Norway’s Government Pension Fund Global (GPFG) returned -4.9 per cent in the first quarter of 2022, equating to a loss of NOK 653bn, Norges Bank Investment Management (NBIM) has revealed.
The return on the fund’s equity investments was -5.2 per cent. The return on the investments in fixed income was -4.8 per cent, whereas the investments in unlisted real estate returned 4.1 per cent.
The fund’s return was 0.66 percentage points, or NOK 82bn, stronger than the return on the benchmark index.
“The first quarter has been characterised by geopolitical turbulence, which has also affected the markets. The return was negative for both equities and fixed income, but positive for unlisted real state,” NBIM deputy CEO, Trond Grande, said.
The krone strengthened against several major currencies in course of the quarter. Currency movements contributed to a decrease in the fund’s value of NOK 171bn. In the first quarter, inflow into the fund amounted to NOK 141bn.
The fund had a value of NOK 11,657bn as at 31 March 2022. 70.9 per cent of the fund was invested in equities, 26.3 per cent in fixed income, 2.7 per cent in unlisted real estate, and 0.1 per cent in unlisted renewable energy infrastructure.
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