GPFG returns 0.1% in Q3 equal to NOK 31bn

Norway’s Government Pension Fund Global (GPFG) made a return of 0.1 per cent in the third quarter of 2021, Norges Bank Investment Management (NBIM) has revealed.

Breaking the result down by asset class, equity investments made a return of -0.1 per cent, while unlisted real estate generated a more positive 3.6 per cent. Investments in fixed income returned 0.1 per cent and the fund’s total return was 0.25 percentage points higher than the return on the benchmark index.

Commenting on the result, NBIM deputy CEO, Trond Grande, said: “The equity market continued to strengthen towards August, before dipping slightly in the second half of the quarter. However, the fund has achieved somewhat higher returns than the market, particularly in our equity investments.”

Over the quarter, the Norwegian krone depreciated against several of the main currencies. The currency movements contributed to an increase in the fund’s value of NOK 22bn. In the third quarter, NOK 52bn was withdrawn from the fund.

The fund had a value of NOK 11,674bn as at 30 September 2021; 71.5 percent of the fund was invested in equities, 25.9 percent in fixed income, 2.5 percent in unlisted real estate and 0,1 percent in unlisted renewable energy infrastructure.

    Share Story:

Recent Stories

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Podcast - The power of three: Using Common Contractual Funds to improve tax outcomes for investors
Large asset owners are still investing in equities in a way where they are taxed on their income. The implication is that they get a poorer return. They need to, and can, improve this, but how?

In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

Europe’s pensions challenges
Francesca Fabrizi meets Matti Leppälä, Secretary General and CEO of PensionsEurope, to discuss the key aims and objectives of the association today.