The fund was given a mandate to invest in real estate in April 2010. This publication on the 10th anniversary sums up a decade of real estate investing, and provides an overview of our investments.
Ten years have passed since the fund was given a mandate to invest in unlisted real estate. Today, the fund is one of the world’s largest real estate investors. This management review examines the last ten years of real estate investments. It describes our strategy and provides insight into the choices we have made and the experiences we have gained. It has been important to build a global organisation with solid real estate expertise, as well as to ensure that we have deep insight into and a clear presence in the markets in which we are invested.
The management review was presented at a virtual NBIM Talk on 4 June. Our CEO, Yngve Slyngstad, and Chief Investment Officer Real Estate, Karsten Kallevig, talked us through the 10-year journey of investing in real estate. We also took a virtual travel to meet Mark Burton, a long-term external advisor, and Paul Clark from The Crown Estate, one of our long-term investment partners.
This review looks at our approach to invest in fixed income to safeguard our assets for the long term. It explains how our fixed-income management originated from the central bank’s management of the foreign exchange reserves. The role of fixed income in the fund is to reduce return fluctuations, meet liquidity needs and reap bond market risk premiums.
Internal active equity management has enabled the fund to develop investment strategies tailored to its characteristics. This review looks at our approach to engaging with companies to gain the investment insight needed to safeguard our assets for the long term.
The fund was set up to shield the Norwegian economy from ups and downs in oil revenue. This review tells the story of how we started buying shares two decades ago and gradually built the world’s largest single owned global portfolio of listed companies.
How did the fund develop from a theoretical economic concept to a trillion-dollar reality? In this review, we tell the story of the fund and its investment strategy from our perspective.
In 20 years, the fund has grown to become the largest single owner in the world’s stock markets. How we exercise our rights and manage our responsibilities as an owner has evolved rapidly. In this review, we share our experience as an investor in over 9,000 companies.
This review examines our first 20-year history of investing with external managers. It describes the strategy we have pursued when selecting mandate types and offers an insight into our thinking and the lessons we have learned.