Norges Bank

Press release

Return pulled down by fixed-income market

The Government Pension Fund Global returned -0.9 percent, or -73 billion kroner, in the second quarter of 2015.

Equity investments returned -0.2 percent, and fixed-income investments -2.2 percent. The return on these investments was 0.4 percentage point higher than the return on the benchmark indices. Investments in real estate returned 2.0 percent.

"The return on fixed-income investments was affected by an increase in yields in the fund's main markets," says Yngve Slyngstad, CEO of Norges Bank Investment Management. "On the equity side, US stocks pulled down the result."

We voted at 7,084 general meetings in the second quarter, when the bulk of the year's general meetings take place. We considered and voted on 49 shareholder proposals on environmental and social issues on the basis of our principles for long-term active ownership.

We also began announcing our voting intentions in advance of general meetings at selected companies and on certain issues that we consider particularly important. During the quarter, we published our voting intentions – and the reasoning behind them – on various matters of principle at AES Corp, BP Plc and Royal Dutch Shell Plc.

The krone strengthened against many of the main currencies during the quarter, which decreased the fund's value by 53 billion kroner, while new capital of 12 billion kroner was transferred from the government.

The fund had a market value of 6,897 billion kroner on 30 June, of which 62.8 percent was invested in equities, 34.5 percent in fixed income and 2.7 percent in real estate.

Quarterly report 2Q 2015 (

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Thomas Sevang, Head of Communications and External Relations
Tel: +47 926 01 756 / +47 2407 3561


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Published 19 August 2015 10:00


Government Pension Fund Global. Quarterly report 2Q 2015 (In Norwegian)

Published 19 August 2015 10:00