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Management of the Government Pension Fund Global (GPFG)

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(1)

The management of the

Government Pension Fund Global 2012

Governor Øystein Olsen

Stortinget, April 30, 2013

(2)

Changing the regional allocation

Target announced in the Report to the Storting No 17 (2011-2012)

Emerging markets 6%

40%

41%

19%

35%

54%

11%

Emerging markets 10%

Source: Ministry of Finance

2

(3)

Increasing investments in real assets

Strategic allocation. Percent.

60 35

5

Equity

Fixed income Real estate

(4)

0 5 10 15 20

0 500 1000 1500 2000 2500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Costs

Limit

Costs as share of fund

4

Lower costs

Management costs*, NOK millions (left-hand axis), share of fund in basis points (right-hand axis)

* Excluding performance based fees to external managers Source: NBIM

(5)

Transparent and

professional management

 Speaking at universities

 Annual research conference

 Support for outstanding research

 Publish analyses

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