Subject editor — investments outside the stock exchange
Magma forskning og viten, volume 29, issue 2.
Practice
Work for public bodies, asset owners and the profession.
Appointments & advisory
Selected
Committee member, evaluation of the Government Pension Fund Global
Appointed to the committee assessing active management in Norway’s sovereign wealth fund.
Consultant, report on the economic role of KLP
Consultant, review of investment strategy
Consultant, returns from asset management of public pensions
Code reviewer, evaluation of the Government Pension Fund Global
Reports
Public & industry
Evaluating the Performance of Active Management in Norway’s Sovereign Wealth Fund (GPFG)
with Trond Døskeland
Abstract
This report concludes that Norges Bank’s active management of the Fund has created substantial value for the Norwegian people. Since 1998, active decisions have contributed about 611 billion NOK before costs, and 402 billion NOK after costs. This corresponds to average annual active returns of 0.27% before costs, and 0.19% after costs. In the most recent four year period, active management has continued to add value, with mean annual gross and net active returns of 0.24% and 0.20%. These results reflect very low management costs of about 0.04% per year.