1Q 2009 Quarterly report

The results in brief

• The return on the Government Pension Fund – Global in the first quarter was -4.81 per cent measured in international currency.
• The excess return from NBIM’s management relative to the benchmark portfolio was -0.35 percentage point due to a continued decline in the value of illiquid fixed income positions.
• Equity management generated a positive excess return of 0.30 percentage point, and fixed income management a negative excess return of 0.92 percentage point.
• Inflows into the fund during the quarter totalled NOK 44 billion, the lowest since 2004.
• Markets remained volatile, the equity market hitting a provisional low on 9 March.
• Ownership of European equity markets rose to 1.58 per cent from 1.33 per cent during the quarter.
• The allocation to equities climbed to 52.6 per cent from 49.6 per cent during the quarter.

Webcast from the press conference