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Meld. St. 27 (2012–2013)

The Management of the Government Pension Fund in 2012

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1 Historical tables

Table 1.1 Return on the GPFG in 2012, the last 3, 5 and 10 years, as well as over the period 1998–2012, measured in Norwegian kroner. Annual geometric average. Percent

Last year

Last 3 years

Last 5 years

Last 10 years

1998–2012

GPFG incl. real estate

Actual portfolio

6.70

4.83

3.01

5.34

4.26

Norwegian inflation

0.77

1.49

2.07

1.78

1.99

Management costs

0.06

0.08

0.10

0.10

0.09

Return net of costs and inflation

5.85

3.22

0.83

3.39

2.14

GPFG excl. real estate

Actual portfolio

6.73

4.84

3.02

5.34

4.27

Benchmark index

6.53

4.48

3.00

5.14

3.99

Excess return

0.20

0.36

0.01

0.20

0.27

Equity portfolio

Actual portfolio

11.07

5.06

-0.71

6.85

3.43

Benchmark index

10.58

4.87

-0.72

6.43

2.94

Excess return

0.49

0.20

0.01

0.42

0.48

Fixed income portfolio

Actual portfolio

0.36

4.16

5.74

4.28

4.58

Benchmark index

0.36

3.57

5.30

4.05

4.37

Excess return

-0.27

0.59

0.43

0.23

0.21

Source Norges Bank, Thomson Reuters EcoWin and the Ministry of Finance.

Table 1.2 Annual inflation and return on the GPFG in various currencies. Annual geometric average. Percent

Year

Currency basket of the Fund

NOK

USD

EUR

GBP

Return

Inflation

Return

Inflation

Return

Inflation

Return

Inflation

Return

Inflation

1997

9.07

1.75

10.83

2.62

-4.01

2.29

11.87

1.54

-0.16

1.82

1998

9.26

0.92

19.75

2.25

15.87

1.56

7.63

1.16

14.59

1.56

1999

12.44

1.28

13.84

2.30

7.92

2.21

26.42

1.04

11.41

1.32

2000

2.49

2.02

6.53

3.13

-2.91

3.36

3.66

2.16

4.75

0.87

2001

-2.47

1.17

-5.34

3.03

-6.93

2.85

-1.86

2.34

-4.47

1.18

2002

-4.74

1.91

-19.09

1.29

4.76

1.58

-11.12

2.29

-5.3

1.27

2003

12.59

1.57

19.96

2.45

24.92

2.28

3.92

2.02

12.34

1.36

2004

8.94

2.37

3.93

0.44

14.16

2.66

5.94

2.19

6.45

1.34

2005

11.09

2.33

14.28

1.59

2.22

3.39

17.80

2.15

14.32

2.04

2006

7.92

2.13

5.89

2.26

15.16

3.23

3.01

2.20

1.01

2.30

2007

4.26

3.12

-3.9

0.76

10.20

2.83

-0.61

2.15

8.35

2.35

2008

-23.31

1.42

-6.66

3.79

-27.62

3.86

-23.87

3.26

0.21

3.63

2009

25.62

1.82

7.88

2.11

30.77

-0.37

26.69

0.28

16.42

2.12

2010

9.62

1.98

9.49

2.47

8.82

1.68

16.38

1.57

12.24

3.34

2011

-2.54

2.84

-1.39

1.24

-3.96

3.12

-0.75

2.73

-3.25

4.45

2012

13.42

1.95

6.70

0.77

14.42

2.09

12.66

2.48

9.39

2.84

1998–2012

5.05

1.92

4.26

1.99

6.24

2.26

4.90

1.87

6.32

1.99

1997–2012

5.30

1.91

4.66

2.03

5.57

2.41

5.33

1.97

5.91

2.11

Source Norges Bank, Thomson Reuters EcoWin and the Ministry of Finance.

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