Negative return in the third quarter
In the third quarter of 2023, the Government Pension Fund Global returned -2,1 percent, equivalent to -374 billion kroner.
24 October 2023
The return on the fund’s equity investments was -2,1 percent, the return on the fixed income investments was -2.2 percent, whereas investments in unlisted real estate returned -3,3 percent. The return on unlisted renewable energy infrastructure was -2,4 percent.
The fund’s return was 0.17 percentage point better than the return on the benchmark index, equivalent to 27 billion kroner.
"The stock market saw a weaker quarter compared to the two previous quarters. It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return", says Deputy CEO Trond Grande.
The krone strengthened against several of the main currencies during the quarter. The currency movements contributed to a decrease in the fund’s value of 264 billion kroner. In the third quarter, inflow into the fund amounted to 139 billion kroner.
The fund had a value of 14,801 billion kroner as at 30 September 2023. 70.6 percent of the fund was invested in equities, 27.1 percent in fixed income, 2.2 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.
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