. Publications
    4. Discussion notes

    Discussion notes

    The Discussion Note series provides analysis which may form relevant background for Norges Bank Investment Management’s investment strategy and advice to the asset owner. Any views expressed in the Discussion Notes are not necessarily held by our organisation. The series is written by employees, and is informed by our investment research and our experience as a large, long-term asset manager.


    2024

    • Investor demand and government bond pricing

    2023

    • Private equity
    • Drivers of listed and unlisted real estate returns
    • Withdrawals from the Government Pension Fund Global and potential trade-offs
    • Macro trends and long-horizon returns

    2022

    • Expected returns on a multi-asset portfolio

    2021

    • Fundamental drivers of asset returns
    • Modelling equity market term structures
    • The asset pricing effects of ESG investing

    2020

    • Portfolio delegation and the effects of benchmarks

    2019

    • Country and industry effects in global equity returns

    2018

    • No-trade band rebalancing rules: Expected returns and transaction costs

    2017

    • Petroleum wealth and oil price exposure of equity sectors
    • The liquidity of a diversified portfolio
    • Corporate bonds in a multi-asset portfolio
    • International diversification for long-term investors

    2016

    • Asset allocation with government revenues and spending commitments
    • Global growth and equity returns
    • Risk and return of different asset allocations
    • The equity risk premium

    2015

    • Infrastructure investments in less mature markets
    • Renewable energy investments
    • The Quality Factor
    • The diversification potential of real estate
    • Global trends and their impact on real estate

    2014

    • BENCHMARK DESIGN FOR AN ACTIVE INVESTMENT PROCESS
    • Free Float Adjustments in Global Equity Portfolios
    • Syndicated loans
    • Currency Carry Trade
    • Global equity indices – a comparative study between FTSE and MSCI
    • Momentum in Futures Market

    2013

    • Infrastructure investments
    • High Frequency Trading – An Asset Manager's Perspective

    2012

    • The Value Effect
    • Modelling the implied tail risk of foreign exchange
    • Corporate governance
    • Well-functioning financial markets
    • A Survey of the Small-firm Effect
    • Board appointment practices - an international overview
    • Risks and Rewards of Inflation-Linked Bonds
    • The Structure of Inflation-Linked Bond Markets
    • Capturing Systematic Risk Premia
    • Alternatives to a Market-value-weighted Index
    • Risks and Rewards in Emerging Equity Markets
    • Economic Growth and Equity Returns
    • The History of Rebalancing of the Fund
    • Empirical Analysis of Rebalancing Strategies
    • Return Predictability and Implications
    • Time-varying expected returns and investor

    2011

    • Sovereign risk
    • The term premium
    • The credit premium
    • Prospective real returns in fixed income
    • On risk premium variation
    nbim logo white

    About us

    • Contact us
    • About the fund
    • Norges Bank Investment Management
    • www.norges-bank.no
    • Careers at the fund

    About this site

    • Disclaimer
    • Privacy statement
    • Responsible disclosure policy
    • Accessibility statement (in Norwegian)
    • Terms of use: holdings data in Snowflake marketplace

    • Podcast
    • LinkedIn
    • YouTube
    • Instagram