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 In the third quarter, NOK 52bn was withdrawn from the fund.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.

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