External mandates
Norges Bank Investment Management uses external managers to handle parts of the fund’s investments.
We award investment mandates to organisations with expertise in clearly defined areas. These managers will seek to beat the markets they operate in and generate an excess return for the fund by using detailed and in-depth analysis of specific markets and companies.
We award investment mandates to external equity managers with deep understanding of companies and market dynamics. We expect they will enhance returns and reduce our exposure to companies with ESG issues. The mandates typically cover investments in emerging markets and small-capitalisation companies in developed markets.
The fund had 742 billion kroner, or 4.7 percent of its capital, under external management at the end of 2023, compared with 569 billion kroner at the start of the year. A total of 111 mandates were managed externally by 103 organisations.
We award investment mandates to external equity managers with deep understanding of companies and market dynamics.
External managers as at 31 December 2023
| Manager name |
|---|
| 4-4-2 Capital |
| Abax Investments |
| Ajeej Capital |
| Alaska Investimentos |
| Algebris Investments |
| AM Advisors |
| Amwal Capital Partners |
| Anthilia Capital Partners |
| APS Asset Management |
| Areca Capital |
| Ashmore Investment Management |
| ATRAM Trust Corporation |
| Azimut-Kaan |
| Baring Asset Management |
| Barrier Capital Management |
| BlackRock Investment Management |
| BNY Mellon Investment Management |
| Brasil Capital Adviser |
| Camissa Asset Management |
| Celeste Fund Management |
| Cephei Capital Management |
| CERES Dom Inwestycyjny |
| Coeli European |
| Dragon Capital Management |
| DSP Asset Managers |
| East Capital Financial Services |
| Eastspring Investments |
| Ellerston Capital |
| Elvest Co |
| ENAM Asset Management |
| Fairtree Capital |
| Falcom Administradora General de Fondos |
| First Beijing Investment |
| First Turn Management |
| Gavilan Investment Partners |
| Green Court Capital Management |
| Harbour Asset Management |
| Hawksbill Investors |
| High Ground Investment Management |
| Insignis TFI |
| Introspect Capital |
| Ion Value Management |
| Ipopema TFI |
| Istanbul Portfoy |
| IvyRock Asset Management |
| KAF Investment |
| Kairos Partners |
| Karma Capital Advisors |
| Kernow Asset Management |
| Keywise Capital Management |
| Krungsri Asset Management |
| Landseer Asset Management |
| Laurium Capital |
| Lupus alpha Asset Management |
| Lynear Wealth Management |
| Manchester Global Management |
| Maybank Asset Management |
| Meitav Dash Portfolio Management |
| Metzler Asset Management |
| Moneda Asset Management |
| Navegar Asset Management |
| Navi International |
| Neuberger Berman |
| NinetyOne |
| NZS Capital |
| Oyster Catcher Investments |
| Pascal Investment Advisers |
| Perennial Value Management |
| Perseverance Asset Management |
| Philequity Management |
| Prosperity Capital Management |
| PT Samuel Aset Manajemen |
| Quad Investment Management |
| Quantum Advisors Private Limited |
| Red Gate Asset Management |
| Rheos Capital Works |
| Ryo Gestao de Recursos |
| Sancta Capital Advisors |
| Sanlam Investments |
| Santa Lucia Asset Management |
| Schroder Investment Management |
| Sparx Asset Management |
| Sphera Portfolio Management |
| Springs Capital |
| SPSW Capital |
| Squadra Investments |
| Stony Point Capital |
| Talis Asset Management |
| Templeton Asset Management |
| Threadneedle Asset Management |
| TISCO Asset Management |
| TRG Management |
| Triata Capital |
| Trigon Asset Management |
| Triton Asset Management |
| Trivista Capital |
| Twenty Acre Capital |
| ValueQuest Investment Advisors |
| Vergent Asset Managment |
| Vinci Partners |
| VIP Research & Management |
| Visio Fund Management |
| Zeal Asset Management |